Norwegian oil giant StatoilHydro opened a new office, as its Asia Pacific headquarters, in Singapore last Monday. Its latest move reflects the importance of Asia for the firm’s growth, said its executive vice president Jon Arnt Jacobsen. Statoil is the world’s third largest crude oil trader and wants to grow its global footprint, particularly in the third party trading business.
“Our Singapore office remains a cornerstone in this global trading strategy… and the continuous presence in the local markets provides us with hands-on market information” said Jon Arnt Jacobsen.
The firm, which has had a local presence for 18 years, moved into its new 11,000 sq ft premises at Ngee Ann City which houses 38 staff on Monday. Staff numbers will increase in the near future as Singapore is used as a base for Asia operations, said Statoil’s president of Asia Pacific, Marthe Hoff.
“Asia is increasingly becoming a ‘natural home’ for StatoilHydro’s crude oil production as its international production increases and the Asian market grows” said Malte Hoff.
Statoil’s production is currently two million barrels of oil per day, out of which up to 150,000 barrels is exported into Asia. The company hopes to increase this number, especially in the trading of crude oil, naphtha and liquefied petroleum gas (LPG).
“We believe the markets in this region will continue to grow faster than any other part of the world despite the current economic slowdown.” He added.