SINGAPORE — At least four senior traders have left LUKoil in the past month, but a senior executive said Tuesday that business at one of Asia’s top fuel traders was unaffected and that each trader will be replaced.
The moves come at a time the oil industry is hiring again as it emerges from the economic downturn, with at least 10 traders changing jobs and some companies looking to hire in the last quarter.
Asia-Pacific managing director Valentine Ivanov said the four — two fuel oil traders, a naphtha trader and the LUKoil’s trading director for clean products — left for “personal reasons.” Its trading structure and volumes have not been affected, he said.
“I see it as a renewal process. They all left for personal reasons. We were quite happy with them and they have been with us for some years. … Their departure is not affecting our position in the market,” Ivanov said. “We will replace all four traders, with three coming internally and maybe one from the external market.”
One moved to Japan’s Itochu Petroleum in a nontrading role as general manager. The other three are serving “gardening leave,” an industry practice where traders sit out and not join a competitor for a period of time, usually three to six months.
LUKoil is in the top-three fuel oil players by volume in East Asia, Ivanov said.