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Glencore expands Australia bunker fuel business

Reuters

MELBOURNE (Reuters) - Trading giant Glencore Plc (GLEN.L) is expanding its oil trading business in eastern Australia, with plans to soon start bunker fuel supply operations at the Port of Brisbane, adding to operations it launched at ports in New South Wales in April.

Glencore's Chemoil unit has signed a long-term terminal storage agreement with GrainCorp (GNC.AX), and from June 23 it will also offer bunkering off a barge, Valiant III, at the port of Brisbane in Queensland.

"We see a lot of potential in the east coast marine fuels market," Glencore Oil's Australia manager Brett Crawford said in a statement received on Friday.

Glencore is looking to supply ship owners, cruise lines, brokers and agents.

Rival suppliers in the marine fuels market in Australia include Caltex Australia (CTX.AX) and Viva Energy Australia, controlled by Vitol.

(Reporting by Sonali Paul; Editing by Richard Pullin)