Product Control Team Lead

Employer
Petroineos Trading Limited
Location
London (Greater)
Salary
Competitive
Closing date
21 Sep 2020

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Sector
Energy
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Who we are


Petrochina International London (PCIL) is a subsidiary of the Petrochina International Company Limited – one of the largest physical energy commodity companies in the world. PCIL is directly involved in the trading, supply and optimisation of physical and financial products in Gas and LNG commodities, and also through its majority share of Petroineos Trading Limited (Petroineos), it has a substantial trading, supply and optimisation presence in Crude Oil, Refined Products and Biofuels in Europe.

Petroineos comprises trading and refining joint ventures between PCIL and INEOS, a leading multinational chemicals company. In addition to third-party purchase and supply operations, Petroineos’ key functions include the supply of Crude Oil to Petroineos and PetroChina refineries and the arrangement of the sale and distribution of the various products that are produced from the refineries. Products traded by Petroineos include Crude Oil, Refined Crude Products and Biofuels.

Role Overview

This is an opportunity to join an experienced and well regarded Risk Team that overseas valuation and risk measurement and control across both Petrochina International London’s Gas and LNG Trading & Supply business, and Petroineos Trading Limited’s Oil, Refined Products and Biofuels trading and supply business.


This role is a Senior, team-lead role covering Gas, LNG, (Oil/Refined products) Derivatives & FX trading business, and requires excellent knowledge of the relevant commodity markets, valuation and market risk measurement techniques, as well as high levels of interpersonal skills and leadership qualities.

Responsibilities


  • Responsible for supervising the LNG Gas & Power, Derivatives and FX Analysts to ensure that the LNG Gas & Power and Derivatives position and P&L reporting and commentary including trading (secondary) costs (accrual, provisions and actuals), are meaningful, transparent and timely;
  • Reviewing and checking daily physical and paper transactions have been posted correctly, are within Trading Delegations of Authority, and to ensure the hedging is carried out correctly each day, including hedging of trading FX exposure. In addition to Delegations of Authority above the further review in particular of the collation, monitoring and reporting on Hedge plans in this area of the business;
  • Reviewing market data, substantiating and documenting attribution methodology;
  • Escalation point for LNG Gas & Power, Derivatives and FX Trading DOA limit breaches, soft limit alert breaches and all further monitoring requirements as defined in the Risk Department;
  • Providing management information and analysis as required and to proactively seek to provide business beneficial commercial analysis;
  • Responsible for oversight of the LNG, Gas & Power, Derivatives and FX month end close process, including MI to accounts reconciliation; Responsible for calculation/maintenance of fair value adjustments (FVAs) for use in Finance teams;
  • Responsible for setup and maintenance of controls and reporting prior to commencement of LNG, Gas & Power, Derivatives and FX operations, and ongoing development thereafter;
  • Responsible for developing, monitoring and maintaining control processes for structured product modeled transactions; responsible for validating the initial bookings of structured product model inputs into models developed by Market Risk
  • Responsible for development and maintenance of suitable infrastructure in support of business growth;
  • Regular and active contributor to the wider Risk Team weekly and ongoing Risk meetings and discussions;
  • Responsible for ensuring appropriate representation for New Business initiatives for this area of the business.


Person Requirements


  • Degree level education, preferably in Finance/Banking/Mathematics/Statistics/Engineering
  • Professional qualifications (Accounting, ERM, CISI) an advantage
  • Professional background in Commodities/Derivatives Product Control and/or Market Risk (or trading)
  • Extensive and proven experience in a similar role
  • Proven Project Management experience


Other Requirements


  • Very strong understanding of risks (i.e. Greeks) and P&L attribution in the context of options and structured LNG, Gas and Power products;
  • Track record of improving (or devising and implementing) controls;
  • Track record of improving existing procedures;
  • Experience in LNG, Gas & Power, Derivatives and FX products and markets;
  • Experience of managing or supporting significant business growth
  • Able to take, and maintain, an independent approach and challenge where appropriate.


The successful candidate must have permission to work in the UK by the start of their employment.

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