Glencore refinery in South Africa invests in cleaner fuels
Astron Energy, an affiliate of the global commodity trader Glencore will invest up six billion rands ($328 million) in order to install new equipment, and to become compliant with South Africa’s cleaner fuel specification before a 2027 deadline. Astron officials have said that the foundations for a Gasoline Hydrotreating Process, which will reduce petrol to Euro 5 specifications has already been laid in the 100,000 barrels a day crude oil refinery near Cape Town.
Trafigura cancels plans to build a $471 million hydrogen facility in South Australia
Trafigura, the global trading company for commodities, has canceled plans to build a green hydrogen plant worth A$750m ($471.2m) at its Port Pirie Lead Smelter in South Australia. A spokesperson said this on Tuesday. Trafigura, a Swiss company, had commissioned a design study, funded jointly by the South Australian government and Trafigura, in order to reduce the carbon emissions of the plant. Trafigura has completed a feasibility study worth A$5million for a green hydrogen project in Port Pirie.
Sources: ERG declares force majeure for cobalt supplies from Congo
Two sources with knowledge of the situation said that Eurasian Resources Group has declared force majeure for deliveries of cobalt battery material from its Metalkol operations due to the temporary export ban by the Democratic Republic of Congo. ERG is the largest cobalt producer in Congo. This is also the top mineral producing country worldwide for the production of lithium-ion battery powering electric vehicles. One source said that the Luxembourg-based firm had to declare force majore…
Trafigura warns that misconduct in Mongolia could cost $1.1 billion
After an internal review, global commodity trader Trafigura said it expects to set aside $1.1 billion as a provision for misconduct by individuals within its Mongolian petroleum product supply business. Trafigura stated that an external investigation, which was conducted after the internal review, is still in progress but confirmed the significant exposure accumulated by the group over the past five years. In a statement…
The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court. He had indicated in his first court appearance that he would plead not-guilty. The 57-year old is accused of two counts of conspiracy for corrupt…
Glencore's former head of oil is charged with bribery in a UK court
Alex Beard, former Glencore head of oil, appeared before a London court Tuesday to answer bribery allegations relating to Glencore's operations in Africa. Beard's lawyer told the London Westminster Magistrates' Court that he will plead guilty. The 57-year old is accused of two counts of conspiracy for corrupt payments made to officials of government-owned oil companies and government officials in Nigeria from 2010 to 2014 and in Cameroon, between 2007 and 2008.
Trafigura-Entara Consortium to Buy French Refinery
Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, has agreed with ExxonMobil's ESSO SAF to buy the Fos-sur-Mer refinery and Toulouse and Villette-de-Vienne terminals in France."Discussions with the relevant authorities are ongoing and the necessary authorizations are expected by the end of October," Trafigura said in a press release on Thursday.The parties signed the sale agreement having completed an information and consultation procedure with employee representatives…
Tellurian to Sell LNG to Gunvor, Delays Louisiana Project Start
U.S. liquefied natural gas (LNG) developer Tellurian Inc said on Thursday it signed a 10-year agreement with commodity trader Gunvor Group for 3 million tonnes per annum (MTPA) of LNG.Tellurian shares soared around 24% on the news to their highest since February.In addition, Tellurian released a presentation that said its proposed Driftwood export plant in Louisiana was positioned for first quarter 2022 commerciality.Analysts…
Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim. Envysion will then decide…
India's Ennore Terminal Gets Qatari LNG
Qatargas, the world’s largest LNG producer, supplied a commissioning cargo for India’s Ennore LNG receiving terminal, near the southern Indian city of Chennai.The commissioning LNG cargo was delivered onboard the vessel ‘Golar Snow’ on 25th February 2019 by the Swiss commodity trader, Gunvor, to the state-owned Indian Oil Corporation Limited (IOCL), which owns and operates the five million tonnes per annum (MTPA) terminal.
Noble Group Halves Net Loss in Q3
Noble Group Ltd halved its quarterly net loss from continuing operations to $43.3 million and said its soon-to-be-completed $3.5 billion debt restructuring would enable the commodity trader to reposition its business in Asia Pacific and the Middle East.The Singapore-listed company is seeking approval from a Bermuda court for its restructuring and payment to creditors, the final hurdle to completing a debt-for-equity swap.
Hibiscus Petroleum to Double Production
Malaysian oil and gas exploration and production company Hibiscus Petroleum is aiming to double its oil output in the United Kingdom and Malaysia to 20,000 barrels per day (bpd) by 2021, a senior company executive said on Thursday.It needs an additional $50 million by 2020 to boost production from about 10,000 bpd now, Kenneth Pereira, managing director of the company, told reporters."That's our maximum negative cashflow for projects already identified and that's based on a $60 per barrel oil scenario…
Bangladesh Drops Trafigura in LNG Talks as Gunvor Advances
Bangladesh has terminated talks with Swiss-based commodity trader Trafigura to install a small floating liquefied natural gas (LNG ) import terminal due to delays in agreeing terms, while rival trader Gunvor advances with a separate project. Once considered an energy backwater, Bangladesh's LNG demand is set to hit 17.5 million tonnes annually by 2025 after importing its first cargo last month, and as traders target Southeast Asia's booming gas markets to boost sales.
Singapore Court Blocks Noble Group Shareholder Meeting
Noble has other investor meetings due in next few weeks; but court decision could complicate restructuring process. A Singapore court blocked commodity trader Noble Group Ltd from holding its annual meeting of shareholders on Monday following legal action sought by dissident shareholder, Goldilocks Investment Co. Ltd. Friday's ruling is the latest skirmish between Noble and Goldilocks, Noble's third-largest shareholder, in the fight over Noble's restructuring plans with creditors…
Noble Amends Restructuring Plan, Scrambles for Shareholder Support
Noble's action on shareholders was criticised by SGX; Noble needs shareholders to support its restructuring. Bowing to criticism from the Singapore Exchange (SGX) and other investors, embattled Noble Group is removing a provision in its $3.4 billion debt restructuring proposal that penalised shareholders voting against the plan. The debt-for-equity swap is crucial for the survival of the Singapore-listed company, which has sold billions of dollars of assets…
Koch Supply & Trading slashes Staff in Restructuring
Global commodity trader Koch Supply & Trading has cut dozens of workers across at least four offices worldwide, several sources said on Tuesday, as the firm restructures its business. The cuts at the unit of Koch Industries Inc, the industrial conglomerate of billionaire conservatives Charles and David Koch, affected traders and support staff in its United States, Switzerland, United Kingdom and Singapore offices. The positions involved were primarily in refined products and fuel oil trading and operations…
Noble Group Hopeful of Debt Restructuring Deal
Chairman says talks with bond holders and banks moving forward; hopeful of reaching a conclusion in near future. Struggling commodities trader Noble Group Ltd is having constructive talks with creditors to restructure its debt and is hopeful of a deal in the near future, the company's chairman said. "Various talks have been going for a couple of months. They have been constructive," Paul Brough, a restructuring specialist who was appointed Noble's chairman this year, told a shareholders' meeting in Singapore on Thursday.
Cheniere Signs 15-year LNG Supply Pact with Trafigura
U.S. natural gas producer Cheniere Energy Inc said on Tuesday Singapore-based commodity trader Trafigura Pte Ltd would buy about 1 million tonnes of natural gas per year from its unit for 15 years, starting 2019. The agreement with Cheniere Marketing, LLC would help the Houston-based company to fund its expansion plans, Chief Executive Jack Fusco said. The company has been expanding its presence in Asia to benefit from the rising demand for liquefied natural gas from the region.
Trafigura, Eni Execute Landmark LNG Futures Contract
Commodity trader Trafigura and Eni Trading and Shipping traded the first liquefied natural gas (LNG) futures contract representing delivered prices to Dubai, Kuwait and India, Singapore Exchange (SGX) said on Wednesday. A total of 100,000 million British thermal units, a fraction of a standard-size cargo, of February 2018 futures was cleared by SGX at a price of $9.85 per mmBtu on Dec. 8, the exchange said in a statement.
Unipec Expands London Oil Trading Desk
China's Unipec, the trading arm of Asia's largest oil refiner Sinopec, has hired two former traders from commodity trader Noble Group to join its middle distillates desk in London, according to two sources with knowledge of the matter. Shaun O'Donnell and Anup Kundaiker began their new jobs on Wednesday, according to one of the sources. Unipec also hired Ross Warden, formerly part of Noble's distillate operations desk, as a blending operator, one of the sources said. Sinopec could not be reached for immediate comment.
