Petroleum Africa
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Monday, October 2, 2017
ENI is initiating plans to expand its Singapore trading desk to market supplies of LNG that will be produced from its projects in Mozambique to buyers in Asia, according to senior executives from the Italian oil and gas company’s trading arm said.
The expansion comes after the Italian firm decided earlier this year to integrate its LNG, gas business with its upstream unit so that it can act as the marketing arm for new projects that are coming online onstream in the next years, Franco Magnani, CEO of ENI’s Trading and Shipping told Reuters.
“What we want to do is to build a (LNG) portfolio as a company and this will require a much stronger presence in Asia than in the past in trading,” Magnani said on the sidelines of the APPEC conference. “We’ll hire as the portfolio develops,” he said, adding that the Singapore office currently has two LNG traders.
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