Japan's second-biggest trading house -Mitsui & Co., plans to shut its Singapore oil unit by the end of March, after the unit lost US$81 million on naphtha trades by a Singapore-based Japanese trader in November last year. Some sources had speculated that operations might be relocated to Tokyo or Hong Kong. It is reported that staff at the Singapore office were told that the unit will close in about two months and that compensation terms would be discussed at a separate meeting in the afternoon. While MOA ceased all derivatives trade after November, it continued to trade physical crude and fuel oil from Singapore, while remaining an active naphtha market participant from its Hong Kong-based unit.
15-Feb-07 
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