LONDON: The trading arm of Azerbaijan's oil firm Socar has appointed a new head of physical crude while four other traders have left the London office as weak profits force the company to put the brakes on expansion, sources told Reuters.
Dario Striano joined Socar Trading in 2014 from London-based Arcadia Trading as a Mediterranean sour crude trader and was last month promoted to be head of the global physical crude book, one of the sources said.
On Monday, North Sea trading co-heads Gary Middleditch and David Fildes left the company.
The two joined Socar in 2015 when it recruited Phibro's London trading team in an effort to boost its London oil operations.
Additionally, crude traders Tom Arnold and David Clare, both formerly with Chevron, left on Monday, the sources said.
Socar did not respond to requests for immediate comment.
Socar is refocusing its trading arm's activities on LNG and its new Turkish refinery while winding down less profitable trades as it feels the sting of weak profits.
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