Sumitomo Corp to transfer bunker trading desks from Singapore to Tokyo
Sumitomo Corporation, the trading house in Japan, would transfer bunker fuel oil and crude oil trading business by April from its Singapore subsidiary Summit Energy & Resources, formerly known as Petro Summit, to the head office in Tokyo. The Singapore subsidiary would not hold bunker fuel oil inventories in the country. However, Sumitomo Corporation Asia & Oceania, another subsidiary in Singapore, would leave some bunker fuel oil trade functions. Summit Energy & Resources would continue operations of iron ore trading business. The withdrawal from the bunker business was considered to be a part of organizational change, sources said.
As Sumitomo, Corp, it seemed that the Tokyo head office intended to consolidate energy business sector; not only fossil fuels including oil and LNG but also decarbonizing energy such as ammonia and hydrogen.