Kollek, TNK-BP’s chief oil trader leaves company

Jonathan Kollek, TNK-BP’s chief oil trader and veteran of the Marc Rich trading house, said he would leave the Anglo-Russian oil venture. “I am leaving TNK-BP after 10 years for completely personal reasons,” Kollek said. TNK-BP’s future is uncertain because its owners are planning to dissolve the lucrative partnership. He is widely credited with building the most sophisticated in-house oil trading set-up in Russia during his stint at TNK-BP.
Kollak denied a newspaper report that stated he would soon be joining state oil major Rosneft, which has begun negotiations to buy BP Plc’s one-half stake in the third biggest oil company in Russia. Recently, Rosneft has hired several executives from TNK-BP.
Yelena Lobodina will replace Kollek. Lobodina has held senior trading positions at both TNK-BP and BP. While at TNK-BP, Kollek introduced long-term tenders to sell crude oil and products, which boosted the company’s export operations while bringing in international traders from several major houses including co-owner BP. Last year, Kollek’s proposal to establish a trading hub in Geneva was blocked, triggering speculations over his future in the company.
TNK-BP is a 50-50 venture between BP and four Soviet-born tycoons led by Mikhail Fridman, the banking-to-retail billionaire. (August 23, 2012)