SINGAPORE: Swiss commodities trader AOT Energy said on Tuesday it is reviewing its business plan in Asia and will restructure some business lines in the region.
The move comes a year after the Zug-based group pared some staff in other regions and began talks with potential investors amid shrinking credit lines.
AOT, which has operations in Singapore and Jakarta, recently lost two crude oil traders from its Singapore office, trade sources told Reuters, including a senior trading manager who joined rival Gunvor.
"AOT is currently reviewing its Asia business plan and has decided to restructure certain business lines," Martin Fasser, AOT's head of corporate affairs, told Reuters in an e-mail.
"As of now, no decision has been made to shut down our Singapore office, but we are reviewing all options."
AOT Energy trades in energy commodities worldwide, covering crude oil and oil products, renewable fuels, petrochemicals, natural gas, LNG and coal.
Its Asia business was hit last year by a decision by Bangladesh to scrap a liquefied natural gas (LNG) supply deal, the sources said.
Oil traders also lost money last year on sharp, unexpected price swings in oil benchmarks such as Dated Brent and U.S. West Texas Intermediate.
AOT Energy's ownership changed in early 2016 after the Frère Group transferred a 49-percent stake in parent company, AOT Holdings, to management and some employees, leading to a smaller credit line.
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