BPCL plans office in Singapore to boost crude oil trading.

State-run Bharat Petroleum Corporation (BPCL) is planning to open an office in Singapore to expand its global reach and participate in crude oil trading.

The Singapore office, two senior company executives said, would also help the company trade in energy derivatives, international financing and other joint ventures that the company may plan in the future.

BPCL, which has posted nearly 108 per cent jump in net profit for financial year 2014 at Rs 3,910.68 crore, said a trading desk at Singapore would allow it better its information gathering on crude oil and ensure flexibility.

A desk gives the flexibility to enter and exit markets whenever required because operations are 24/7. But in a tender system, enter or exit is possible only at the time fixed in the contract,' a BPCL official added.


BS