Emma's Feed
Feb 13, 2013

Vitol to offer $192 mln for Sterling Resources

GENEVA, Feb 13 (Reuters) – Top oil trading house Vitol plans
to offer C$192 million ($192 million) for Canada-listed oil and
gas group Sterling Resources, to gain a foothold in the
North Sea oil and gas sector.

The planned deal, worth C$0.85 per Sterling share – a 79
percent premium to Tuesday’s close at C$0.475, is the latest in
a series of moves by Swiss firm Vitol to acquire physical energy
assets.

Feb 12, 2013

SNB’s Jordan: not in currency war, expect franc to weaken

GENEVA, Feb 12 (Reuters) – Swiss National Bank chief Thomas
Jordan rejected the idea that he was fuelling a currency war by
keeping a lid on the strong franc, saying on Tuesday he welcomed
the franc’s recent weakening and expected it to continue.

The safe-haven franc, on which the SNB imposed a 1.20 per
euro limit in September 2011 to prevent Switzerland sliding into
deflation and recession, has fallen more than 2 percent this
year as sentiment on the euro zone has improved.

Feb 12, 2013

Swiss deepen criminal probe into Congo oil contract

GENEVA, Feb 12 (Reuters) – Switzerland has stepped up a
criminal investigation into an oil contract in the Republic of
Congo and will question a former Gunvor employee and his
associate on suspicions of fraud, the company confirmed.

The attorney general originally opened the money laundering
investigation in late 2011 but did not have sufficient evidence
until last month to identify the individuals and proceed with
questioning.

Feb 11, 2013

Commodity trading houses face growing pains-study

GENEVA, Feb 11 (Reuters) – Commodity trading houses pouring
millions of dollars into buying physical assets risk shifting
capital away from their core business and driving out top
talent, according to a study by advisory firm Deloitte
Switzerland.

Following the model of Swiss commodities giant Glencore
, many independent trading houses have sought to snap up
assets such as oil refineries and aluminium smelters.

Feb 5, 2013

Gandur’s AOG oil investment a return to African limelight

GENEVA, Feb 5 (Reuters) – Addax & Oryx Group (AOG) plans to
invest $400 million in Africa’s energy sector over the next five
years, its Chief Executive said, in a strategic U-turn after
sales talks collapsed last year.

AOG’s focus on the African downstream will pit the
privately-owned Swiss firm against rivals Vitol and Trafigura
which are also vying for assets in sub-Saharan Africa as trading
margins disappoint.

Feb 4, 2013

Sudan sells dispute oil from S.Sudan after talks fail

GENEVA/KHARTOUM, Feb 4 (Reuters) – Sudan has sold a cargo of
oil of disputed ownership from South Sudan oilfields, a minister
and trading sources said, in what is likely to be seen by the
south as a provocation after security and oil transport talks
between the two countries fell apart.

Sudan’s President Omar Hassan al-Bashir and South Sudan’s
Salva Kiir failed at talks in Ethiopia last month to end a
stalemate over withdrawing armies from a border region – a
pre-requisite for resuming oil exports.

Feb 4, 2013

Vitol wins contract to market govt. oil from Gabon

GENEVA, Feb 4 (Reuters) – Swiss-based Vitol has signed a
long-term contract with Gabon to export oil, trade sources said,
making it the only trading house to win an allocation from the
west African government.

Vitol – the world’s top oil trader with annual revenues of
nearly $300 billion – already has a strong presence in the
region and markets oil from Nigeria and Ghana.

Jan 31, 2013

Exclusive: Iran crude oil exports rise to highest since EU sanctions

GENEVA/DUBAI (Reuters) – Iran’s crude oil exports in December leapt to their highest level since European Union sanctions took effect last July, analysts and shipping sources said, as strong Chinese demand and tanker fleet expansion helped the OPEC member dodge sanctions.

Exports rose to around 1.4 million barrels per day (bpd) in December, according to two industry sources and shipping and customs data compiled by Reuters on a country-by-country basis and corroborated by other sources and consultants.

Jan 30, 2013

Iran crude oil exports rise to highest since EU sanctions

* December oil exports increase to 1.4 mln bpd-sources

* Buyers find ways to cope with shipping restrictions

* January exports set to dip ahead of U.S. sanctions

* Fuel oil sales, condensates seen lower

By Emma Farge, Humeyra Pamuk and Alex Lawler

GENEVA/DUBAI, Jan 30(Reuters) – Iran’s crude oil exports in
December leapt to their highest level since European Union
sanctions took effect last July, analysts and shipping sources
said, as strong Chinese demand and tanker fleet expansion helped
the OPEC member dodge sanctions.

Exports rose to around 1.4 million barrels per day (bpd) in
December, according to two industry sources and shipping and
customs data compiled by Reuters on a country-by-country basis
and corroborated by other sources and consultants.

Jan 29, 2013

Brothers sentenced in Switzerland over Moroccan drug ring

GENEVA, Jan 29 (Reuters) – Two brothers who worked for
financial firms were sentenced to prison on Tuesday for
laundering money through Swiss bank accounts for a Moroccan drug
smuggling ring, Geneva authorities said.

The two men were part of a family network thought to be run
by Swiss and French citizens of Moroccan origin selling cannabis
from North Africa to France and Spain, said the Geneva judicial
authority.