Eni Hires Ex-Platts Market Reporting Director Montepequeby
Montepeque introduced market-on-close window to oil markets
North Sea benchmark used to price millions of barrels a day
Eni SpA hired Jorge Montepeque as senior vice president for origination at its Eni Trading and Shipping unit in London, the company said in an e-mail.
Montepeque, 59, was formerly the global director of market reporting for S&P Global Platts, a publisher of energy and commodity prices. He went on leave in the middle of last year.
Guatemala-born Montepeque helped shape the way oil prices are assessed globally in the early 1990s by insisting that traders had to buy and sell oil during a 30-minute window if they wanted their trades to form part of benchmark price assessments. The approach was extended to the North Sea oil benchmark used to price millions of barrels of crude sales globally each day.
Global pricing benchmarks across several markets have drawn regulators’ scrutiny following investigations into manipulation of Libor and currencies. The European Commission raided the offices of Platts and three of Europe’s largest oil companies in 2013 in an investigation into potential price rigging that was later dropped at the end of last year.
Montepeque’s departure was for internal reasons and wasn’t connected to any regulatory probes, Kathleen Tanzy, a Platts spokeswoman, said in May 2015.
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