June 28, 2019 / 10:10 AM / 24 days ago

Exxon hires ex-Trafigura crude oil trader in Singapore: sources

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

SINGAPORE (Reuters) - Exxon Mobil Corp has hired former Trafigura crude oil trader Hong Hsien Tan to further boost its trading capabilities in Singapore, multiple sources familiar with the matter said on Friday.

Tan is expected to join the company on July 1, they said, and he will be the company’s third external hire for its Singapore crude oil trading team since July 2018.

The move is part of Exxon’s plans to push deeper into energy trading by building a global cadre of experienced traders and beefing up risk-management systems to lift profit.

Exxon also plans to relocate a trader from the United States to the Singapore office to handle trading of low-sulfur crude, including U.S. oil, the sources said. It was not immediately clear when this trader will join the Singapore team.

The company does not usually comment on personnel matters.

Reporting by Florence Tan; editing by Gopakumar Warrier

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