Thats the setting where we learned the trade, Dunand said in an interview with Swiss newspaper Neue Zuercher Zeitung published in January. Youve always had grain going down the river and going through the Gulf and being exported. The tsarina, or MLD, as the press sometimes also calls her. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while All quotes delayed a minimum of 15 minutes. 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. With African investors Helios Investment it recently paid a billion dollars to buy Shells fuel marketing operation across 14 West African countries, keeping the Shell branding. But there was one lesson that Rich must have cut short: how to avoid jail. A master of physical markets, it owns a 4,000-mile U.S. pipeline network and three of the countrys most profitable refineries. Despite a concerted campaign in recent years to put forth a friendlier face and personality through advertising and more appearances by its executives in public forums, Cargill is bound together by a culture of confidentiality, aggressiveness -- and winning. Many of the biggest players in oil and metals trading trace their roots back to notorious trader Marc Rich, whose triumph in the 1960s and 70s was to create a spot market for oil, wresting business away from the majors. Mercuria traded 182 million metric tons of oil or oil equivalent in 2012, according to its website. Jankielewicz and Smolokowskis company, J+S Group, traded Russian crude oil and was a leading supplier of oil to PKN Orlen, Polands top oil refiner. In a May interview with Reuters, Fredriksen refuted the charges and shot back that maybe they (U.S. regulators) are trying to get some revenge for the 2010 BP oil spill in the Gulf of Mexico. Mabanaft is aiming to further diversify its product portfolio by pursuing a controlled geographic growth strategy, is all communications manager Maren Mertens is able to offer on the subject. 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. The suit was settled out of court for an undisclosed sum. We have to increase food production by 50 percent by 2030, and 80 percent by 2050, with our hands tied behind our back, he said, referring to constraints to boosting output such as the lack of land, water and infrastructure. Mercuria will dramatically reduce it, he said. WHO: Noble Group, founded 1986 by UK scrap metal man Richard Elman. The new rules dont apply to trading firms. Vitol, the largest independent oil trader, handled 261 million and Trafigura traded 102.8 million tons of oil and petroleum products. They see a business opportunity and they grab it with both hands without making a song and dance about it, said Russell Newton, a partner with St. Helier-based hedge fund Global Advisors (Jersey) Ltd., who has known Dunand and Jaeggi for about 25 years. 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. Together with Glencore, it pre-qualified to bid for exploration rights in Iraq in a licensing round next year that that could add the Iraqi upstream to its offshore West Africa operations. Argentinas tax office is investigating dozens of other agricultural exporters as well. 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. 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. The futures market may take some of that information and run with it. Founded in 2004 by Swiss traders Marco Dunand and Daniel Jaeggi. [11], Its subsidiaries include Navitas Energy in Canada[12] and Vesta Terminal Services in Europe,[13] which operates port logistics, storage and processing facilities in the Netherlands, Estonia, Belgium, and Germany. In a move borrowed from the playbooks of western rivals, state-run oil firm PetroChina has set up a Houston oil trading desk and leased massive oil storage tanks in the Caribbean. Heres a look at the 16 companies, with aggregate revenues of $1.1 trillion, that trade energy, metals and agriculture. Nigerias Petroleum Product Pricing Regulatory Agency (PPPRA) said that in one transaction the amount of fuel submitted for subsidies did not match the actual quantity delivered. I have known the citizen Timchenko for a very long time, since my work in St Petersburg, Putin told a group of Russian writers. There is no ideal solution. There were two schools for the commodity trade: the Marc Rich school with Glencore and Trafigura, which is obviously successful, then theres the investment bank school, which has more of a risk approach.. 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. 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 For a full comparison of Standard and Premium Digital, click here. Electronic Invoice exchange and reconciliation for faster payments/settlements. While pursuing Robert Louis-Dreyfus passion for the club, which drained millions from his fortune, she has placed strict conditions on new investment. Lims Chinese connections have played a big part in the companys success. News carefully selected news stories from around the industry. Simply log into Settings & Account and select "Cancel" on the right-hand side. You can still enjoy your subscription until the end of your current billing period. WHO: Gunvor, founded 1997 by Swedish oil trader Torbjorn Tornqvist and Russian/Finnish businessman Gennady Timchenko, TURNOVER: $80 billion 2011, company estimate ($65 billion 2010). Decatur, Illinois-based ADM is one of the worlds biggest commodities traders. Mercuria, the former owner of Vesta Terminal, entered into a joint venture with Sinopec by selling 50% of the terminals in 2013. Investors say he might already have his sights set on Brazil, to strengthen his position in the global sugar market. They go where the business is, said an industry insider who asked not to be named. 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. U.S. regulations are now pending to limit banks proprietary trading -- speculating with their own cash. [17] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. They stayed until 1994, then joined Phibro for a five-year stint when it was controlled by Salomon Brothers. 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. 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. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. Tea Party movement. Wall Street heavyweight JP Morgan is advising Noble on the planned listing. Trafigura was also quick to recognize the potential of storage in the industrial metals markets. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. He was later pardoned. In 1972 Cargill came under attack as it secretly sold millions of tonnes of wheat to Russia, using a U.S. export subsidy program to boot -- and boosting food inflation. Timchenko doesnt need to be told to keep a low profile. In oil markets, Koch is a brutally efficient middleman. The scandal has hardly hampered the firms stellar growth. The firms now controlled by the western-backed rebels might still legally be linked to Libyas national oil corporation. The company's gross profit on sales for the year was $1.86 billion. He is one of Russias most private tycoons. Roger Jones, the former head of commodities at Barclays Plc (BARC) who has spent more than a quarter-century trading, was hired in 2012 to head its non-oil business and join the board. They sail as close to the wind as they possibly can legally, said an oil analyst who requested anonymity. In 1937 the Chicago Board of Trade forced the company to sell its corn contracts and Secretary of Agriculture Henry Wallace accused it of trying to corner the U.S. corn market. But since White Plains, New York-based Bunge set up in China in 1998, many have switched to soy pellets. They have some superstars but mostly a lot of team players -- what I would describe as well grounded, fundamental traders.. Inside the lake office, as it is known, sits the chairman of Cargill Inc., one of the largest privately held companies in the world. Verghese still plans to cash in. That gives its traders the advantage of timely market intelligence. As it turns the pumps back on, Libyan oil firm Agoco has allocated Vitol half of its crude production to repay debts. Which may be why Mabanaft wants to expand beyond its northern European heartland. Mercuria 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. 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To contact the reporters on this story: Andy Hoffman in Geneva at ahoffman31@bloomberg.net; Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net, To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Amanda Jordan It has grown into the worlds third-largest independent oil trader and second-largest industrial metals trader in less than 20 years, since it was set up in the early 1990s by Dauphin and fellow traders Eric de Turckheim and Graham Sharp. Vitols goal was to supply the refined products and then try to pick up upstream assets in Libya, said a western diplomatic source. Sometimes you get it wrong, but you have to accept it, he said. Like rival Vitol, Trafigura has seized the opportunity to get into oil storage as oil majors focus on production. That is as far as it goes -- yet time and again, the media wrongly jump to the conclusion that the judo club connection means that Mr Putin and I are close, then leap into conspiracy-theory mode.. 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 line may be simplistic but its not too far from the truth. Tucked away in a private forest an hours drive from the downtown high rises of mid-western Minnesota stands a brick mansion that strikes most visitors the same way: isolated, solid, regal, powerful. [6] The company focused mostly on oil trading until 2007. The report also details sales by a foreign Koch subsidiary of petrochemical equipment to Iran, which is subject to U.S. sanctions, and a history of criminal or civil penalties for oil spills, a deadly 1996 U.S. pipeline blast, and under-reporting of emissions of benzene, a carcinogen, from a Texas refinery in 1995. He talked about how we are moving into action and investing in. Many amass speculative positions worth billions in raw goods, or hoard commodities in warehouses and super-tankers during periods of tight supply. They have the most talent, the deepest pockets, and the best risk management.. It became the first company to supply gasoline to the energy ministry after the war in 2003, and now is both a buyer of Iraqi crude and supplier of refined products. 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.. Unsuccessful talks have taken place with Singaporean commodities group Olam International Ltd, while bankers say they have been sounded out about a stock market listing. Check if your Louis Dreyfus is a well-honed global operator, marketing agricultural commodities from wheat to orange juice. Lawyers said doing business with the rebels still required great care. Mercuria looks for opportunities to participate in industry initiatives, industry associations and working groups which aid communication and progress in our industry, as well as supporting published guidelines and initiatives wherever appropriate. While Rich himself fled to Europe in the 1980s to escape possible imprisonment for tax evasion in the United States, Dauphin spent almost six months behind bars in Ivory Coast in 2006-7 in pre-trial detention involving a dispute over toxic waste dumping. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. In April the company dodged NATO bombs and a naval blockade and sent an oil tanker into the battered Mediterranean port of Tobruk to extract the first cargo of premium crude sold by rebels at the helm of a breakaway Libyan oil company defying Muammar Gaddafi. Commodities other than oil now represent more than 50 percent of revenue, which totaled $98 billion in 2012 and generated $343 million in profit, according to financial statements seen by Bloomberg. [1] The firm was founded in 2004 by two former Wall Street oil traders, Marco Dunand and Daniel Jaeggi. WHO: Louis Dreyfus, founded 1851 by Leopold Louis-Dreyfus, WHERE: Paris WHAT: Cotton, rice, grains, orange juice. In London, Trafigura reached a pre-trial settlement to put an end to a class-action suit from some 31,000 residents. Thats the nature of their business., WHO: Glencore, founded 1974 as Marc Rich and Co. renamed Glencore in 1994, WHERE: Baar, Switzerland WHAT: Metals, minerals, energy, agricultural products, REVENUE: $145 billion in 2010 CEO: Ivan Glasenberg, STAFF: 2,800 people directly; 55,000 at Glencores industrial assets. S&P Global Platts talks to Mercuria CEO and co-founder Marco Dunand about the challenges, implications, and opportunities that the COVID-19 pandemic presents across all the key commodity classes in a time of unprecedented volatility in the global markets. Thats what it is all about, Fredriksen said of the recent CFTC charges. As usual, details are scant. The Kochs have denied funding the Tea Party, but their empires far-reaching tentacles in the political arena have spawned a nickname: the Kochtopus. Mercuria Energy Trading has a total of 1001 employees. The company now operates in 60 countries. tracking emerging trends and opportunities in the future of energy. At times Cargills power has got it into trouble. Nobles shareholders include Chinas sovereign wealth fund, China Investment Corp., which bought an $850 million stake in 2009, and Korean Investment Corp., which has a minority stake. (Additional reporting by Jean-Francois Rosnoblet), WHO: Bunge, founded 1818 by Johann Peter Gottlieb Bunge in Amsterdam. The firms traders, according to two industry sources, made a fortune for Koch in 2009-10 during a contango in U.S. oil markets -- a period when oil for future delivery was higher priced than immediate cargoes. We dont see the need to raise money from the market, Dunand said. Together, they are worth over a trillion dollars in annual revenue and control more than half the world's freely traded commodities. It has also dipped a toe in the upstream business. It also has a substantial presence in Asias fuel oil market, the worlds largest. Trafigura took legal action to keep a report about the Ivory Coast incident out of newspapers, but details were eventually made public. 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. The companys deal with Libyas rebels was a gamble. It helps that Olam has backing in high places: Singapore state investor Temasek holds a 14 percent stake in the trading firm. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. Koch benefits from privacy, and its astonishingly agile and profitable as is., The old guard now faces a challenge from a new breed of Asian competitors. https://buff.ly . But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. Switzerland-based Glencore cast aside its famed secrecy earlier this year with a record market debut that turned its executives into paper millionaires and propelled the firm into the headlines. [3] [14], Mercuria is active players in energy and renewable markets through investments in the energy transition, with a particular focus on the United States and Europe. Something has to capture carbon from the air. On its website Koch said it dismissed several employees of a French subsidiary upon learning of the improper and unauthorized payments. And his silence helped feed rumors about Gunvors remarkable growth. The material was dumped in open-air sites around Abidjan in August 2006 after being unloaded from a Trafigura-chartered tanker. Global Advisors Newton said Dunand and Jaeggis ability to react to shifting markets means Mercuria will probably thrive in an unpredictable industry littered with failures. Wilmars strategy is to have its fingers in every part of the supply chain, from point of origin to destination. There has always been some concern about the trading firms influence, said Craig Pirrong, a finance professor and commodities specialist at the University of Houston, who points out that some firms have been associated with allegations of market manipulation. Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. 100% Granted (3 out of 3) 0% Denied ( out of 3) 0% Withdrawn ( out of 3) 0% Certified-Withdrawn ( out of 3) This data was calculated using publicly sourced data from OFLC Performance Data. It announced in early October that it may float its storage subsidiary Puma Energy within 18 months. Its early dealings with the Libyan rebels may offer the chance of a foothold in Libyas oil and gas territory. Olympique Marseille is at a crossroads, she told supporters in a statement to announce the changes at the club. That took the headcount to 1,200 from about 10 in 2004. Asked to comment, Cargill said the company actively backs free trade to boost agriculture in all countries and is in dialogue with many important audiences, including governments Additionally, we dont believe export bans are the solution to either high grain prices or price volatility. ADM declined to comment and a spokesman for Bunge could not be reached. Compare Standard and Premium Digital here. In two decades of oil trading, Dunand and Jaeggi built fearsome reputations for seeing profit margins where others could only see potential losses. Noble has grown by acquiring troubled competitors. Finding itself with a big client base, but short of the physical supplies it needed to meet demand, Noble built its own processing facilities. Lims biggest bet may have been an unprecedented 1997 spree in which Hin Leong bought 30 million barrels of jet fuel and diesel in the key Singapore market -- worth nearly US$800 million over a three-month span. China is becoming more like a Glencore, said Hinde. That comment didnt help calm rumors and then Timchenko spoke too. Vitols early running gave the firm an edge with the countrys new political stewards. Along the way it has moved headquarters to Belgium, Argentina, Brazil and then the United States. U.S. and European regulators are cracking down on big banks and hedge funds that speculate in raw goods, but trading firms remain largely untouched. [22] Mercuria also acquired the reorganized Aegean Marine which was renamedMinerva Bunkering. Shortly after the material was dumped, thousands of residents of the city of Abidjan complained of illnesses, including breathing problems, skin irritation and related ailments. Belgium-born Rich joined Philipp Brothers, subsequently Phibro, aged 20, leaving in 1974 with a fellow graduate of the Phibro mailroom, Pincus Pinky Green, to set up Marc Rich and Co AG in Switzerland. On paper, the partial float made boss Ivan Glasenberg $10 billion richer overnight. WHO: Koch Industries, founded 1920s by Fred Koch. offers FT membership to read for free. From the 43rd floor of a Rotterdam skyscraper, staff members can look out over a network of rivers toward some of Europes biggest refineries. 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. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. 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. In March 2014, the firm purchased JP Morgan 's physical commodities unit for $3.5 billion. 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. A rare news release announced that Jan-Willem van der Velden, who started as an international trader at the company in 1997, would take over as CEO from January this year. Put it this way: two of them, Vitol and Trafigura, sold a combined 8.1 million barrels a day of oil last year. We have a daily sales report from every corner where we operate and if we see sales slowing over a few weeks, we get to know the changing trend before others, one employee said, on condition of anonymity. or It focused initially on shipping fuel oil cargoes to the mainland, a relationship that has since deepened. 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. It helps that the companys CEO Alberto Weisser is a Brazilian, and that Bunge has more than 100 years experience in South America. Enuit is an Award-winning provider of ETRM / CTRM solutions worldwide. But it was absolutely one of the greatest moves in the business.. Banks including JPMorgan and Morgan Stanley (MS) are exiting or reducing their commodities businesses as regulators crack down on risk. Asian demand for South American soybeans has exploded over the last five years and Bunge is arguably the best positioned company in the world as it relates to servicing and profiting from the Asian demand trend, said Jeff Farmer, an analyst who follows the company for Jefferies & Company in Boston. We support credit card, debit card and PayPal payments. With Kochs easy access to tankers and pipelines, the strategy locked in profits of up to $10 a barrel with virtually no risk, traders said. [21], In January 2016, Mercuria announced that ChemChina had bought a 12% stake in the company. ENERGY TURNOVER: $75 billion 2011 company estimate (2010, $47 billion). Marco Dunand and Daniel Jaeggi, both Swiss, have worked together closely for more than 25 years in a string of commodities companies, buying and selling crude and oil products in many of the hottest oil trading outfits: Cargill, Goldman Sachs J.Aron, Salomon Brothers Phibro and Sempra. Lim Oon Kuin arrived in Singapore from China over 50 years ago, and started to deliver diesel by bicycle to boatmen. An array of storage tanks on five continents oils the wheels of its vast trading operation and it has stepped into the gap left by the oil majors as they reduce their downstream presence to focus on upstream exploration and production. That gives banks who trade futures cause for concern, but since physical players usually receive exemptions to limits -- because they are categorized as bona fide hedgers -- trading firms should go unscathed. Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Most rely on arbitrage -- playing the divergence in prices at different locations, between different future delivery dates, or between a commoditys quality in different places. It buys and sells multiple crops, mills and grinds and processes them into scores of products, both edible and not, and ships them to markets around the world. Its a model it has replicated across various commodities. Compared with other independent trading houses, Dunand and Jaeggi are high profile, speaking periodically to the press and giving regular interviews. [7] Prior to this, Mercuria was assumed control of J&S Group, which was named after the Polish businessmen Gregory Jankilevitsch and Wiaczeslaw Smolokowski. We know how to close the gap (with Vitol and Glencore) and we are actively catching up, Tornqvist said. By Andy Hoffman and Chanyaporn Chanjaroen. Around two decades ago, Kuok Khoon Hong decided to leave the business empire of his billionaire uncle Robert Kuok to set up an edible oil business with a big bet: China. Now Dunand, 52, and Jaeggi, 53, are executing a plan to propel Geneva-based Mercuria Energy Group Ltd. nearer to the top independent traders, Glencore Xstrata Plc (GLEN), Trafigura Beheer BV and Vitol Group. By and large they move as a team, says one retired wheat trader who did business with Cargill for decades. In a 2009 State Department cable from Yemen, obtained by WikiLeaks and provided by a third party to Reuters, sources told U.S. diplomats that the company used intimidation tactics including kidnapping threats to buy Yemeni crude at below market prices. They point to very competitive pricing offered by Gunvor when it comes to Russian oil tenders. Back in Hong Kong, he traded commodities with China in the 1970s and was the first to sell Chinas Daqing crude oil to the United States. Belgium-born Rich sold his stake in 1994. It bought UK-based metals warehouser and logistics firm NEMS in March 2010, a month after Goldman Sachs had acquired rival Metro and several months before Glencore and JP Morgan moved into the business. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader.
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