NEW YORK, Dec 4 (Reuters) - Noble Americas’ senior gasoline trader Dmitri Sinenko has moved to Gunvor Group Ltd after the struggling commodities company agreed to sell its Americas-focused oil trading business, according to two sources familiar with the matter.
Sinenko started at Gunvor’s Houston office on Monday, the sources said. Sinenko is known within the energy industry as one of the most successful gasoline traders in the United States, earning his reputation trading Colonial Pipeline space for Noble.
A spokesman for Gunvor declined to comment. Sinenko did not respond to requests for comment. A representative of Noble did not immediately respond to a request for comment.
Sinenko’s move to Gunvor did not include the Colonial linespace book, one of the sources said, adding that “Noble needed to sell it” to Vitol instead.
Hong Kong-based Noble is slashing jobs and selling assets to reduce debt and win support from lenders after a crisis-wracked two years, in part due to a commodities downturn.
In October, Noble agreed to sell its Americas-focused oil trading business to Vitol for about $580 million.
Noble was founded in 1986 and subsequently became one of the world’s biggest traders. It is shrinking to an Asian-centric company focused on coal trading, LNG and freight.
Sinenko’s team members Melissa Mauro and Sushant Koduru left Noble for Gunvor early this year, according to their LinkedIn profiles.
Gunvor began building its U.S trading operations last year, expanding outside its core markets in Europe, Asia and Africa. The company has hired several traders to launch a crude oil desk in Houston, Texas, and beefed up its Canadian trading desk.
Bloomberg reported Sinenko’s move to Gunvor, initially crediting the news to OPIS. (Reporting by Devika Krishna Kumar in New York; Editing by Andrew Hay)