RPT-After 30 years in Singapore, oil trading losses force Mitsubishi to shut Petro-Diamond [Reuters]
MITSUBISHI CORP SPON (MSBHY)
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Source: Reuters
RPT-After 30 years in Singapore, oil trading losses force Mitsubishi to shut Petro-Diamond - Reuters 4 Min Read (Repeats with no changes) By Shu Zhang and Yuka Obayashi SINGAPORE/TOKYO, Nov 6 (Reuters) - About three years ago, Japanese oil trading firm Petro-Diamond Singapore (PDS) relocated to a bigger office in the 41-storey Millenia Tower as parent Mitsubishi Corp started combining its Tokyo trade operation with that in the city state. As its traders entertained clients in the company’s pantry facing Singapore’s Marina Bay, the once-conservative PDS became the global book leader for the company’s crude oil and fuel trading businesses last year, tripling its profits and assets from two years ago, according to Reuters interviews with company officials, trade sources and reviews of its financial records. Like other trading companies, PDS had eyed a slice of the fast-growing Chinese crude import market, hiring for the first time a Chinese trader in November 2018 to handle crude sales t
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