Li Xinhua Joins Rongsheng Holdings After Leaving Mercuria
Li Xinhua, formerly head of Mercuria’s Beijing office, is joining Rongsheng Holdings in a senior role to manage coal and petrochemical businesses and co-lead Singapore oil trading. His long tenure at Mercuria and instrumental role in expanding its China operations position him to address current industry challenges. Rongsheng, controlling China’s largest private refiner, seeks to leverage Li’s expertise for growth amid market volatility.
Li Xinhua, the former head of Mercuria’s Beijing operations, is set to take on a senior role at Rongsheng Holdings, China’s leading private oil refining and chemical group. As sources and an internal memo disclosed, Li will serve as an assistant to Rongsheng’s president, Xiang Jiongjiong, overseeing the coal and petrochemical sectors and co-managing the company’s Singapore oil trading operations.
Rongsheng has not yet issued an official comment regarding Li’s appointment. With a 17-year tenure at Mercuria, a significant player in global commodity trading, Li is poised to contribute significantly to Rongsheng’s growth amid various industry challenges, including refining overcapacity and geopolitical tensions.
Li joined Mercuria in 2008 after leaving the Chinese state-run company Sinochem, where he was pivotal in enhancing Mercuria’s oil business in China, notably by engaging with independent refiners in Shandong. Mercuria’s internal memorandum highlighted his contributions to the firm, noting, “During his tenure, Xinhua has been a key player in the company’s growth and transitions.”
Li’s appointment comes at a transformative time for Rongsheng, which controls China’s largest private refiner, Zhejiang Petrochemical Corp, and was the first such company to establish a substantial partnership with Saudi Aramco. Wang Tiezheng, an experienced iron ore trader, will succeed Li at Mercuria’s Beijing office.
Mercuria has not responded to requests for comments regarding these changes.
The transition of Li Xinhua from Mercuria to Rongsheng Holdings signifies strategic leadership within China’s evolving private oil and petrochemical sector. His extensive experience positions him to tackle the current challenges facing the industry, while Rongsheng continues to expand its influence in the market, bolstered by its noteworthy partnerships. Furthermore, the appointment underscores the competitive landscape shaped by former state traders joining private enterprises.
Original Source: www.tradingview.com
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