BP puts crude oil traders on leave pending investigations into China dealings


SINGAPORE, July 20 (Reuters) - BP BP.L has put four traders responsible for Chinese crude oil sales on temporary leave as it conducts internal investigations into trades with Singapore's Hontop Energy, four sources familiar with the matter said.

They were involved in crude trading and operations in Singapore and China and were put on leave last week, the sources said, while BP's counterparties have been told to deal with another team for Chinese crude transactions.

BP declined to comment.

BP traders were named in a court document filed by Malaysian lender CIMB where the bank applied to place Hontop Energy under judicial management.

BP has not been implicated in any wrongdoing in the court proceeding.

Hontop is the Singapore-based trading arm of independent refiner China Wanda Holding Group Co Ltd.

(Reporting by Florence Tan, Shu Zhang and Roslan Khasawneh; editing by Jason Neely)

((Florence.Tan@thomsonreuters.com; +65 6870 3497; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.