WAM DUBAI, 6th January, 2014 (WAM) -- Marubeni Corporation has today become the latest major Asian energy company to become a Trading Member of the DME, the Middle East's premier international energy futures and commodities exchange.
The decision by the Japanese trading house to join the DME as a Trading Member comes at a time of continued growth for the Exchange. DME has seen participant numbers rise 20% year-on-year, with interest particularly strong from Asia.
DME is at the heart of the rapidly expanding crude oil corridor between the Middle East and Asia and has attracted major Asian oil companies and trading houses as Trading Members in recent months. DME is very focused on facilitating trade from Asia and is in discussions with several banks to issue letters of credit for DME physical deliveries directly from Singapore.
Christopher Fix, Chief Executive of the Dubai Mercantile Exchange, said: "DME is delighted to welcome such a prestigious company as Marubeni Corporation as a member. Marubeni has always been a strong supporter of DME with a great deal of trading volume since DME's launch and their decision to move to a formal membership is a major endorsement of DME Oman's position as the new benchmark for crude oil trading for the Asian markets. The strong growth that DME experienced in 2013 was the direct result of the strong support of customers like Marubeni and I look forward to even more success this year and beyond." Yasuaki Suzuki, General Manager of Energy Trading Department, Marubeni Corporation said: "Marubeni is delighted to become a Trading Member of DME. Acquiring a membership was the logical next step in our long association with the Exchange. Marubeni is excited to be part of a transparent and regulated mechanism that provides fair pricing for the Asian crude oil markets and we look forward to working closely with DME as the markets continue to evolve." WAM/Ahlam/Moran