Chemoil dismisses most of its Singapore fuel oil team
Chemoil Energy Limited (Chemoil) dismissed most of its fuel oil team in Singapore on Monday, a number of industry sources have reported.
News agency Platts said that around eight employees left the company, while Reuters reported nine of the ten person team had been dismissed.
There was no official word on the matter from Chemoil, with Raymond Murga, the company's vice president for finance and also the head for investor relations, saying: "I do not intend to make any disclosures to the Singapore exchange today."
The news follows a number of changes for the supplier, who was recently revealed to have moved up to being Singapore's fifth largest by volume for 2012.
In October the firm said it would sell its Jurong Island, Singapore storage facility to Germany's Oiltanking GmbH, a deal it announced the completion of earlier this month, saying that structural changes have occurred in the marine fuels market that will, in the future, "favour an asset-light business model."
In May of last year Chief Operating Officer & Chief Financial Officer Mats Henrik Berglund resigned, and in August Fred Bendle was appointed as the company's new CFO.
