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Tue 1 Jun 2010 09:53

BP resignations extend globally


Fuel oil traders resign in the US and the UK as the list of departures in recent weeks increases.

Resignations at BP Plc's fuel oil trading team have extended internationally following reports that traders at the oil major's offices in the United States and the UK have also resigned in recent weeks.

BP's fuel oil trading desk in the United States is reported 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.

Meanwhile, in the UK, London team head Chris Paine is understood to have left the company around a month ago, with six other traders still continuing to work on the team. Paine, aged 30, was said to be BP's youngest team leader when appointed two years ago.

News of the resignations in the United States and the UK have come to light following reports last week that five fuel oil traders in Singapore and four support staff left their jobs last Wednesday following the resignation of global fuel oil head Quek Chin Thean the previous week.

The departures in Europe and North America bring the total number of resignations to 14 worldwide.

The reason for the resignations is currently unclear. BP has thus far declined to comment on the matter, stating that the company does not comment on staff moves and related issues.

As a consequence of the resignations of its Singapore fuel oil team, BP's marine fuels division at the city-state was reported to have not offered spot bunkers on Wednesday and Thursday. But it has since resumed offers of marine fuel on Monday following the Vesak Day public holiday on Friday, market sources said.

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