February 28, 2018 / 6:29 PM / a year ago

MOVES-AOT Energy appoints Pat Grimes as head of U.S. trading

NEW YORK, Feb 28 (Reuters) - The Americas arm of Swiss commodities trader AOT Energy said on Wednesday it appointed Pat Grimes as the company’s head of U.S. trading based in Houston.

Grimes was most recently head of crude trading in the Americas at commodities trader Noble.

Earlier this week, AOT Energy confirmed it is in discussions with potential investors over a stake in the company and that it has this year pared its staff.

Reuters reported late last week the firm was mulling a sale of part or all of its business amid shrinking credit lines, and AOT Energy’s chief financial officer and managing director in Houston were exiting the firm.

Prior to Noble, Grimes worked for Chevron where he started an option trading desk and then moved to manage its Gulf Coast crude trading operation, according to a statement from AOT Energy.

Noble Group said in October it would sell its U.S. oil trading business to Vitol for about $580 million as part of a debt-cutting strategy. (Reporting by Devika Krishna Kumar in New York and Liz Hampton in Houston; Editing by Cynthia Osterman)

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