Mitsui & Co. Energy Trading Singapore Pte. Ltd. (“Mitsui”) wholly owned by Mitsui & Co has today become the latest major energy trader from Japan to take a Trading Membership of DME, the Middle East’s premier international energy futures and commodities exchange. This latest development reflects a sustained increase in interest from major global players responding to growing energy demand from Asia.
The decision by another leading Japanese firm to join DME as a Trading Member comes at a time of continued growth for the Exchange. DME set a number of volume records in February, with trading levels exceeding 10 million barrels per day for the first time in the Exchange’s history.
The original intent behind launching DME was to bridge the key crude oil trading corridor between the Middle East and Asia and the increased interest and expanding membership base in recent months has reinforced this objective. DME has had significant success in recent months in attracting increased interest from major Asian trading houses, such as Mitsui. Mitsui has been a supporter of the DME’s Oman crude oil futures contract since launch and has now decided to strengthen its links with the Exchange.
Christopher Fix, Chief Executive of the Dubai Mercantile Exchange, said: "DME is very happy to welcome Mitsui to the Exchange as a Trading Member. DME has benefited from Mitsui’s backing for many years and we are very pleased to see such an important Japanese firm take the next step with the Exchange. The recent records that DME is achieving are in large part due to the strong support of Asian traders such as Mitsui who appreciate the transparent pricing that DME provides to the region."
Takeshi Yamada, Chief Executive Officer, Mitsui & Co Energy Trading Singapore Pte. Ltd. (“Mitsui”), said: "Mitsui is delighted to become a Trading Member of the DME. Mitsui has noted the recent strong growth on the DME with great interest and we are excited to play our part in the further expansion of the Oman crude oil contract."