Chubu Electric Transfers its Coal and Freight Trading Business to Singapore
February 28, 2012
Chubu Electric Power Co.,Inc.
Chubu Electric transfers coal and freight trading business conducted by Chubu Energy Trading, Inc. ("CET", a wholly owned subsidiary of Chubu Electric) in Japan to Singapore aiming to enhance the coal and freight business under the partnership between Chubu Electric and EDF Trading Limited (EDFT, head office London).
Chubu has appointed CET as an exclusive face to the market in charge of Chubu's entire coal portfolio since 2010. Now Chubu intends to appoint Chubu Energy Trading Singapore Pte Ltd, ("CETS" newly established in Singapore also as a wholly owned subsidiary of Chubu Electric) to take over a role of CET from April 2012.
After transferring the business to Singapore which is prospering as a coal trading hub in Asia, we believe that CETS will enjoy benefits from more timely transactions through the utilization of abundant trading information and talented human resources available in Singapore.
Chubu Electric will continue to enhance its fuel procurement ability in terms of security of supply, flexibility and economic efficiency to supply a stable and inexpensive flow of power.