Glencore promotes head of crude to lead LNG, gas and power, say sources

Moscow — Glencore has promoted its head of crude Maxim Kolupaev to a new role in charge of natural gas, LNG and power as the company strengthens its trading portfolio amid rising demand for cleaner fuels, four sources aware of the move told Reuters on Friday.

Kolupaev will report directly to global head of oil and gas Alex Sanna, according to one of the sources.

“LNG, gas and power are three fast-developing businesses in Glencore and they are connected, so it makes sense to have these divisions combined under one manager,” the source said.

Glencore declined to comment. Kolupaev was not immediately available for comment.

Glencore has been rapidly expanding its liquefied natural gas (LNG) business from Europe to China and the US in recent years and trades about 10-million tonnes of the supercooled fuel per year.

Alejandro Sanchez Gestido, head of Glencore’s LNG trading division, will report to Kolupaev.

Kolupaev has been with Glencore for over 15 years, including about five as head of its crude oil trading team.

Kalpen Patel, previously a North Sea oil market trader at Glencore, will replace Kolupaev as head of the crude oil trading desk, the sources said.

Glencore has a vast portfolio of deals in the LNG and gas sectors worldwide, including a contract with US LNG company Cheniere Energy agreed in 2021, the purchase of Danish company Orsted’s LNG business the year before that, and a heads of agreement with Russia’s Novatek on LNG supplies from Novatek’s Arctic LNG-2 project.

In January Glencore said it had entered into an agreement to buy a minority equity interest in Shenzhen Energy — a fully-integrated gas business with interests in three major LNG terminals in China. 

Reuters