China-Base Ningbo Group, a Chinese commodities trader and automobile dealer, has made a strategic move by hiring Li Chuang, a former senior crude oil trader at Swiss commodities merchant Mercuria Energy, to establish an oil desk in Singapore.
Li Chuang confirmed to Reuters on Thursday that he recently joined China-Base Resource Singapore Pte Ltd, the Singapore-based operation of the privately controlled Chinese firm. China-Base Ningbo Group, originally established as an automobile dealer in the eastern Chinese city of Ningbo, has since diversified its operations to include trading in metals, agricultural products, refined oil products, and chemicals.
At 50 years old, Li Chuang plans to commence trading oil derivatives and subsequently expand the operation while assembling a team in Singapore, positioning the company in the heart of Asia’s oil and gas hub. However, further details regarding the expansion were not disclosed.
Prior to joining China-Base Ningbo Group, Li served as the Asia head of crude at Mercuria Energy and held the position of global head of crude oil trading at PetroChina 0857.HK.
According to China Base Ningbo Group’s website, the company reported an annual revenue of 126 billion yuan ($17.41 billion) last year, with a trade turnover valued at approximately $5.8 billion.