Citic Resources opens new Singapore office to double trading volumes, says exec

CITIC Resources Holdings set up an energy trading 'office' in Singapore. It aims to double the volume of its oil and gas trade to 50 million barrels within three to five years.

CRH Commodity's Managing Director Wang Minghan said that CRH Commodity is a wholly-owned subsidiary of Singapore and will begin oil?and?gas trading in Australia from 2024. Trade volumes are expected to reach 20 million barrels, with revenue reaching $1.5 billion in the last year.

Wang, who worked for Unipec (the trading arm of China's biggest refiner Sinopec) for nearly 20 years, stated that the company will start off with 5 to 8 staff members, including 2 from Hong Kong and 1 from Australia.

He added that the company plans to expand into other refined products, such as naphtha, petrochemicals and liquefied gas.

CITIC Resources is a?majority-owned subsidiary of CITIC Corp. It owns upstream 'oil and gas' assets in Kazakhstan.

(source: Reuters)