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.