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Tue 8 Jun 2010, 09:29 GMT

BP resignations 'not as many as reported'


Oil major executive says the number of departures in recent weeks is less than previously reported.

A senior BP executive is reported to have said that the number of departures from its fuel oil trading teams in Singapore, United States and UK was 'not as many as reported'.

News agency Reuters said towards the end of May that 14 members of staff had resigned. Five fuel oil traders in Singapore and four support staff were said to have left their jobs on Wednesday 26th May following the resignation of global fuel oil head Quek Chin Thean the previous week.

In the United States, BP's fuel oil trading desk was said to have been left with one derivatives trader following the resignation of Tim Gawne, fuel oil team leader in the United States, another physical trader and a third who traded derivatives. In the UK, London team head Chris Paine was reported to have left the company around a month ago.

However, when questioned about the departures, Clive Christison, Director and CEO, Supply & Trading, Integrated Supply & Trading, Global Oil, Eastern Hemisphere of BP, is quoted as saying: "There are people leaving, but not as many as reported."

When asked if the resignations affected BP's fuel oil trading activities globally, he replied: "No."

Speaking earlier at the Asia Oil and Gas Conference, Christison said that BP continued to trade fuel oil in the Platts window.

"We have a very strong fuel oil team," he said.

Last week, industry sources said that a number of former BP fuel oil traders were expected to join Chinese trading firm Brightoil Petroleum.

They included BP's former global fuel oil head, Quek Chin Thean, ex-Asia team leader Edmund Lau and U.S. fuel oil team leader Tim Gawne.

Other members of the trading team and support staff who left the oil major were also said to be expected to join Hong Kong-listed Brightoil.

Meanwhile, London fuel oil team leader Chris Paine, is set to join Vitol, whilst two ex-U.S. traders are expected to beging working for Mercuria and Noble Group, sources said.

BP   Vitol   Singapore  Singapore (SG) 
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