Asia/Pacific News
Glencore Hires Veteran Bunker Trader Quek to Head Singapore Trading
Miner and commodities trader Glencore Monday was said to have hired bunker fuel trading veteran Quek Chin Thean to run its Singapore operations, Reuters reports.
Quek joins Glencore from Goldman Sachs' Singapore commodities business.
He made his name in the Singapore fuel oil market after leaving BP, where he was head of Asian trading operations, along with his team and quickly grew Brightoil's bunker trading presence.
According to the report, within two years Brightoil was trading twice the volume of fuel oil derivatives BP had done.
In 2011 Brighoil become Singapore's second largest bunker supplier by volume, according to Singapore Maritime and Port Authority (MPA) data, and was ranked the third largest in 2012.
He replaces Mark Catton who is said to be returning to London after 18 years in Asia.
According to Bloomberg data, Catton is Managing Director of Glencore Singapore Pte. Ltd. and has been Chairman of Chemoil Energy Limited, the group's Singapore-based bunker trader and supplier, since 2011.
It is unclear whether Quek will assume both roles.
The move is said to be part of a reshuffle at the top of the group's oil trading division which has seen Luis Alvarez, the division's head of crude oil trading, step down after 20 years with the group to take retirement.
Earlier this month, Glencore CEO Ivan Glasenberg said "oil could have a blowout year" in 2015, alluding to the potential opportunities market volatility is creating for oil traders.
