Unipec debuts in Singapore’s gasoline market

State-owned China Petroleum & Chemical Corp. (Sinopec) trading subsidiary Chinese International United Petroleum and Chemical Corp. (Unipec) debuted in Asia’s over-the-counter physical gasoline market in May, through subsidiary Unipec Singapore Pte. Ltd. It was the first time Unipec had traded gasoline in the market on close (MOC) process, as it previously did not lease clean storage facilities in Singapore. Earlier this year, it took up 60,000 cubic meters of clean storage with operator Universal Terminal for gasoil, jet and gasoline blending. Media reports said Unipec is the third newcomer to the gasoline MOC process in 2009, as it was preceded by Hong Kong-based Noble Group Ltd. and U.S. company ConocoPhillips Co. (May 12, 2009)