SINGAPORE/SEOUL, June 26 Commodities firm MRI
Trading, majority owned by Singapore-listed logistics provider
CWT, has hired at least one ex-Trafigura naphtha
veteran at its Singapore firm, five traders said on Tuesday.
Swiss-based MRI is a key trader of metals and minerals and
has recently diversified into energy products, including thermal
coal and petroleum products.
Japanese Yosuke Tokuhashi, with more than 10 years of
naphtha trading experience, has already started work at its
Three traders said ex-Trafigura naphtha South Korean trader
Jerry Ju may join MRI at the start of next month but will be
based in Seoul.
CWT did not reply to Reuters' email queries. CWT acquired
73.81 percent stakes in MRI Trading, a wholly owned subsidiary
of Capsolon Pte Ltd.
Capsolon is owned by CWT and is the latter's commodity
supply chain management business arm.
Tokuhashi, Ju and another ex-Trafigura naphtha trader, South
Korean but Singapore-based Jason Lee, left Trafigura more than
three months ago.
It was not clear if Lee would be joining MRI, but as a
general rule of thumb, traders are not to trade the same product
for a period of about three months after they leave a company.
In the last four to five years, expansions or new set-ups
within the energy sector were made mostly in the naphtha sector.
Between 2008 and 2012, at least 8 firms have either expanded
or started naphtha operations in Singapore. These include
Mercuria, Mabanaft, Noble, ConocoPhillips, Arcadia, Unipec and
most recently Socar Trading, a unit of Azerbaijan's state oil
Unipec, the trading arm of top Asian refiner Sinopec Corp
, has been the most prominent among the new firms in
terms of physical naphtha trades.
(Reporting by Seng Li Peng and Cho Meeyoung; editing by James