Oil gi­ant head­hunts man­ager for China

Yorkshire Post - Business - - MARKET REPORT -

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.

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