Chemoil dismisses nine from Singapore fuel oil unit -sources

SINGAPORE Mon Jan 14, 2013 7:50am EST

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SINGAPORE Jan 14 (Reuters) - Chemoil Energy Limited dismissed nine people in its Singapore-based fuel oil and marine bunker division, a source with direct knowledge of the matter said on Monday.

Only one person remained in the Singapore fuel oil and bunker division, the source said.

Chemoil is the fifth-largest marine fuel supplier in Singapore, the world's top bunkering hub where more than 40 million tonnes of oil was supplied to ships last year.

Chemoil's Chief Executive Thomas Reilly could not be reached for comment.

Raymond Murga, the company's vice president for finance and also the head for investor relations declined to comment.

"I do not intend to make any disclosures to the Singapore exchange today," Murga said.

"The team was put together only in March, that was less than a year ago," the source said. "Almost all the fuel oil trading companies did not perform last year."

Some members in the team declined to comment when reached.

Chemoil Energy is a Singapore-listed marine fuel supplier in which Glencore International Plc has a controlling stake. Glencore raised its stake in Chemoil Energy to 89.04 percent from 51.54 percent in February.

Glencore has declined to comment.

Chemoil sold Chemoil Storage Ltd., which owns a company providing fuel storage services on Singapore's Jurong Island, to Oiltanking GmbH for $285 million in October.

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