BP hires two mid-level fuel oil traders in Asia

SINGAPORE (BestGrowthStock) – Oil major BP has hired two external fuel oil traders to boost its Asia cargo trading team, following a spate of departures since May that saw 20 staff resigning, industry source said on Monday.

The two — Lau Chi Weng from Cargill and Stanley Ng from Trafigura — resigned on Monday and are expected to serve at least a three-month gardening period before starting work with BP.

The two are middle-level traders, with around five years of trading experience, having both started at Singapore’s Kuo Oil.

When contacted, a BP spokeswoman declined comment.

The oil major has appointed internal staff to both key senior positions, including Marcus Cooper, the former global head of its gasoline trading team, as global fuel oil head and senior trader Stephen Ng as its team leader for Asia.

It has also appointed two junior staff as fuel oil traders in Singapore, bringing the total strength of its Asia trading team to six, similar to before the mass resignations.

BP has also filed a lawsuit against six of the 20 who resigned, including ex-global head Quek Chin Thean, former fuel oil trading manager John Foo, its ex-regional marine fuels team leader Clarence Chang and Asia head of operations Paul Bradshaw, for breach of contract.

Most of the BP personnel who quit are expected to join Hong Kong-listed Brightoil Petroleum (Holdings) Ltd, an ambitious China-based company that has been expanding its trading capabilities over the past year.

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(Reporting by Yaw Yan Chong; Editing by Ramthan Hussain)

BP hires two mid-level fuel oil traders in Asia