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Monjasa Group has announced that it is to commence oil trading via a new office in London. The new operation is to be headed by Harry Thwaites, a former senior trader at Trafigura.

In a statement, Monjasa Group CEO, Anders Østergaard, said: "For quite some time now, we have felt a strong wish to move further across the value chain and into oil trading. Right now, our core-business includes bunkering services and physical supply, terminal operations, agency, and ship-owning activities on a global level. However, we still hold great ambitions. With our new finance structure, we are able to finally start moving our own oil parcels, partly to our own operations, but also to third parties across the globe."

Monjasa says its new oil trading activity focuses on three key elements: supply chain excellence, providing reliable supply of quality products, and building trusting relationships.

"Engaging in oil trading requires a solid determination on combining distribution, compliance and delivery. Monjasa has invested heavily in specialists within responsible risk management, finance and international law and this has given us the ability to enter this market, where clients, more than ever, require a determined focus on transparency in these transactions," said Østergaard.

Commenting on the appointment of Thwaites, the company said: "Monjasa is pleased to announce the hiring of Harry Thwaites who will join the business as Head of Oil Trading with global responsibility for developing Monjasa's oil trading activities. Mr. Thwaites will moreover be opening and heading Monjasa UK, located in London, from where Monjasa's oil trading activities will be coordinated. Harry Thwaites comes from a senior trading position in Trafigura where he has been gaining experience in the last decade, working out of London, Geneva and Singapore."

Thwaites remarked: "I am thrilled to be joining Monjasa at this exciting stage in its development. The company has grown remarkably since its inception and the launch of the new oil trading division will bring increased value to customers, while expanding Monjasa's global reach beyond its core business."

Monjasa says that it expects the oil trading desk to expand "rapidly" and a staff hiring campaign is "imminent".

The new London office is scheduled to be ready in early 2016. Until then, all oil trading activities are to be coordinated from Monjasa's Singapore office.