MALAYSIA’S state-owned oil and gas company, Petroliam Nasional, is hiring traders to expand its derivatives business.

Hugo Picca has joined the company, known as Petronas, as part of its “growth and expansion plans”, it said. His previous employers include Sefe GmbH and Standard Chartered, according to his LinkedIn profile.

In recent months, Petronas has been seeking to increase its presence in derivatives markets with new hires, according to sources familiar with the matter. Two other oil traders joined late last year, while there are plans to hire more, the sources said. The company is also looking to open an office in Singapore, they added.

Petronas said it was unable to comment on the additional hires and the plans for a new office.

The company pumps a combined 2.4 million barrels a day of oil and gas as well as operating refinery assets. Building out derivatives trading would represent an attempt to develop a more sophisticated trading operation, alongside its existing production and refining businesses.

Petronas has also been a major player in oil options markets in recent years, frequently buying put options that protect the company against falling prices. BLOOMBERG

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