Mitsui & Company Energy Trading Singapore (Mitsui) has become the latest trading member of Dubai Mercantile Exchange (DME), the Middle East’s premier international energy futures and commodities exchange.

This latest development reflects a sustained increase in interest from major global players responding to growing energy demand from Asia, said a statement from DME.

The decision by a leading Japanese firm to join DME as a trading member comes at a time of continued growth for the Exchange, it stated.

DME had set a number of volume records in February, with trading levels exceeding 10 million barrels per day for the first time in the Exchange’s history.

The original intent behind launching DME was to bridge the key crude oil trading corridor between the Middle East and Asia and the increased interest and expanding membership base in recent months has reinforced this objective, said the exchange.

DME has had significant success in recent months in attracting increased interest from major Asian trading houses, such as Mitsui.

Mitsui has been a supporter of the DME’s Oman crude oil futures contract since launch and has now decided to strengthen its links with the Exchange, it added.

Welcoming the energy trader, CEO Christopher Fix said: "DME has benefited from Mitsui’s backing for many years and we are very pleased to see such an important Japanese firm take the next step with the Exchange."

"The recent records that DME is achieving are in large part due to the strong support of Asian traders such as Mitsui who appreciate the transparent pricing that DME provides to the region," he added.

Commenting On its new move, Mitsui CEO Takeshi Yamada said: "We had noted the recent strong growth on the DME with great interest and we are excited to play our part in the further expansion of the Oman crude oil contract."-TradeArabia News Service