November 1, 2007 / 1:50 AM / 11 years ago

JPMorgan, Chemoil Energy in derivatives alliance

SINGAPORE, Nov 1 (Reuters) - Marine fuel firm Chemoil said on Thursday it had reached a deal with JPMorgan that would give its clients access to the U.S. bank’s derivatives business, while JPMorgan could benefit from Chemoil’s physical fuel supplies. Singapore-listed Chemoil Energy CHEL.SI and JPMorgan (JPM.N) did not disclose financial terms or other details of the agreement.

Chemoil, which listed its stock in Singapore last December, said it has the largest share of the marine fuel market in Los Angeles. Chemoil stock rose nearly 3 percent to $0.535 in early trade on Thursday.

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