China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat account on Sunday.
Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million), the new firm will provide financial services for the oil and chemical sector including hedging and inventory management, Sinopec said.
The new entity was launched after historic declines in the oil market earlier this year as lockdowns to curb the coronavirus pandemic stalled human movement and economic activities.
"The Chaoyang Firm aims to turn price volatility in raw material and manufactured products into tradable derivative products, and help producers mitigate risks in massive price fluctuations and inventory loss," the statement said.
The new entity, based in Shanghai and affiliated to Sinopec's existing commodities futures brokerage arm, is a pilot program spearheaded by the group's asset management department, the firm said.
Sinopec will be looking for qualified candidates with at least eight years of industry or financial sector experiences for the managing director role and deputy general manager.
In the job description for the oil director, the role covers futures products such as crude oil, bitumen, fuel oil and refined fuel products, while the chemicals director will be in charge of products such as polypropylene and methanol.
Sinopec is parent of China Petroleum and Chemical Corp, or Sinopec Corp, Asia's largest refiner. It's also China's largest petrochemical producer.
The group's trading arms such as Unipec and Sinopec Fuel Oil Company operate their own risk management teams. ($1 = 7.0760 Chinese yuan renminbi)
(Reporting by Chen Aizhu; Editing by Christian Schmollinger)
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