GENEVA (Reuters) – Vitol, the world’s largest oil trader, has teamed up with the co-founder of Petroplus, Marcel Van Poecke, to buy the insolvent refiner’s Swiss plant, as part of the trader’s drive to expand into physical assets.
Varo Holding SA, the joint venture between Vitol and Van Poecke’s AtlasInvest, agreed to buy the Cressier plant on Wednesday and will complete the transaction by the end of June, Petroplus administrator Wenger-Plattner said on Thursday.
May 2 (Reuters) – The fund arm of Swiss-based trading house
Trafigura is seeking to raise $1 billion for trade and
commodities finance, the company said on Wednesday, as it seeks
to expand in a realm traditionally dominated by European banks.
The quest for new funding forms part of a broader drive by
Trafigura’s hedge fund Galena to increase its assets under
management to $4 billion by the end of 2013.
LAUSANNE, Switzerland (Reuters) – Gold, copper and other commodities could be paid for in yuan within a decade or two, bankers and traders said on Wednesday, provided China pursues its policy of gradually freeing up trade in the currency.
Already the world’s biggest consumer of commodities such as industrial metals and oil, China’s economy is growing more than three times faster than most developed countries.
LAUSANNE, Switzerland, April 24 (Reuters) – Efforts to
increase regulation of physical trade in commodities such as oil
are unlikely to have a big impact on business in this
traditionally opaque sector and would be hard to implement, top
trading house executives said on Tuesday.
Regulatory initiatives on commodities trading have mostly
focused on futures and derivatives, but non-governmental
organisations are also calling for stricter rules on disclosure
for physical commodities deals.
LAUSANNE, Switzerland (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 (GLEN.L: Quote, Profile, Research) 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.
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.