Citic Resources sets up new Singapore unit in drive to double trade volumes, exec says

Reuters02-25

Citic Resources sets up new Singapore unit in drive to double trade volumes, exec says

SINGAPORE, Feb 25 (Reuters) - CITIC Resources Holdings 1205.HK has set up an energy trading office in Singapore and aims to more than double the volume of its oil and gas trading to more than 50 million barrels in the next three to five years, a senior executive said.

CRH Commodity, the wholly owned subsidiary in Singapore, started oil and gas trading from Australia in 2024 with trade volumes reaching 20 million barrels and revenue climbing to $1.5 billion last year, its Managing Director Wang Minghan told Reuters.

The company will start with five to eight staff, including two persons from its Hong Kong office and one from its Australia unit, said Wang, who has previously worked at Unipec, the trading arm of China's largest refiner Sinopec, for nearly 20 years.

The company, which trades crude, fuel oil, liquefied natural gas and liquefied petroleum gas, plans to expand into trading of other refined products such as naphtha and petrochemicals, he added.

CITIC Resources, majority owned by CITIC Corp, owns three upstream oil and gas assets in Kazakhstan, China and Indonesia.

(Reporting by Florence Tan; Editing by Christian Schmollinger)

((Florence.Tan@thomsonreuters.com;))

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