Asia/Pacific News
Singapore Energy Co Picks CEO from Fuel Division
Singapore energy company YTL PowerSeraya Pte Ltd. says it has appointed the senior vice president of its trading and fuel management division, Chan Swee Huat, as its new CEO, effective today.
Chan succeeds John Ng Peng Wah, who will serve as an adviser to the Board of Directors until the end of next month.
Chan joined the company in 2001 and helped build the trading and fuel management business, known as PetroSeraya, which the company created in 2007 to diversify and move into non-regulated businesses.
"Central to PetroSeraya's growth strategy is a trading model that complements the Group's core business of energy wholesaling and retailing," the company said.
"Besides being involved in physical oil trading, PetroSeraya seeks to optimise its current 860,000 m3 storage capacity through tank leasing, as well as provide bunkering and water supply services through its jetties which are strategically located on Jurong Island."
YTL PowerSeraya's Chairman, Tan Sri Dato' (Dr) Francis Yeoh said Chan has a "deep knowledge" of the company.
"He has been instrumental in building the Group's diversification strategy through the successful establishment of PetroSeraya," Tan said.
"His strategy to further expand the business through tank leasing will serve as a performance benchmark to take the Group to the next level of growth."
PetroSeraya engages in physical fuel oil trading to improve the economy of PowerSeraya's fuel oil purchases and maximize the use of its storage and fuel management assets, including two oil blending tanks, 18 storage tanks, and deep water jetties, according to the company's website.
