Brightoil Petroleum Holdings Ltd., a supplier of marine fuel, halted operations in Geneva and Rotterdam to cut costs, bringing its office closures to at least three in recent months.
The company “temporarily suspended” operations in Geneva and Rotterdam and relocated some of the traders to Singapore, Ella Mak, a Hong Kong-based spokeswoman, said by phone today. The move is aimed at streamlining its business, minimizing operational costs and focusing on Asia, she said.
The Geneva office was opened in January this year, according to Mak. Operations in Tokyo stopped earlier this month, she said yesterday.
Brightoil was the third-biggest supplier of ship fuel last year in Singapore, the world’s largest bunkering port, according to the city-state’s Maritime and Port Authority. Company founder Raymond Sit Kwong Lam has about a 75 percent stake, data compiled by Bloomberg show.
Brightoil also operates in Hong Kong, Shenzhen, Singapore, Taipei, Seoul, Xinjiang, Houston and Athens, according to its website.