Emma's Feed
Jun 7, 2012

U.S. disappointed by Swiss sanctions on Iran-envoy

GENEVA, June 7 (Reuters) – The United States is disappointed
that Switzerland has not yet adopted the European Union’s
embargo on Iranian oil, the U.S. Ambassador to Switzerland said,
adding that he did not expect the country to permit a legal
loophole in the long run.

Switzerland, a major physical oil trading hub and base for
Iranian state-owned oil trading firm Naftiran Intertrade
Company, extended an Iran blacklist in April but postponed a
decision on the EU ban until a “later date”.

Jun 1, 2012

Egypt falters on fuel payments, suppliers say

GENEVA/LONDON, June 1 (Reuters) – Egypt has struggled to
obtain bank payments for its fuel purchases, trade sources said,
delaying diesel supplies for transport, industry and agriculture
ahead of the second round of an election vote.

The payment problems have caused shipping delays and
prompted some suppliers to think again before offering oil into
a forthcoming $1 billion import tender, half a dozen trade
sources, including current suppliers, told Reuters.

May 31, 2012

Trader Gunvor buys second Petroplus oil plant

GENEVA, May 31 (Reuters) – Swiss-based trader Gunvor,
co-owned by a Russian tycoon, has bought a second European oil
plant from Petroplus, as trading houses emerge as the biggest
winners from the insolvent refiner’s asset sale.

Petroplus’ five plants came on the market at a time when
trading houses, traditionally the middle-men in global oil
markets, are seeking to snap up physical assets to become more
like integrated oil firms as profit margins shrink.

May 30, 2012

Exclusive: Glencore, Vitol keep oil flowing to Greece

LONDON (Reuters) – Debt-stricken Greece is surviving on oil priced at a premium from trading houses Vitol and Glencore, who have stepped in as suppliers of last resort after sanctions forced Greece to halt imports from its main supplier Iran.

Greece has been forced to halt Iranian oil purchases because of EU financial sanctions ahead of an oil embargo in effect from July 1.

May 24, 2012

Trafigura, Ormet in JV to buy aluminum assets

NEW YORK/GENEVA (Reuters) – Trafigura TRAFGF.UL and U.S. aluminum producer Ormet Corp (ORMT.PK: Quote, Profile, Research, Stock Buzz) have formed a joint venture to buy bauxite, alumina and aluminum projects, they said on Thursday, as the Swiss trading house looks to build its physical presence in the aluminum market.

Trading houses like Trafigura and rival Vitol, traditionally the middle men on global sales, are looking to acquire physical assets like aluminum smelters as trading profits shrink and stricter derivatives regulations loom.

May 24, 2012

Libya’s Tamoil pledges cash to save Swiss refinery

GENEVA, May 24 (Reuters) – Libyan-owned Tamoil’s Swiss
branch said it will spend “tens of millions” of Swiss francs on
its Collombey refinery after cantonal authorities issued an
ultimatum on a clean-up of the plant and threatened to force it
to suspend operations.

The Swiss canton of Valais, best known for the “Toblerone
mountain” and world-class ski resorts, in March published a list
of 15 steps it said Tamoil should implement to clean up the
50-year old plant.

May 23, 2012

Trafigura shifts trading centre to Singapore

GENEVA/SINGAPORE, May 23 (Reuters) – Commodities trader
Trafigura said on Wednesday that Singapore would
become its main trading centre as it seeks to tap booming
regional demand, dealing a blow to Switzerland as a commodities
hub.

Asian economic growth led by China is causing a shift in the
global demand centre from West to East, prompting a hiring spree
among Singapore’s commodity houses.

May 18, 2012

Trader BB Energy expands commodity finance team

GENEVA, May 18 (Reuters) – BB Energy said on Friday it has
hired three commodity finance specialists as the energy trading
house seeks to tap alternative sources of funding for downstream
acquisitions and its expansion in crude oil trading this summer.

Many small to mid-sized trading houses have seen their
credit lines trimmed or cut in the last year as the traditional
kings of commodity trade finance, the European banks, have
struggled to raise dollar funding.

May 4, 2012

Miners will battle resource grabs – Glencore

ST GALLEN, Switzerland, May 4 (Reuters) – Mining companies
will fight growing resource nationalism and could pull out of
countries where governments are demanding too large a share of
the pie, commodities giant Glencore warned on Fri day, a
day after Argentina nationalised the country’s biggest oil firm.

“The mining industry is  forming tight groups among each
other on how we are going to fight it…,” Glencore Chief
Executive Ivan Glasenberg said.

May 4, 2012

Access to Iran army site “priority” in talks: IAEA

ST GALLEN, Switzerland (Reuters) – Gaining access to a key Iranian military facility will be the priority for the U.N. nuclear watchdog when it resumes talks with the Islamic state in mid-May, agency head Yukiya Amano said on Friday.

Amano, director general of the International Atomic Energy Agency (IAEA), said the Vienna-based U.N. body did not yet have a “positive response” from Iran regarding the request for nuclear inspectors to be allowed to visit the Parchin site.