Sumitomo Corporation is planning to move the bunker and crude oil trading accounts under its Singapore-based subsidiary Summit Energy & Resources (formerly known as Petro Summit) to Tokyo, learns Manifold Times.
An internal announcement of the development was held at the Singapore office of Summit Energy & Resources on Monday (11 January) to share the development with staff.
“The direction from the head office of Sumitomo Corporation is that Summit Energy will still continue the business of iron ore trading from the Singapore office,” shared a source with knowledge of the matter.
“The accounts of our bunker and crude oil trading business will meanwhile be moved from Singapore to Tokyo; we still plan to continue the bunkering business and we do not have any indication to downsize.
“This time, we will operate in the Singapore bunkering market from Tokyo with support from local staff at Sumitomo Singapore. We will use the Sumitomo Singapore account to support the bunkering business at Singapore.
“This transition will be completed in April.”
Photo credit: Manifold Times
Published: 12 January, 2021
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