North American exodus at PetroChina sparks speculation of company shift
FILE PHOTO PetroChina’s logo is canada goose uk outlet seen at its petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung Hoon/File PhotoMore than canada goose factory sale 30 people in its Houston and Calgary offices have left Canada Goose Parka PetroChina since 2016, including heads of desks in crude, financial, natural gas and chemical trading, the company canada goose black friday sale confirmed to Reuters. Sources say that canada goose coats PetroChina had uk canada goose outlet approximately 150 to 200 people at its peak two to three years ago, Canada Goose sale and now has between 100 and 150.Nearly a dozen sources canada goose store in New York, Calgary, uk canada goose Houston and Singapore, Canada Goose online including current and former canada goose clearance employees, told Reuters the departures suggest a shift in mindsetamong firm management, and there are concerns about a broad pullback from its presence in North America.The sources interviewed, which also includes several who do business with the firm, said North American offices may have expanded too quickly.Mark Jensen, spokesman for PetroChina International America, said the company is committed to business throughout the Americas. He previously Canada Goose Online said the company and its canada goose clearance sale subsidiaries have restructured the organization Canada Goose Coats On Sale where necessary over the last several months, and that the departures do not represent a change in strategy canadian goose jacket in the region.A Beijing based company executive, who has direct knowledge of the firm global operations, said performances or missing profit targets was the main reason behind the staff departures.company believes natural gas shall have good potential to expand, both in terms buy canada goose jacket cheap of scale and profit targets, he said.The restructuring could start after Petrochina new chairman, an fuel marketing veteran who took over the top job last April, tours North American offices, likely later this year, added the source.The departures cheap canada goose uk have been notable ones, including John Mee, director of financial crude trading; Jie Wang, president in Calgary; and Eric Dixon, domestic head of physical crude onshore, among others.The company has also lost a number of key staff canada goose uk black friday in other Canada Goose Outlet departments, including in legal and accounting. One source said that the company is not currently looking to replace the majority of those positions.Sources interviewed said management mindset over the last year has shifted toward tightening credit limits and shifting away canada goose uk shop from sources of activity common among oil traders operating in North America.For instance, PetroChina appears to be shifting away from trading volumes on pipelines which accounts for the lion share of crude trading in the United States and favoring more vessel based cargo buy canada goose jacket trading, two sources familiar with PetroChina said.In Houston, there are no longer any proprietary traders, according to two of the sources Reuters interviewed. The company did not respond to a specific request for comment regarding the Canada Goose Jackets shift to waterborne trading or proprietary trading.The departures come after major losses in commodities markets in the first half of 2017, as hedge funds and banks saw some of their worst results in years due to a lack of overall volatility and an unexpected sell off in cheap Canada Goose crude.The firm has gotten rid of individual bonuses and is now using canada goose a team bonus plan across Canada,the United States and China, according to two of the sources spoken to by Reuters. The company did not respond to a request for comment on this.Reporting by Catherine Ngai in New York; Additional reporting by Florence Tan in Singapore, Chen Aizhu in Beijing and Devika Krishna Kumar in New York; Editing by Lisa Shumaker and Christian canada goose coats on sale Schmollinger.