GENEVA, Nov 14 (Reuters) – Major commodity traders are
replacing banks by offering trade finance directly to producers
as new liquidity requirements hobble traditional lenders,
bankers said on Wednesday.
Commodity exporters require letters of credit and other
loans to arrange for the shipment and delivery of their goods on
international spot markets.
VIENNA/ABU DHABI, Nov 8 (Reuters) – Royal Dutch Shell
, RWE and TransGlobe Energy have won
concessions in Egypt’s first licensing round since the 2011
revolution in a sign that international oil firms are undeterred
by a payment backlog of billions of dollars.
The biggest winners were Canada’s TransGlobe with four
concessions and Shell with three concessions in the western
desert including one via an Egyptian joint venture, the
companies said this week.
VIENNA, Nov 7 (Reuters) – Libya’s National Oil Corporation
(NOC) aims to boost oil output to 1.72 million barrels per day
(bpd) by the end of March next year, its chairman said on
Wednesday, but warned of the risk that strikes could interrupt
OPEC member Libya has lifted production much faster than
analysts had expected after last year’s civil war to a current
level of around 1.6 million barrels per day.
GENEVA (Reuters) – Switzerland’s neutrality is being tested as Brussels and Washington raise pressure over gaps in sanctions against Iran, in particular measures against its oil industry.
While Switzerland has replicated the western line on Libyan and Syrian economic sanctions, it has reasserted its traditional neutrality over Iran and opted out of some of the measures passed by Europe and the United States.
GENEVA, Nov 5 (Reuters) – Switzerland’s neutrality is being
tested as Brussels and Washington raise pressure over gaps in
sanctions against Iran, in particular measures against its oil
While Switzerland has replicated the western line on Libyan
and Syrian economic sanctions, it has reasserted its traditional
neutrality over Iran and opted out of some of the measures
passed by Europe and the United States.
GENEVA (Reuters) – U.S. oil major Chevron said on Friday that Angolan subsidiary Cabinda Gulf Oil Company had declared force majeure at the Kuito offshore oil terminal on October 29 due to a fault with a mooring line.
Chevron is one of the west African country’s top producers and typically loads two 920,000 barrel tankers a month from its Kuito platform.
GENEVA, Oct 25 (Reuters) – Nigerian oil exports in December
are expected reach the highest level since May, pointing to a
swift recovery of production after floods knocked out a fifth of
the output in the top African producer.
Nigeria is expected to ship 2.12 million barrels per day of
crude oil onto the market in December, unchanged from volumes in
November which hit a six-month high.
GENEVA, Oct 18 (Reuters) – Geneva plans to eliminate tax
breaks for commodity trading houses by 2018, bowing to European
Union (EU) pressure at the risk of helping drive away businesses
which account for a big part of its financial sector.
Switzerland has come under pressure from the EU to end
so-called “fiscal holidays”, including those which Geneva offers
to major trading firms such as Vitol, Mercuria and Gunvor.
GENEVA, Oct 1 (Reuters) – A Swiss political party is seeking
to drum up support for a national vote to ban banks and other
financial institutions from speculating in agricultural
commodities, in the latest sign of growing political backlash
against record food prices.
The exact size of investment in agricultural commodities
from Switzerland is unclear, although it hosts banks UBS
and Credit Suisse which both invest in the
sector through either index funds or exchange traded funds.
GENEVA, Sept 28 (Reuters) – Switzerland would have to charge
higher end-user power prices and resort to new gas-fired plants
to fill the supply gap created by its planned nuclear phase-out
prompted by Japan’s Fukushima accident, the Swiss energy
ministry said on Friday.
The country, which voted last May to phase out nuclear by
2034, on Friday unveiled an ambitious energy strategy intended
as a road map for coping with the transition.