Mitsui may close oil trading unit after naphtha losses

News

Japanese commodities trader Mitsui & Co may close its Singapore oil-trading unit Mitsui Oil Asia after discovering losses of Yen9.6 billion ($81 million) from trading naphtha, a petrochemical refined from oil.

Mitsui & Co vice-president Hiroshi Tada, based in Tokyo, was reported by Reuters as saying the company hopes to close the unit in April or May - or by the end of the next business year at the latest.

But a Mitsui spokesman tells Asia Risk: "What he (Tada) said was one of the scenarios. W