financetom
Business
financetom
/
Business
/
Gunvor's top US gasoline trader departs for Russia-backed rival, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Gunvor's top US gasoline trader departs for Russia-backed rival, sources say
Aug 2, 2024 9:04 AM

NEW YORK, Aug 2 (Reuters) -

Gunvor's head of U.S. gasoline trading and executive

committee member Dmitri Sinenko is leaving the Swiss trader to

join Russia-backed rival Litasco, two sources familiar with the

move said on Friday.

Sinenko's decision to depart was communicated to Gunvor

employees over recent days, one of the sources said.

Gunvor did not immediately respond to a request for comment

and Sinenko could not be contacted on his LinkedIn profile.

Sinenko's role at Litasco could not be learnt

immediately. Calls to Litasco's U.S. arm Lukoil Pan Americas did

not connect.

Sinenko, widely considered one of the top gasoline

traders of the past decade, joined Gunvor from Noble Group at

the end of 2017 as the Asian trading group restructured after

suffering heavy losses and high debt. He had spent a decade at

Noble trading gasoline and distillate fuels.

He joined Gunvor at a time that the energy trader was

just setting up its U.S. arm, taking charge of building and

expanding the prized gasoline trading book in the country.

U.S. gasoline consumption makes up about 10% of

worldwide oil consumption, making the business crucial to energy

traders' profits.

Litasco, also based in Switzerland, is the trading arm

of Russian energy giant Lukoil. It moved some

operations

to Dubai

and

scaled back

some other functions in 2022 after Western sanctions on

Russia's energy industry for the

war in Ukraine.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Walmart Expanding Free HIV Screening Program to 20 Stores in Colorado, Virginia
Walmart Expanding Free HIV Screening Program to 20 Stores in Colorado, Virginia
Jun 24, 2024
09:39 AM EDT, 06/24/2024 (MT Newswires) -- Walmart ( WMT ) said Monday it was expanding its pilot program for free HIV screenings to 18 of its specialty pharmacies in Colorado and Virginia. The expanded trial arrives ahead of National HIV Testing Day on Thursday and follows a smaller rollout for the screenings last year at two of the retailer's...
NeuroBo Pharmaceuticals Announces Private Placement, Registered Direct Offering
NeuroBo Pharmaceuticals Announces Private Placement, Registered Direct Offering
Jun 24, 2024
09:29 AM EDT, 06/24/2024 (MT Newswires) -- NeuroBo Pharmaceuticals ( NRBO ) said Monday it has agreed to issue about 4.3 million common shares in a private placement and 763,359 common shares in a registered direct offering at $3.93 per share for gross proceeds of about $20 million. The company said it plans to use the net proceeds for working...
Why Is Cancer-Focused G1 Therapeutics Stock Trading Lower On Monday?
Why Is Cancer-Focused G1 Therapeutics Stock Trading Lower On Monday?
Jun 24, 2024
Shares of G1 Therapeutics Inc ( GTHX ) are trading lower after the company released topline results from the final OS analysis of its Phase 3 PRESERVE 2 trial evaluating the efficacy and safety of trilaciclib administered before chemotherapy (gemcitabine and carboplatin; GCb) for metastatic Metastatic Triple Negative Breast Cancer (TNBC). In February, G1 Therapeutics ( GTHX ) shared an...
Update: Riot Seeks Bitfarms Board Change, Withdraws Acquisition Proposal
Update: Riot Seeks Bitfarms Board Change, Withdraws Acquisition Proposal
Jun 24, 2024
09:32 AM EDT, 06/24/2024 (MT Newswires) -- (Updates with further details, MT Newswires' attempt to contact Bitfarms ( BITF ) in the sixth paragraph.) Riot Platforms ( RIOT ) said Monday it has requisitioned a special meeting of Bitfarms ( BITF ) shareholders to reconstitute the Bitfarms ( BITF ) board. Riot, which is Bitfarms' ( BITF ) largest shareholder,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved