GSS to trade in oil products in Indonesia after tie-up with AFCO

SINGAPORE - GSS Energy Limited will trade oil products in Indonesia along with AFCO Energy Pte Ltd with which it has a tie-up.

GSS and AFCO had entered into a shareholders agreement on June 1, 2015, a company release stated on Tuesday.

Singapore-incorporated GSS-AFCO will engage in marketing and distribution of the products and related businesses, it was announced.

GSS-AFCO was incorporated in Singapore on May 27, 2015 by GSS Energy through its nominee, Charles Madhavan, who is also an executive director of the company.

AFCO, a subsidiary of Dutch oil firm FinCO, is a Singapore-incorporated company and is engaged in the trading of physical energy products, including fuel oil, gasoil, gasoline, jet fuel, liquid petroleum gas and its related components, with more than 1.4 million metric tons of oil products traded in financial year 2014.

"GSS-AFCO will complement and create synergy with our existing oil production to fuel our future growth," said GSS Energy CEO Sydney Yeung.

AFCO Energy managing director Ali Nael said GSS and AFCO have complementary business models that will be able to "capture and contribute to the rapidly changing Indonesian energy markets".

GSS Energy has also recently entered into an agreement with Ramba Energy, a Singapore listed company, to participate in the exploration programme in Ramba's West Jambi block in Indonesia.

Join ST's Telegram channel and get the latest breaking news delivered to you.