OMCs to open trading desks in Singapore

OMCs to open trading desks in Singapore

State-run oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are setting up offices in Singapore that will hunt for bargain crude oil deals, executives from the companies have told ET.

Singapore is the trading hub for the world’s biggest consumer region and an office there will help these firms have better access to information and speedier decision making.

“We have approval for setting up this office for a long time but we have not been able to do so because the policy was fluid,” said Dipti Sanzgiri, executive director-international trade at BPCL.

“Now, we hope to do it soon as it will help us have multiple options for buying crude oil and improve our sourcing strategy.” Read more…

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