GDF SUEZ Trading opens trading platform in Singapore
GDF SUEZ announces the opening of a trading floor in Singapore, which belongs to the Group’s subsidiary, GDF SUEZ Trading. This new trading platform began trading in the markets on June 4, 2012.
The reason for introducing GDF SUEZ Trading’s operations in Singapore is to support the Group’s expansion in Asia-Pacific and to develop hedging offers for its customers/counterparties in the area (producers, transport-shipping operators, mid-streamers, industrial companies), so that they can manage their exposure to energy price movements.
Expansion in Asia is key to the strategy of GDF SUEZ, which already has a major development platform across the region and a significant presence in power generation, liquefied natural gas (LNG), exploration-production, and environmental services.
GDF SUEZ Trading Singapore is beginning its operations with financial trading of crude oil and refined products, coal, and Asian LNG references, such as the Japan Crude Cocktail.
This integrated platform currently has a team of 12, consisting of front office personnel (traders and sales) and support staff (middle/back office, risk management and legal staff). It will be drawing on the resources, tools and processes of GDF SUEZ Trading in Paris and Brussels, which has been in the market for more than a decade. GDF SUEZ Trading Singapore is headed by Eric Simon, a commodity trading professional.
The Singapore floor strengthens the Group’s international trading activities by supplementing operations in Europe. It also boosts the ability of GDF SUEZ Trading to provide Asia-Pacific customers with optimal service and meet their specific needs as a result of its geographical proximity. For Jean-François Cirelli, Vice-Chairman and President of GDF SUEZ, and Chairman of the Board of Directors of GDF SUEZ Trading, “Singapore is Asia’s energy trading hub. The opening of a trading floor by GDF SUEZ will support the Group, whose operations in Asia-Pacific are expanding rapidly. This trading platform will be of great benefit to our customers and will complement our European operations.”
GDF SUEZ Trading, a subsidiary of the GDF SUEZ Group, is dedicated to energy trading (natural gas, oil and petroleum products, electricity, coal, and emissions). It is the result of the 2011 merger of Gaselys and the Electrabel trading desk. This wholly-owned subsidiary is based in Paris and Brussels, and has sales offices in Berlin, Prague and Rome. www.gdfsuez-trading.com
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, combating climate change and optimizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.