Peninsula Petroleum Appoints Chief Risk Officer

Peninsula Petroleum today announced the appointment of Mike Stark as its inaugural Chief Risk Officer.

Peninsula Petroleum (Peninsula) today announced the appointment of its inaugural Chief Risk Officer (CRO), Mike Stark, a move the company says improves its risk management and controls.

"An ambitious globally integrated bunker supplier needs a globally integrated risk strategy and risk control framework," said Peninsula, noting that the company recognises the importance of removing price risk from its activities.

As a result, the group's board is said to have determined that the CRO position would be a "valuable addition" to Peninsula's Compliance and Risk Management functions.

The CRO role will see Stark lead Peninsula's Middle Office in managing and controlling market price risk.

Stark, who has worked in oil and commodity trading organisations for more than 20 years, is said to have recently developed and led the risk functions at both the PetroChina Europe and Chevron London trading organisations.
 
"I'm delighted to welcome Mike to Peninsula. Not only is he an outstanding energy trading risk professional, he is a great example of how Peninsula has developed from local physical supplier into a globally integrated bunker trading and supply group," said John Bassadone, CEO of Peninsula.

"I and the wider management team look forward to working with Mike to enhance our offering to both bunker fuel suppliers and our global marine clients."

After 10 years in the world's biggest bunkering port, Peninsula today also announced it is eyeing continued growth in the Singapore market, and has moved into new offices at Suntec City, Tower 2 to help support its growth ambitions.