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Former senior Unipec trader joins private fuel dealer -sources
07/01/2014 Email this story  |  Printable Version

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 sources said.

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 year.

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 postings.

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 agents. (Reporting by Chen Aizhu and Beijing newsroom; Editing by Joseph Radford)


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