July 6, 2020 / 7:16 AM / a month ago

MOVES-Two senior executives quit from refiner Hengyi's Singapore trading arm - sources

SINGAPORE, July 6 (Reuters) - Two senior executives at private Chinese refiner and chemical producer Hengyi Group’s Singapore trading arm have resigned over the past month, according to three sources with knowledge of the matter.

One of the few private Chinese companies owning refining assets abroad, Hengyi started operating a 160,000 barrels per day refinery in Brunei last year.

Michael Zhang Jianhua, who was the managing director of Singapore-based Hengyi Industries International Pte Ltd, resigned last week, the sources said.

The sources declined to be identified as they’re not authorized to speak to the media.

The company did not immediately reply to an email seeking comment.

Zhang Jilei, a deputy managing director, has been named as the new managing director, said one of the sources.

Frank Zhang Xincheng, a vice president at the trading unit, also quit, at around end of May.

Zhang Jianhua and Zhang Xincheng are still serving notice at the company, said another one of the sources.

Zhang Jianhua and Zhang Xincheng have declined to comment. Hengyi did not immediately respond to a request for comment.

Reporting by Florence Tan and Chen Aizhu; Editing by Rashmi Aich

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