Oil giant headhunts manager for China
OIL GIANT Royal Dutch Shell has hired a former manager in Sinochem’s London office to help bolster its crude oil trading into the Chinese market, according to sources.
Zheng Qingpu, who worked as the deputy general manager for Sinochem in London, has joined the Shell crude oil trading desk in Singapore, the sources said.
Major trading houses and independent oil firms are chasing qualified and well-connected staff for their Asia trading desks, spurred on by the opening up of China’s oil imports to include independent refineries.
Shell declined to comment on staff moves.
Qingpu, who managed West African trading for Sinochem, did not respond to a request for comment.
Companies last year began plucking staff from state giants including Sinochem and CNPC to grab a larger share of the $50m a day in new crude flowing into China, which many expect to grow even further.
Sources said Qingpu’s connections and his knowledge of West African oil drove Shell to poach him.
China’s imports from Angola surged about 28 percent in August from a year ago to about 983,500 barrels per day, according to official customs data, while its Angolan imports for the first eight months of 2017 hit 1.05 million barrels per day.