The National Petroleum Company of the United Arab Emirates announced that Singapore has agreed to let the company resume its petroleum trade in the country, officials said Thursday.
However, the Singapore Trade Development Authority conditioned that Singapore be the Asian branch of the International refinery and marking operations of Dubai-owned company. The condition came during Singapore’s review of the companies contract.
Dubai’s National Petroleum Co. opened its Singapore branch last year. The Company chose Singapore for its advanced infrastructure, ideal for international petroleum trade and for its proximity to several Asian markets that are vital to the company’s refinery and marketing sector.
National Petroleum Director General Hussein Sultan said the company exports 55,000 barrels of refined petroleum products to the Asian markets from a 120,000 production capacity refinery in Dubai’s Jebel Ali zone.
“The company’s international business has quickly grown in the past few years, we have become one of the companies in the Middle East most interactive with foreign companies,” Sultan said.
Sultan said the company’s foreign offices, notably the Singapore office, to constantly look for investment opportunities and markets. The National Petroleum Company was established in 1993 as a marketing company for UAE petroleum and gas. Now it does business in the information technology field, and chemical trading. –(Albawaba-MEBG)
© 2000 - 2019 Al Bawaba (www.albawaba.com)