Brightoil announces shake up for trading, bunker business
Brightoil Petroleum have announced a shake up of its fuel oil International Trading and Bunkering business, as well as the establishment of a crude oil trading team, Ship & Bunker reports.
As part of its Strategic Reform of Fuel Oil International Trading and Bunkering Business, Mr. Stephen Qi Jun has been appointed the new International Trading and Bunkering Chief Operating Officer to lead the daily operations of the team.
Mr. Li Gang has been appointed Head of Global Marine Bunkering, and Mr. Gary Wu joins as Chief Risk Officer, as well as Brightoil Petroleum (Singapore) Ltd Risk Officer.
"They will work together closely after the reorganisation of the international trading and bunkering team," Brightoil said in the press release.
As part of the reforms the company also confirmed the previously speculated exit of Mr. Quek Chin Thean, CEO of the trading and bunkering team.
International Trading and Bunkering has been one of the Group's core businesses, it said, and has faced an "extremely challenging shipping market environment with poor demand and lower margins."
Established in April 2012, its crude oil trading team has been at "full strength" since October 2012, it added, and the team led by Crude Oil Vice President Mr. Kevin Du "will work towards satisfying the growing demand for crude oil in the Asia region, especially in the China market."