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Peninsula Petroleum Enhances Risk Management: Appoints Chief Risk Officer

03 November 2016

Peninsula Petroleum (“Peninsula” or “the Group”), one of the leading global marine fuel and lubricant suppliers, with integrated global physical and trading capabilities, is very pleased to announce the appointment of Mike Stark as its inaugural Chief Risk Officer (CRO).

Highlights

  • New position demonstrates Peninsula’s continued strategy and commitment to strengthening Risk Management & Controls 
  • CRO will lead Peninsula’s Middle Office in managing and controlling market price risk; and, in ensuring that the Group’s employees, processes and systems remain ‘best in class’
  • Appointment an example of Peninsula’s continuing operational and corporate growth. An ambitious globally integrated bunker supplier needs a globally integrated risk strategy and risk control framework

Peninsula recognises the importance of removing price risk from its own activities.  The Group considered that the addition of a CRO, at board level, would be a valuable addition to the Compliance and Risk Management functions within Peninsula.

Mr Stark has outstanding relevant experience, having worked in oil and commodity trading organisations for over 20 years. He recently set up and led the risk functions at both the PetroChina Europe and Chevron London trading organisations and has deep and relevant experience working at commodity trading houses, investment banks and IOCs.

John Bassadone, CEO of Peninsula Petroleum commented

I’m delighted to welcome Mike to Peninsula. Not only is he an outstanding energy trading risk professional, he is a great example of how Peninsula has developed from local physical supplier into a globally integrated bunker trading and supply group. 

I and the wider management team look forward to working with Mike to enhance our offering to both bunker fuel suppliers and our global marine clients. 

 

Ends

 

About Peninsula Petroleum:
Peninsula Petroleum is a leading global independent bunker fuel and lubricant supply business. Over 20 years, we have earned the trust of both our end user clients and a global supplier network. Peninsula has built a truly global operation, connecting our integrated understanding of cargo markets and the dynamics of global supply with the needs of the marine industry. 

Peninsula combines physical supply capabilities with a global reselling platform to guarantee optimum delivery solutions. Peninsula’s physical supply ports include the Gibraltar Strait, the Canary Islands, Houston, New Orleans, the ARA (Antwerp, Rotterdam, Amsterdam) and Panama.

Our global sales network stretches across 20 offices and is supported by a very strong risk management, analysis and hedging team ensuring that upstream partners, downstream clients and our funding providers have full peace of mind. It is this conservative approach to trading that defines our successful growth strategy.

 

Contacts
Paddy Blewer, Head of Communications
+44 207 766 4002 / +44 7917 205985 / [email protected]