(17 February 2010 – Asia) Investment bank Macquarie Group has started a physical oil trading business in Singapore.The investment bank made the move into the oil trading business to capitalise on the growing Asian market, the bank said on Monday.
David Heard, head of oil and gas Asia, Macquarie Group said, in a press release, that the bank sees a particular opportunity in physical oil trading from an Asian viewpoint, as the region consolidates its leading position based on the growth of substantial new refining capacity, feeding the region’s high growth economies, and taking a greater share of markets as far afield as Europe and the west coast of the America’s.
The new business, Macquarie Group’s Energy Markets Division, will be led by Steven Taylor and will comprise of a six person team.