SINGAPORE/BEIJING, March 30 China's Zhenhua Oil
is setting up an oil trading office in Singapore that will start
operating in April, three sources at the company said on
"The new trading office is to serve the company's expanding
business requirement and Singapore is a good platform for that,"
said a senior Zhenhua official said. Both he and the two other
sources, all with direct knowledge of the matter, declined to be
identified due to company policy.
The office will be headed by Han Xiaolong, who will move
from Hong Kong where he was a deputy general manager, one of the
Zhang Jing, Zhenhua's head of operations in Beijing, will
also relocate to Singapore, a key regional oil hub, said another
The office will also be used to obtain financing for the
firm in Singapore.
Set up in 2003, Zhenhua, a unit of state military group
China North Industries Group Corp (NORINCO), operates 11 oil and
gas exploration and production projects in Egypt, Myanmar,
Kazakhstan and Iraq, according to its website.
The company recently signed a preliminary deal with Chevron
to buy the U.S. oil major's natural gas fields in
Bangladesh worth about $2 billion.
Zhenhua also supplies crude from Venezuela, the Middle East
and Russian to another NORINCO subsidiary North Huajin Chemical
Industries Group Corp that operates a refinery.
(Reporting by Florence Tan in SINGAPORE and Chen Aizhu in
BEIJING; Editing by Joseph Radford)