Singapore: Brightoil Petroleum has announced the “strategic reform” of its fuel oil international trading and bunkering business and the establishment of a crude oil trading team.
Stephen Qi Jun, the coo of the division, will take over day-to-day operations following the departure of six executives including the boss of the division, Quek Chin Thean, this past week. To “better develop the trading and bunkering business as well as to strengthen risk management”, Brightoil said it has appointed Li Gang as head of Global Marine Bunkering and Gary Wu as Chief Risk Officer and Brightoil Petroleum (Singapore) Ltd Risk Officer.
Brightoil’s Hong Kong-listed vehicle has announced it expects “significant” losses this year. [23/11/12]