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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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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 Koç Holding Energy Group.




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