Gazprom says no plans to replace export chief

June 8, 2010 By Leave a Comment

June 7 (Reuters) – Russia’s gas export monopoly Gazprom (GAZP.MM) said on Monday its management and board had no plans to terminate the contract of export chief Alexander Medvedev.

Energy

Business daily Kommersant quoted on Monday unnamed sources as saying Medvedev could be soon be replaced by a manager close to deputy Prime Minister Igor Sechin or oil trader Gennady Timchenko as part of Gazprom’s export strategy overhaul.

“Although some people may badly want it, there are no such decisions or such plans,” Gazprom quoted its chief executive Alexei Miller as saying.

(Reporting by Tanya Mosolova, writing by Dmitry Zhdannikov, Editing by John Bowker)

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Most ex-BP fuel oil traders go to China Brightoil: sources

June 3, 2010 By Leave a Comment

(Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

U.S. | Green Business | Hot Stocks | Gulf Oil Spill

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil.

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month.

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimize value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market.

(Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

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Most ex-BP fuel oil traders go to China Brightoil: sources

June 3, 2010 By Leave a Comment

(Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

U.S. | Green Business | Asian Markets | Gulf Oil Spill

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil.

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month.

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimize value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market.

(Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , ,

Most ex-BP fuel oil traders go to China Brightoil -sources

June 3, 2010 By Leave a Comment

June 2 (Reuters) – Most of the former BP fuel oil traders, who recently resigned from the major’s Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on Wednesday.

They include BP’s former global head of fuel oil, Quek Chin Thean, ex-Asia team leader Edmund Lau and ex-chief U.S. fuel oil trader Tim Gawne, the sources said. Some other members of the trading team and support staff who left the oil major are also set to join the Hong Kong-listed Brightoil (2910.HK).

Brightoil chairman Raymond Sit could not be reached for comment on the matter.

Reuters had reported that 14 traders and support staff of BP’s fuel oil trading operations worldwide quit in the past month. [ID:nSGE64P0MF] [ID:nSGE64U0E3]

Brightoil’s hiring of the bulk of the ex-BP traders is seen as a coup that would benefit its trading capabilities, particularly in physical fuel oil cargo trading, where it does not yet have a presence, traders said.

“Brightoil has got a substantial presence in the South China bunker market and are growing in other parts of the country. Right now, they are buying cargoes from Singapore to supply their China outlets,” an industry source said.

“With the entry of the BP guys, they would be able to source for their own cargoes, do the blending themselves to optimise value and trade larger positions, especially in the swaps market. After all, that’s what the BP guys have made a career of doing successfully in the past 10 years or more.”

However, traders said Brightoil would have to expand its trading infrastructure in Singapore, particularly its oil storage capacity, if it has ambitions to be a major player in the market. (Reporting by Yaw Yan Chong; Editing by Ramthan Hussain and Clarence Fernandez)

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Tsakos Energy Navigation Announces the Delivery and Charter of Aframax Tanker Sapporo…

April 16, 2010 By Leave a Comment

Tsakos Energy Navigation Announces the Delivery and Charter of Aframax Tanker
Sapporo Princess

ATHENS, Greece, April 14, 2010 (GLOBE NEWSWIRE) — Tsakos Energy Navigation
Limited (“TEN” or the “Company”) (NYSE:TNP) today announced the delivery and
charter of DNA-aframax tanker Sapporo Princess from Sumitomo Heavy Industries in
Japan, the penultimate newbuilding in a series of eight ordered in 2004. The
vessel was placed on an up to four month time-charter to a major international
oil trader. The Sapporo Princess will replace the 2003-built conventional
aframax tanker Marathon which will be delivered to its new owners at the end of
next week. The $6.2 million capital gain from this sale will be recorded in the
second quarter of this year.

Furthermore, the Company announced the sale of the 1991-built panamax tanker
Hesnes to an independent third party. The vessel was one of the three vessels
“held for sale” as announced in the Company’s March 17, 2010 earnings press
release.

“We welcome the Sapporo Princess into our fleet, the seventh DNA-aframax tanker
in a series of eight,” said Mr. Nikolas P. Tsakos, President and CEO of TEN.
“TEN continues to be active in the sale and purchase market, as the recent sale
of the Marathon and the Hesnes testify, and is always looking for opportunities
to enhance its young fleet profile. The introduction of this versatile tanker
will assist us in this goal and should prove a valuable vessel for the company.
We remain optimistic of market prospects for the future and we believe that
companies with modern tonnage such as ours will continue to benefit from the
improving market dynamics,” Mr. Tsakos concluded.

ABOUT TSAKOS ENERGY NAVIGATION

TEN’s pro forma fleet consists of 48 vessels of 5.2 million dwt. TEN’s
operational fleet consists of 45 vessels all of double-hull design. TEN’s
newbuilding program includes one DNA-aframax crude carrier and two suezmax
tankers totaling about 421,000 dwt.

TEN’s balanced fleet profile is reflected in 24 crude tankers ranging from VLCCs
to aframaxes and 23 product carriers ranging from aframaxes to handysize,
complemented by one LNG.

TEN’s employment profile:

Type of Employment Vessels
————————— ——-

Period Employment — Fixed,
fixed w/profit share & min
max 30
————————— ——-

CoA — market related 4
————————— ——-

Pool — market related 6
————————— ——-

Spot — market related 5
————————— ——-

TEN’s current newbuilding program:

Hull Type /
Aframax DWT Design Delivery
————- ——- ————- ————

1. Uraga
Princess 105,000 DH / DNA Q2 2010
————- ——- ————- ————

2. S2034 158,000 DH Q3 2011
————- ——- ————- ————

3. S2035 158,000 DH Q3 2011
————- ——- ————- ————

DH: Double Hull
DNA: Design New Aframax

FORWARD-LOOKING STATEMENTS

Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.

CONTACT: Tsakos Energy Navigation, Ltd.
George Saroglou, COO
+30210 94 07 710
gsaroglou@tenn.gr

Cubitt, Jacobs & Prosek Communications
Investor Relations
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com

Capital Link, Inc.
Marketing Advisor
Nicholas Bornozis
+212 661 7566
nbornozis@capitallink.com

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