Mitsubishi is seeking either a joint venture partner for Petro-Diamond or an outright sale, the sources added. The terminal is the only U.S. refined products asset owned by Mitsubishi, Japan's biggest trading house by sales. Mitsubishi previously had a sizable trading operation in Singapore, also named Petro-Diamond (PDS). The company began winding down in 2020 after it said a PDS trader had lost $320 million in unauthorized transactions in crude oil derivatives. Mitsubishi could still scrap the sale of the U.S. terminal if it fails to find a suitable buyer, they said. A target valuation for Petro-Diamond could not be determined. EY and Mitsubishi did not return requests for comment. PetroDiamond was formed in 1983 and markets and distributes on-spec transportation fuels in Southern California including CARB gasoline, low sulfur diesel, ethanol and marine fuels.