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FINANCIAL NEWS
UAE’s Gulf Petrochem to expand operations in Asia
11 Sep 2011
(MENAFN) Gulf Petrochem’s chief executive, Sanjeev Sisaudia, said that before year-end, the firm would establish a trading and bunkering office in Singapore in an attempt to expand its Asian operations, reported Arab News.
Sisaudia added that demand for oil from Asian countries grew remarkably unlike that from the US and Europe due to economic instabilities that hit those countries.
He also said that the UAE-based trader would employ 3 to 4 people in Singapore in addition to the 6 people who already work there, adding that last month; the company won a semi-term fuel oil tender from India.
It is worth noting that Gulf Petrochem is expanding its oil storage facilities at the Hamriyah Free Zone on the west coast of the UAE, where at the moment, it has 60,000 cubic meters of oil storage for clean and dirty products.
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