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Singapore-based oil trader Agritrade Energy to cease ops

09 Mar 2018

Singapore-based energy trading firm Agritrade Energy will be ending operations by the end of March, according to Reuters.

"The […] business hasn't yielded satisfactory returns and the owners would rather focus on other core parts of their business," said a source.

Agritrade Energy was incorporated in 26 January 2015 and is under the management of company director Ng Xin Wei who is also the managing director of Singapore-based palm oil, coal and logistics player Agritrade International.

Agritrade International has a 58% stake in Hong Kong-listed Agritrade Resources which as a market value of $1 billion.

“Management wants to focus more on the coal business," another source told Reuters.

 Agritrade Resources operates two coal mines in Central and South Kalimantan, Indonesia.

Source: Reuters
Published: 9 March, 2018

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