Refiner Eneos to Expand Oil-Trading Portfolio Outside of Japan
(Bloomberg) -- Eneos Holdings Inc. plans to expand its team to handle more oil-derivative trading at its overseas offices including Singapore, as Japan’s largest refiner looks to increase its presence at major trading hubs.
The company intends to trade more oil derivatives, arbitrages and time spreads, as well as other paper market instruments, according to people familiar with the matter. They asked not to be named as they aren’t authorized to speak to the media.
Eneos will hire traders, as well as other executives in supporting roles, said headhunters with knowledge of those plans. Kenneth Quek, a former trader from Mercuria Energy Group, recently joined in Singapore to focus on crude and related derivatives.
A company spokesperson didn’t respond to a request for comment during office hours. Some of these roles may be filled by internal candidates.
The beefing up of its trading presence is part of a broader push to create more value across business sectors, including a bid for overseas assets such as Chevron Corp.’s stake in a Singapore oil refinery. Bloomberg previously reported that Eneos was a frontrunner in the process, ahead of rivals including trading houses Glencore Plc and Vitol Group.
Oil markets have kicked off the year with a high level of volatility as geopolitical risks ran ahead of market glut concerns. India’s state-owned refiner Bharat Petroleum Corp. is also planning to set up a trading arm in Singapore this month.
Eneos has a market capitalization of 3.6 trillion yen ($23 billion), making it Japan’s largest oil processor following years of consolidation in the country’s wider petroleum sector. It acquired renewable energy assets in recent years, and sold off its copper mining assets.
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