Following an US$81 million loss incurred due to bad bets on naphtha markets, Mitsui & Co., Japan's second-biggest trading house, plans to close naphtha trading unit Mitsui Oil (Asia) Pte. Ltd. Closure of the unit is expected by April or May, and latest by the end of the next business year. The remaining long-term contracts and other conditions had to be worked out before the unit is closed. The losses, which constituted just 3% of parent Mitsui's forecast annual profit, prompted it to close all futures and derivatives positions across oil and petroleum markets at the unit. Mitsui discovered the losses after a regular internal review of trading operations.
16-Jan-07 
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