07 March 2016

SINGAPORE, March 7 (Reuters) – Australia’s United Petroleum has hired a former Trafigura trader to start trading oil products at its new office in Singapore, trade sources said on Monday.

Gaurav Kapoor, a former light distillates trader at Trafigura, has joined United Petroleum’s Singapore office which has three other staff at the branch for logistics, finance operations and managing the office, one of the sources said.

The Singapore office, which held its official opening ceremony on March 1, will source diesel and gasoline for Australia and also explore other opportunities, he said.

The company could not be immediately reached for comment.

Australia’s oil products imports have risen after major oil companies shut several refineries due to poor economics, opening up opportunities for oil traders and retailers to sell more fuel into the market.

United Petroleum operates fuel import terminals in Victoria, New South Wales, Northern Territory and Tasmania, and is also involved in wholesale and the retailing of oil products, according to its website. (Reporting by Jessica Jaganathan; Writing by Florence Tan; Editing by Richard Pullin)

Extracted in full from Reuters Africa.