China’s Sinopec starts recruiting for new risk management unit

Photo: Reuters

China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company’s official wechat account on Sunday.

Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million), the new firm will provide financial services for the oil and chemical sector including hedging and inventory management, Sinopec said.

The new entity was launched after historic declines in the oil market earlier this year as lockdowns to curb the coronavirus pandemic stalled human movement and economic activities.

“The Chaoyang Firm aims to turn price volatility in raw material and manufactured products into tradable derivative products, and help producers mitigate risks in massive price fluctuations and inventory loss,” the statement said.

The new entity, based in Shanghai and affiliated to Sinopec‘s existing commodities futures brokerage arm, is a pilot programme spearheaded by the group’s asset management department, the firm said.

Sinopec will be looking for qualified candidates with at least eight years of industry or financial sector experiences for the managing director role and deputy general manager.

In the job description for the oil director, the role covers futures products such as crude oil, bitumen, fuel oil and refined fuel products, while the chemicals director will be in charge of products such as polypropylene and methanol.

Sinopec is parent of China Petroleum and Chemical Corp, or Sinopec Corp <0386.HK>, Asia’s largest refiner. It’s also China’s largest petrochemical producer.

The group’s trading arms such as Unipec and Sinopec Fuel Oil Company operate their own risk management teams.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.