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.
Richard Holtum is named new CEO of Trafigura
Trafigura announced on Tuesday that Richard Holtum would take over as CEO of the global trading house Trafigura at the start of next year. On the same day, Jeremy Weir will be taking over the group chairmanship from the departing CEO, who has held this position for more than 10 years. Holtum will join Trafigura’s board of directors in October and will hand over his position as global head for gas…
US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S.
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…
Palantir, Trafigura to Track Carbon Emissions for Oil, Metals industry
Palantir Technologies Inc and global commodities trader Trafigura have set sights on a new market, their chief executives told Reuters on Monday: tracking carbon emissions for the oil, gas, refined metals, and concentrates sector.The companies are building a platform for oil majors and other commodities firms to vet the environmental impact of their supply chains…
15 Bids in To Market Guyana Governent Crude
Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded. Bids were due on Aug.
Gunvor Founder Raises Stake, Expands Board
Trading house Gunvor's founder Torbjorn Tornqvist has increased his stake in the firm after a bumper profit year as he bought out some leaving partners and expanded the board to bring in a new generation of managers.The company said Tornqvist, Gunvor's chairman, had raised his stake to 86.9% as of Dec 31, 2020, from 80.01% as of Dec 31…
Flurry of US Crude Export Fixtures Offers Slimmer of Hope
A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide.BP, Trafigura and Equinor have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon…
Trafigura Takes a Bet with North Sea Oil
Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said.A combination of OPEC-led global production cuts, cheap freight rates, and oil stuck in floating storage sent crude markets into overdrive starting at…
Trafigura Merging China Oil Operations in New Shanghai Trading Desk
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources.
Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude was up by 30 cents, or 1.3%, at $23.06 a barrel by 0635 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S.
Trafigura, Phillips 66 to Build Deepwater Texas Oil Port
Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal, which will be located 21 nautical miles east of the entrance to Corpus Christi port…
US Sanctions on Rosneft Trading Shifting Crude Flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S. dealings with Rosneft Trading S.A.…
Puma Energy Sells Fuels Business to Chevron Australia
Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million ($288 million).Puma Energy is 49%-owned by Geneva-based Trafigura, which is under pressure to rebalance its books after…
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices, slumping output and years of mismanagement that left Sonangol bloated and inefficient.In August…
W. Africa Crude-Buyers Wary as Freight Rates Weigh
Sellers returned to the window on Monday to entice buyers spooked by high freight rates due to Washington's sanctions on subsidiaries of a major Chinese shipping firm at the end of September.Long-haul rates to Asia have risen sharply prompting refiners to shed some cargoes.China's Unipec offered four cargoes in the window for a third session all November loading on a fob basis.
Frontline buys 10 Tankers from Trafigura
Frontline will buy 10 Suezmax oil tankers from Trafigura in a cash and share deal worth up to $675 million, and may buy a further four vessels later, the two companies announced on Friday.The deal will allow Frontline, which is controlled by Norwegian-born billionaire John Fredriksen, to boost its dividend in the time to come, the Oslo-listed tanker operator said."The structure of the transaction creates an imme
Trafigura Started Crude Shipments via U.S. Pipeline Cactus II
Global commodities trader Trafigura has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the newly operational Cactus II pipeline system, the company said in a statement on Monday.Trafigura signed a long-term agreement with pipeline operator Plains All American Pipeline LP last year to transport a total of 300…
Swiss, Brazil Try to Unravel Petrobras Affair
Crimefighters in Switzerland and Brazil pledged to intensify cooperation to resolve the sprawling corruption case linked to state oil firm Petrobras in which around 700 million Swiss francs ($701 million) remain frozen in Switzerland.Switzerland has so far returned roughly 365 million Swiss francs ($365.6 million) to Brazil related to Petrobras and construction firm Odebrecht…
Offshore Terminal Plan Slowed by U.S. Shutdown
The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S. Maritime Administration and the U.S. Coast Guard as soon as the U.S. government reopens.
