BEIJING, July 1 (Reuters) - The former head of crude oil
trading at top Asian refiner Sinopec Corp has become
managing director of a private fuel and petrochemicals dealer,
traders and former colleagues said.
Cui Zhenchu, who joined Sinopec's trading arm, Unipec,
around 1994, quit the state oil firm in April to become head of
Qingdao Zuode International Trade Co Ltd, a private commodity
trader that deals mostly in reformate and petrochemicals, the
Cui, the most senior trader so far to quit a powerful state
oil giant for a private entity, confirmed by telephone that he
had left Unipec and moved to eastern city of Qingdao, but he
declined to give further details.
In online advertisements, Zuode touts itself as a leading
trader in Qingdao, with annual turnover of $377 million last
Qingdao is China's third-largest port, hosting one of the
country's largest oil terminals and tank farms.
Traders familiar with the firm said Zuode is active in mixed
aromatics - a refinery oil product also known as reformate that
is commonly used for blending motor petrol.
It also traded rubber and cotton in 2010, with turnover of
700 million yuan ($113 million), the company said in online
The Qingdao trader has won initial government approval for a
licence to import fuel oil - of which China is Asia's largest
buyer - according to a notice posted on the Ministry of
Commerce's website last week.
So far it has imported fuel oil using licensed firms as
(Reporting by Chen Aizhu and Beijing newsroom; Editing by