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Share Price: 501.50
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Change: -8.90 (-1.74%)
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RPT-Glencore's Singapore head of oil becomes LNG boss as Mark Catton retires

Wed, 05th Dec 2018 06:00

* Glencore began LNG trading in 2013

* Chin Thean Quek takes over from Mark Catton as LNGdirector

* Nathan Arentz to lead LNG trading team

* Maxim Kolupaev formally made head of crude oil

By Julia Payne and Sabina Zawadzki

LONDON, Dec 4 (Reuters) - Glencore's head of oil inSingapore Chin Thean Quek has become the new director of thecompany's liquefied natural gas (LNG) division after veteranMark Catton retired at the end of October, sources familiar withthe matter said.

The move comes as the commodities trader and miner shakes upits leadership, making way for a younger generation. Anotherlong-time employee, head of copper marketing Telis Mistakidis,is retiring this year and chief executive Ivan Glasenberg saidhe wants to retire by the time he is 65.

Maxim Kolupaev was formally made head of crude oil a fewmonths ago under global head of oil and gas Alex Beard. Kolupaevtook the position after former crude oil head Louis Alvarezretired in 2015.

Glencore is one of the world's biggest oil traders withvolumes of around 4.6 million barrels per day, according to its2018 first half results.

Catton was at Glencore for nearly 30 years and headed up thecompany's Singapore operations for 18 years. In 2015, he movedback to London to revamp the company's LNG business.

Chin Thean Quek, an ex-Goldman Sachs and BP trader, tookover from Catton in Singapore and has added LNG to hisresponsibilities.

Nathan Arentz from the gas trading division will be leadingthe LNG trading team out of London.

A spokesman for Glencore confirmed the moves.

Major global trading firms like Glencore's rivals Vitol,Gunvor and Trafigura have dived into the LNG market where theysee new opportunities for spot trade and in the fastest growingconsumers like China, India and Pakistan.

Glencore first entered the LNG market in 2013 when itpoached Morgan Stanley's team that progressively left.

Catton rebuilt the team, including by bringing in two LNGtraders from Noble Group in 2016.

LNG is part of Glencore's energy portfolio, but represents afraction of its overall business. The company does not discloseits traded LNG volumes.(Reporting By Julia Payne and Sabina Zawadzki; additionalreporting by Dmitry Zhdannikov; editing by David Evans)

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