BP replaces key staff in global fuel oil team

SINGAPORE (Reuters) - BP <:BP.LO:>Plc has replaced key staff on its global fuel oil and Asia marine fuels teams with internal personnel, following a wave of resignations more than a month ago, industry sources said on Tuesday.

It has appointed a new global fuel oil trading head, Marcus Cooper, a BP veteran who previously led the oil major's global gasoline trading operations based in the United States and had also been its director of crude trading.

The major has also appointed veteran trader Stephen Ng, one of two members of its Asia fuel oil team who did not join the June departures, as head of its regional fuel oil desk, and U.S.-based Carlos Torres as leader of its Asia marine fuels division.

When contacted, a BP spokeswoman said the company could not comment on the matter because of an ongoing investigation into the resignations. [ID:nSGE6670D3]

Sources said BP is still looking to fill some of the remaining vacancies, including with external hires, particularly for its marine fuels section.

"Most of the appointments were made in the last two to three weeks, some are already in their positions," one trading source said.

"It would make sense for them to replace the outgoing staff quickly, given the large volumes of fuel oil that they trade, especially in Asia."

The oil major had also replaced its fuel oil trading heads for Europe and the U.S. internally over the past month.

In addition, it has transferred a trader from London to beef up its team of two remaining traders in the U.S., following the resignation of a fourth member of the team some two to three weeks after the first two quit.

DEEP BENCH

At least 18 trading personnel, including traders and support staff, from BP's fuel oil trading and marine fuels teams resigned in the past month or so, including its global head, Quek Chin Thean, and the regional team leaders in Asia, Europe and the U.S.

Industry sources said most of them are expected to join Hong Kong-listed Brightoil, an ambitious China-based company that has been expanding its trading capabilities over the past year.

On top of the three key appointments, BP has also moved two junior staff into the Asia fuel oil desk as traders, the sources said.

Both are recent graduates from the oil major's Challenger training programme, a two- or three-year course for new entrants. One had traded liquefied petroleum gas (LPG) while the other was part of its derivatives marketing team.

The oil major is also looking for a third trader externally.

The sources added BP's marine fuels team has brought in operations staff and recalled another marketer from an external secondment, in addition to Torres.

"BP have always prided themselves that they have a deep bench and has always replaced outgoing personnel internally. But, in this case, there are just too many resignations," another source said.

"It's hard to replace all, especially in the bunkers team, because they would need someone who knows the market and knows the customers. And if someone is not in that market, it's going to be tough. I believe they are looking outside to fill some of the vacancies in the marine fuels side."

BP is the largest marine fuels supplier by volume in Singapore, the world's largest bunker port, accounting for about 10 percent of the city-state's average monthly volumes of 3.2-3.3 million tonnes.

It has also been a major player in the fuel oil cargo trading market for more than a decade, regularly mounting profitable trading plays, prior to the resignations of their long-serving team last month.

(Editing by Ramthan Hussain)

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