Singapore oil trading hub draws Gulf producers

More Gulf producers are entering Singapore’s oil trading hub to tap booming Asian markets, with the latest being Oman Oil Co., which intends to market its aromatics and methanol feedstock to the region’s fast-growing petrochemicals industry. It is doing this through Oman Trading International (OTI), the flagship international trading outfit of the Sultanate, which has set up a new Singapore representative office. The Singapore operation will likely be expanded into a full trading office and regional HQ for Asia in two to three years. OTI is 51% owned by Oman Oil Co., with Vitol Asia, one of the world’s largest oil traders, holding 49%. (April 14, 2010)