Mizuho Bank becomes first Japanese bank to issue LC for DME from Singapore

DUBAI: The Tokyo-headquartered Mizuho Bank has become the first Japanese banking entity to be authorized to issue Dubai Mercantile Exchange, DME, Letters of Credit directly from Singapore and the latest international bank to join the list of entities with permission to issue LCs directly from Singapore to guarantee deliveries of Oman Blend crude oil through the DME.

“Delivering greater efficiencies for our clients and providing them opportunities to reliably and conveniently participate in the market is an ongoing priority for DME, and enhancing the financing environment is at the core of our efforts in this direction,” said Christopher Fix, Chief Executive Officer of DME.

“The Asian market, which continues to drive global oil demand, remains central to DME’s strategic plans, and we are committed to creating new avenues that will allow our growing Asian customer base to take advantage of improved access to finance while effectively managing risk.” DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.