Oil trading growing in region: Vopak

THE region around Singapore is closer to becoming like the world's largest oil trading hub Amsterdam-Rotterdam-Antwerp (ARA), after pricing benchmarks for oil products earlier this year erased the distinction between loading points between Singapore and southern Malaysia.

The move by oil pricing agency Platts means oil traders can now freely trade between the facilities in Singapore and Malaysia, says Vopak president for Asia Pacific Patrick van der Voort.

This development is the first step for the region to develop like ARA, he told BT.