Enuit is an Award-winning provider of ETRM / CTRM solutions worldwide. It announced in early October that it may float its storage subsidiary Puma Energy within 18 months. Mercuria, named for the Roman god of trade, is targeting a JPMorgan business that includes energy trading and storage assets in North America, where a boom in shale oil and natural gas has transformed the flow of commodities worldwide. Olympique Marseille is at a crossroads, she told supporters in a statement to announce the changes at the club. On paper, the partial float made boss Ivan Glasenberg $10 billion richer overnight. He has made a fortune. newsletter, Energy Source. A spike in world food prices in 2007 stirred an outcry against the largest grain trading firms; when oil prices surged to a record $147 a barrel in 2008, U.S. Congress probed the role of oil trading firms, but found no smoking gun. It helps that the firm usually has the backing of Washington. Mercuria investit 500 millions de dollars dans Silvania, une plateforme qui financera des projets de capture de CO2 par la nature," Marco Dunand, Fondateur Directeur de Mercuria. In March 2014, the firm purchased JP Morgan 's physical commodities unit for $3.5 billion. With a personal fortune estimated by Forbes at $10.7 billion, the 67-year-old was Norways richest man until he abandoned his citizenship in 2006 to become a national of Cyprus, where tax rates are lower. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. . Mercuria also differs in tone. Dunand and Jaeggi are Mercurias largest shareholders but an employee share ownership scheme holds around 40 percent of the company. Crude prices up 2% on rising U.S. oil demand and lower output, Gold firms in face of economic and banking uncertainty, Marex Solutions selects MDX Technology Workflow for rapid, low-code application development, CarbonChain integrates with Quors Fintrade CTRM for seamless trade lifecycle carbon tracking, Exporting against the odds: Ukrainian efforts to support exporters, Appalachian E&Ps see opportunities for savings later this year, Diversifying Into Renewable Energy: Challenges And Opportunities, 2023 Market Sizing, Outlook, and Trends Through 2027, Thoughts on Gen10 An Interview with George Bradshaw, A New Vendor is Born An Interview with Tasja Botha Chief Executive Officer Quor, Tradesparent Rebrands to RadarRadar and Hones Its mission, Click to access the login or register cheese. Kochs chief executive Charles Koch, a libertarian activist with a $22 billion personal fortune according to Forbes, has said his company would go public over my dead body. We are keen to consolidate our culture before we could think about changing it. While Vitol would not comment, industry talk has it that none of its senior employees, including CEO Ian Taylor who joined from Shell in 1985 or long-timer Bob Finch who heads Vitols coal business, holds more than 5 percent of the company. Lim Oon Kuin arrived in Singapore from China over 50 years ago, and started to deliver diesel by bicycle to boatmen. The judge said there was no evidence the waste had caused anything more than flu-like symptoms and said some media had been irresponsible in their reporting. Mercuria Energy Group Ltd is a Cypriot-domiciled French[1] multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, biodiesel, base metals[2] and agricultural products. Thats equal to the combined oil exports of Saudi Arabia and Venezuela. Several big trading houses are still family-held -- firms like agricultural giant Cargill, the top private U.S. company, or Kansas-based Koch Industries, a close No. Total Applied. One of the things that gives us an advantage is that were working in the physical markets as well so (we can) absorb all that information and make the calls.. Former Koch employees were implicated in improper payments to secure contracts in six foreign countries between 2002 and 2008, and the companys officers admitted in a letter made public by a French court last year that those activities constitute violations of criminal law, according to a report in Bloomberg Markets Magazine this month. Cognite Data Fusion Deployed for Data Management in Oil & Gas and Power. Or this: Glencore in 2010 controlled 55 percent of the worlds traded zinc market, and 36 percent of that for copper. The award-winning provider of Commodity Management solutions worldwide. In addition to proprietary trading curbs, the U.S. regulator voted on October 19 to impose position limits in oil and metals markets. A large part of Glencores market value comes from its listed stakes in other companies, most notably a 34.5 percent holding in Swiss miner Xstrata. Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. They are buying and selling oil. Sanctions targeted Gaddafi. Having said that, we have also been approached by potential investors -- sovereign funds and others -- who wish to make a private-equity type of investment in our company.. Critics, including the Russian opposition, put it simply -- Russias paramount leader helped businessman Gennady Timchenko create the Gunvor oil trading empire, which saw a spectacular rise in the past decade when Putin was president and then prime minister. That helped balance the reputational damage of being fined -- along with many other companies -- for paying surcharges a decade ago to Saddam Husseins Iraqi oil ministry during the U.N. oil-for-food program. But theres little room for maneuver: the majority stake she inherited is locked up in a trust her husband set up to last for 99 years. The company did not comment publicly on this incident. The company now operates in 60 countries. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. And if you dont, youre out of there fast., WHO: ADM, formerly Archer Daniels Midland, founded 1902 by John Daniels and George Archer, Corn goes in one end and profit comes out the other.. The very public power struggle was all the more remarkable because the company normally keeps everything, from its precise earnings to the exact age of its main shareholder and chairwoman, a secret. The grains business accounts for a third of its earnings and could have a value of more than $5 billion. In some cases it makes up 60-80 percent of what they do, said Carl Holland, a former price risk manager at oil major Chevron Texaco, who now runs energy consultancy Trading Solutions LLC in Connecticut. Independent traders including Mercuria are filling the void. Chinese state funds have flowed into Noble and private Asian traders. Their move to run their own empire came in 2004 when they founded Mercuria, raising capital from two Polish businessmen, Grzegorz Jankielewicz and Slawomir Smolokowski. A small Minnesota linseed crushing business more than a century ago, the firm is now is so big its financial performance is often viewed as a barometer of agribusiness as a whole. The $5-billion refinery would pit Hin Leong against refineries already operated in Singapore by oil majors Shell, ExxonMobil and a joint venture between Chevron and Chinas PetroChina. Cargill hopes to dominate new markets as well. See here for a complete list of exchanges and delays. Scale is going to be more important than ever.. But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. Behind the $100 Billion Commodity Empire That Few Know, Digitalize your trade & lifecycle confirms with real-time data driven technology. The godfather of oil trading, Marc Rich, taught one of his most talented apprentices Claude Dauphin almost every trick in the business. When in Wichita, he often dines in the Koch cafeteria. Their reach is expanding. It owns processing plants, railcars, trucks, river barges and ships. A fleet of tankers and Asias largest commercial storage facility are among the companys assets. [7] Prior to this, Mercuria was assumed control of J&S Group, which was named after the Polish businessmen Gregory Jankilevitsch and Wiaczeslaw Smolokowski. [6] The company focused mostly on oil trading until 2007. WHO: Noble Group, founded 1986 by UK scrap metal man Richard Elman. Its early dealings with the Libyan rebels may offer the chance of a foothold in Libyas oil and gas territory. Big trading firms now own a growing number of the mines that produce many of our commodities, the ships and pipelines that carry them, and the warehouses, silos and ports where they are stored. Dunand, chairman and chief executive, and Jaeggi, head of global trading, used Mercuria to expand their trading base from crude and oil products. Lims Chinese connections have played a big part in the companys success. "We expect demand to be a bit over 100 million barrels per day (bpd) at year end, which is a little bit short of pre-COVID levels . But Mabanaft has also gradually opened offices in Singapore and the United States and, in the summer of 2010, a representative office in India. By annual revenue Vitol is richer than Glencore but the numbers arent directly comparable -- Glencore owns more hard assets which, typically, are far more profitable than trade turnover. JPMorgans power-generating assets, which include stakes in three U.S. plants, wont be included in a sale to Mercuria, according to three people close to the talks. Belgium-born Rich sold his stake in 1994. The privately owned company recorded net income of $425m in the six months to June, up more than $100m from the same period last year, according to people briefed on unaudited figures revealed. They go where the business is, said an industry insider who asked not to be named. They have grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. They point to very competitive pricing offered by Gunvor when it comes to Russian oil tenders. NEW YORK (Reuters)- For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. t: +1 832 687 4736 e: info@comtechadvisory.com, 2023 CTRM Center - Privacy Policy | Terms of Service | What is? [31] In November 2022, it was announced Beyond6 has been acquired by the Chevron Corporation subsidiary, Chevron USA Inc.[32], Review of International Political Economy, "China slowdown spells end of big payday for iron ore traders", "RPT-Oil traders diversify into food and metals in quest for profits", "Citi sells Phibro after government pressure", "Oil Trader Mercuria's Ownership Structure Revealed in Filing", "Top three executives lift stake in Mercuria", "Polskie obywatelstwo i fortuna zbita na ropie", "Oil and Gas, PetroLama Energy Canada Inc. Calgary, AB Home", "Prior notification of a concentration (Case COMP/M.6807 Mercuria Energy Asset Management/Sinomart KTS Development/Vesta Terminals): (Text with EEA relevance)", "Oil traders say banks are demanding green targets for loans", "Louis Dreyfus metal traders, investment managers will join Mercuria Energy", "Mercuria Energy Group Ltd buys MGM International from Morgan Stanley - CEOWORLD magazine", "J.P. Morgan Completes Sale of Some Commodities Operations to Mercuria", "JPMorgan sells physical commodities unit to Mercuria for $3.5 billion", "ChemChina Acquires 12% Stake in Swiss Commodity Trader Mercuria", "Restructured Aegean Marine Becomes Minerva Bunkering", "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum", "Aegean Marine Petroleum Network Inc. Reorganizes as Minerva Bunkering", "Energy trader Mercuria posts record profit for volatile 2020", "Trader Buys $36 Million of Copper and Gets Painted Rocks Instead", "Mercuria Buys Clean Energy Specialist Beyond6", "Chevron to acquire full ownership of Beyond6 CNG Fuelling Network", "Mercuria Commodities Canada Corp. - Relationship Science", "Mercuria Grows its Global Metals Trading Business", https://en.wikipedia.org/w/index.php?title=Mercuria&oldid=1146888302, This page was last edited on 27 March 2023, at 15:24. Compare Standard and Premium Digital here. Noble has grown by acquiring troubled competitors. There is no ideal solution. Mabanafts profile is low even by the secretive standards of other independent oil traders. Risk has often paid off handsomely for Fredriksen. In 2001, for instance, it bought storied Swiss company Andre & Cie, once one of the worlds top five grains traders. Its a model it has replicated across various commodities. With more trading companies trying to gain an edge by owning businesses that produce, store or process commodities, Mercuria followed suit. With their connections and inside knowledge -- commodities markets are mostly free of insider-trading restrictions -- trading houses have become power brokers, especially in fast-developing Asia, Latin America and Africa. Its huge lobbying budget in Washington -- estimated at $10.3 million a year in a recent investigation by the Center for Public Integrity -- stands in contrast to Charles Kochs frugal demeanor within the firm. We dont see the need to raise money from the market, Dunand said. Vitol says it is happy with its private status and has no IPO plans. Arcadia often trades large volumes of oil from Nigeria and Yemen, where it boasts close relationships with state oil firms. 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He competed fiercely with Indonesias Salim group, the business group commanded by his uncle, and won, to dominate the edible oil market in the worlds most populous nation. Dunand went on to say the "urgency level" around the energy transition had increased with growing scientific knowledge, availability of data and political support, and Mercuria is confident 50% of its investments will be in the energy transition sphere within five years. Founded in 2004, Mercuria Energy Trading is one of the world's biggest independent energy traders . They include gas and power trading on both sides of the Atlantic, physical assets spanning 40 locations in North America, an oil-trading book with a supply and offtake contract with the largest refinery on the U.S. East Coast, 6 million barrels of storage leases in the Canadian oil sands, and Henry Bath & Sons Ltd., a 220-year-old metal-warehouse operator based in Liverpool, England. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. [25][26][27][28], In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. Koch declined to discuss its trading with Reuters. Brent crude rose 3.5 percent that year in a fourth annual advance. In public, for a company that turned over almost $200 billion last year trading 5.5 million barrels a day, its profile is nigh on subterranean. The company handles 3 percent of the worlds daily oil consumption. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while No suggestions of wrong-doing were leveled against Dunand or Jaeggi. In 2006 a tanker it chartered dumped toxic waste in Ivory Coast, allegedly making thousands ill and killing up to 16. Or this: publicity-shy Vitols sales of $195 billion in 2010 were twice those at Apple Inc. As well as the 200 tankers it has at sea, Vitol owns storage tanks on five continents. We have a system that monitors the supply and demand needs, because often times they are working independently. Arcadia has faced controversy before. With around $100 billion in sales, Koch Industries is a heavyweight among U.S. oil trading firms, and one of the most secretive U.S. corporations. In 2014, Mercuria bought part of JPMorgan's physical commodities trading business for a reported US$3.5 billion. You may change or cancel your subscription or trial at any time online. In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the world's fourth-largest commodity trader with revenue. One of their secrets: filling the empty barges headed home. Mercuria was nearing the sale of an equity stake of 10 percent to 20 percent to Chinese sovereign wealth fund State Development & Investment Co., according to two people familiar with the matter. Design by Andrew Colby. WHO: Hin Leong, founded 1963 supplying diesel to fishing boats. One of the great things that Cargill did was develop the salt business to transport back up, eliminate the snow during the wintertime, and fill barges back up with back hauls, the wheat trader said. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. Two examples: it makes biodegradable and recyclable plastics out of corn at its $1 billion complex at Blair, Nebraska, and is creating new low-calorie food ingredients for such multinationals as Kraft, Nestle and Coca Cola. But since White Plains, New York-based Bunge set up in China in 1998, many have switched to soy pellets. These days, Olam has upstream operations in everything from a coffee plantation in Laos to a rice business in Thailand, from almonds in Australia to cashews in Africa. Trafigura took legal action to keep a report about the Ivory Coast incident out of newspapers, but details were eventually made public. In London, Trafigura reached a pre-trial settlement to put an end to a class-action suit from some 31,000 residents. But in May the U.S. Commodity Futures Trading Commission sued Arcadia and Parnon, both owned by a Norwegian shipping billionaire, for allegedly manipulating U.S. oil prices three years ago, amassing millions of barrels they had no intention of using. The government of Ivory Coast said 16 people died. Co-founder and Chief Executive Officer Marco Dunand, co-founder and President Daniel Jaeggi and Mercuria's global head of trading Magid Shenouda control the stake through a Guernsey-registered company called MDJ Oil Trading Ltd. ChemChina Stake In his first public interview to Reuters in 2007, Gunvors Swedish co-founder Tornbjorn Tornqvist was keen to stress that the firms success was built on its traders experience and excellent contacts. Despite not being on the registry, Bunge continues to export grains and agricultural products as usual, but it cannot cash in on certain tax benefits and it faces hurdles transporting goods within Argentina, which analysts say could hurt the companys bottom line.

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