LAUSANNE, Switzerland, April 24 (Reuters) – Private
partnerships still offer the best route to growth and
development for most commodity traders, feeding the personal
touch which sustains business, despite the success of Glencore’s
share flotation last year, senior traders said on Tuesday.
Glencore raised more than $10 billion via an
initial public offering last May, making six of its directors
billionaires including Chief Executive Ivan Glasenberg, but so
far its rivals have not followed suit.
LONDON/GENEVA, April 23 (Reuters) – The UK administrator for
Petroplus’ British refinery Coryton said on Monday the
plant will shut for around 6-8 weeks from late September for
major work expected to cost around $150 million.
The 175,000 barrel per day plant near London is on the
market after its Swiss-based owner filed for insolvency in
January, a victim of thin refining margins and high debt.
GENEVA, April 23 (Reuters) – Oil traders buying from
national oil firms could face new disclosure rules within a year
as part of an effort led by the Extractive Industries
Transparency Initiative (EITI), the group told Reuters on
The EITI, which has already implemented similar measures in
oil producers Iraq and Norway, said that the rules would apply
to all companies trading with EITI signatories.
GENEVA, April 20 (Reuters) – The Geneva-based trading arm of
Russia’s LUKOIL, traded slightly less oil in 2011 than
the previous year, a company document showed, as higher export
tariffs diverted more flows to the domestic market.
Russian crude export duties are linked to the price of
Russia’s key Urals crude blend URL-E which rose to a
historical high of $110 a barrel last year, according to Reuters
GENEVA, April 18 (Reuters) – Switzerland on Wednesday left a
loophole open as sanctions tighten against Iran, that may let
Swiss-based oil trading companies evade a European Union ban on
trading Iranian oil.
The Swiss Economics Ministry said it would make a decision
on the EU’s ban on the importation, purchase or shipping of
Iranian oil, at a “later date”, without giving specifics.
GENEVA, April 17 (Reuters) – French oil major Total
will cut oil supplies at a giant deep oil platform off
the coast of Angola for planned works in June, trade sources
said on Tuesday.
Girassol, which means sunflower in Portuguese, is one of
OPEC member Angola’s largest fields and can pump up to 250,000
barrels per day (bpd).
GENEVA, April 13 (Reuters) – Swiss banks are expanding
aggressively in commodity trade finance and have lured top
talent away from dominant French rivals as refinancing woes
force them to curb their activities.
Commodity trade finance, the low-risk and low-margin
business of lending cash to arbitrage copper shipments and
import grain, has been in crisis since French banks started
cutting back last year due to a shortage of dollar liquidity.
GENEVA, April 12 (Reuters) – India has vaulted to the top of
the list of Iran’s oil customers, overtaking China, in a first
quarter buying surge ahead of tighter sanctions against Tehran
this summer, data published by a leading industry consultant
Direct imports to India from Iran were 433,000 barrels per
day (bpd) in the first quarter compared with 256,000 bpd to
China, according to data compiled by Geneva’s Petrologistics and
seen by Reuters via an industry source.
GENEVA, April 10 (Reuters) – As much as half the assets
stowed in Swiss banks, estimated by experts at $2 trillion, may
be undeclared money, the Chief Executive of India’s Hinduja
Group’s Geneva-based banking arm told Reuters in an interview.
But Switzerland’s strategy of sweeping accounts of
undeclared funds as part of its clean-money strategy is not
likely to spark an exodus of funds in favor of rival offshore
centers, Charles de Boissezon said.
GENEVA (Reuters) – Hinduja Group’s Swiss-based private banking arm is able to continue providing financing to trading houses shipping food to Iran, its chief executive told Reuters, despite difficulties in processing payments.
“We are happy to provide help for the Iranian people in supporting trade finance on a humanitarian basis for food and pharmaceuticals,” Chief Executive Charles de Boissezon told Reuters by telephone.