BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Opet intends to close Singapore fuel oil operation

09 Feb 2015 11:20 GMT

Trading counterparties are reported to have been contacted by Opet to close their trading accounts.



Turkish oil company Opet is planning to close its Singapore office, which has operated in the country's fuel oil market since 2008, Reuters reports.

Sources told Platts Friday that the closure is expected in the second half of the year.

Opet Trade Singapore Pte Ltd is thought to have had exposure of $33.2 million to Dynamic Oil Trading and Danish company OW Bunker, which folded in November 2014. This is according to a list compiled by KPMG, the provisional liquidators, which was passed on to Reuters. Actual losses may be less than this figure due to insurance coverage.

In November, a list of 100 OW Bunker creditors had Opet Trade Singapore's exposure at $25,911,550.52.

Opet Trade Singapore was also reported to have been exposed to Vanguard Energy and Baxus Marine, who filed for bankruptcy in 2014 and 2012 respectively.

Market sources speaking to Platts said that Opet has taken the first steps in closing its Singapore office by contacting trading partners to close their trading accounts and settle outstanding payments.

The Singapore office is understood to have had around a dozen employees. Traders' estimates put the amount of fuel oil sold by Opet Singapore per month at between 100,000 and 150,000 tonnes.

Opet is a Turkish company engaged in the sale of commercial and industrial fuels. The company is 50 percent owned by the KoƧ Holding Energy Group.






Related Links:

Couche-Tard subsidiary tops list of 100 OW Bunker creditors
Opet to expand fuel oil trading in Singapore

Latest News:

Queen Elizabeth's fuel supply system equipment made in UK
Open season launched for Germany's first LNG terminal
Ivar Oil rebrands as ScanOcean, refreshes team with Carlberg and Ahlqvist
After closing earlier this week above $70, Brent is now around $68.8
Oil and fuel oil hedging market update
VPS tops Singapore list with most licensed bunker surveyors
Project to test EAL influence on stern tube bearing failures
Malik appoints senior bunker trader
E+H and Sinanju top MFM rankings in Singapore
Oil and fuel oil hedging market update
Brent tested $70 several times and closed at highest level in three years
Petrobras unveils double-hull bunker barge fleet in Santos




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events