Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, announced Paul Young has joined as Head of Energy Products, effective immediately. Mr. Young brings a wealth of pricing expertise and knowledge of market fundamentals from almost 25 years in financial and commodity markets, including the past 20 years specializing in the oil and energy sector. Most recently, Mr. Young worked as a Senior Market Analyst with Platts Price Group. Among other responsibilities, Mr. Young will work on business development, undertake in-depth market analysis and produce research papers, opinion articles and white papers, which will benefit the DME and its stakeholders.
DME's Chief Executive, Chris Fix said:
"The addition of Paul Young to our expanding team will further bolster DME's position as the de facto benchmark for East of Suez oil price discovery."
"The explosive growth of Asia's markets, which are fueled by sour crude products produced in the GCC, has created a need for an East of Suez pricing benchmark and we believe it makes complete sense for DME, located as it is in the region holding the world's largest oil reserves and facing the world's fastest growing economies, to provide that benchmark. Having Paul, who brings an impressive track record covering oil pricing, oil futures trading and deep understanding of global oil markets and price discovery, will further enhance the DME proposition."
Paul Young joined Platts in 1998 as Editor of European LPG after nearly a decade as a reporter with Dow Jones News Wires and Telerate covering financial, commodities and energy markets. He later managed the refined oil products team in London and the North Sea/Africa/Russia crude desk. Mr. Young went on to Managing Editor, European Oil Markets, before taking a similar role in Singapore, and eventually moving into specialist Pricing and Methodology roles in both Singapore and Dubai.
"During my years as an energy reporter and oil market analyst, the need for an East of Suez benchmark for oil price discovery and the logic of DME as the third global benchmark has become increasingly obvious. The sustained growth of DME and the powerful backing of its shareholders make DME a force to be reckoned with. I look forward to contributing to the ongoing and future success of Dubai Mercantile Exchange through the experience and knowledge I have acquired over nearly a quarter century on the frontlines of energy reporting and analysis."
For more information, please contact:
Heather Astbury, Director Corporate Communications at DME on heather.astbury@dubaimerc.com or +971 50 6523754
Walid Majzoub at TRACCS (PR agency) on walid.majzoub@traccs.net or +971 4 3672530
