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Mon 26 Jul 2010, 14:07 GMT

BP appoints Asia fuel oil traders - source


Oil major is reported to have hired two experienced fuel oil traders for its office in Singapore.

BP has appointed two fuel oil traders as part of its strategy to replace key staff that recently left the company's fuel oil and marine fuels teams in a wave of resignations since May, Reuters reports.

According to the news agency, Stanley Ng from Trafigura and Lau Chi Weng from Cargill resigned on Monday and are expected to be on gardening leave for at least three months before joining oil major BP.

Both traders previously worked for Singapore firm Kuo Oil (S) Pte. Ltd. and have around five years of trading experience.

The appointments follow news earlier this month that BP had appointed Marcus Cooper as new global fuel oil trading head. He was previously employed as the oil major's director of crude trading and was also in charge of BP's global gasoline trading operations in the United States.

The new head of BP's regional fuel oil desk is experienced trader Stephen Ng and the new leader of the Asia marine fuels division is Carlos Torres.

In addition to the three key appointments, BP is also understood to have moved two junior staff into the Asia fuel oil desk as traders.

Last week BP filed a lawsuit against six former members of staff who formed part of the company's fuel oil and marine fuels teams in Singapore.

A writ of summons was filed against former BP global fuel oil trading head Quek Chin Thean and the former head of its marine fuels business in Asia, Clarence Chang, in addition to senior traders John Foo and Paul John Bradshaw, for breach of contract.

The majority of BP staff who resigned from the company are expected to join Hong Kong-listed Brightoil Petroleum.

BP has been the leading marine fuel supplier in Singapore for the past seven years. Bunker sales in Singapore - the world's leading bunker port - reached a new record of 36.5 million tonnes in 2009 and are on course to break through the 40 million tonne barrier this year following sales of 20 million tonnes during the first six months of 2010.

The oil major is estimated to have a market share of approximately 10 percent of marine fuel sales in the city-state. It has also been a key player in the fuel oil cargo trading market for more than a decade.

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