Emma's Feed
Mar 9, 2012

Russia criticises UN over NATO role in Libya

GENEVA, March 9 (Reuters) – Russia criticised U.N.
investigators on Friday for failing to adequately probe deaths
caused by North Atlantic Treaty Organisation (NATO) bombs during
the uprising against Libyan leader Muammar Gaddafi last year.

Independent investigators for the U.N. Human Rights Council
last week issued a report saying NATO had caused civilian
deaths, but added the organisation had taken “extensive
precautions to ensure civilians were not killed”.

Mar 9, 2012

Swiss oil firms not breaking Syria sanctions – govt

GENEVA, March 9 (Reuters) – The Swiss body responsible
for enforcing sanctions said it has held talks with a number of
locally based trading firms including AOT Trading AG and Gunvor
over Syrian oil sanctions and has found no evidence of
violations.

Syria is under international scrutiny because of the violent
crackdown on protests against President Bashar al-Assad and
activists are keen to shame any companies still supplying his
government.

Mar 8, 2012

Petroplus halves workforce at Swiss HQ-sources

GENEVA/LONDON, March 8 (Reuters) – Oil refiner
Petroplus made around half its workforce redundant at
its head office in Switzerland ahead of a last-ditch survival
plan to reduce its refining fleet to two, sources familiar with
the matter told Reuters on Thursday.

Between 70-80 staff workers or nearly half the workforce at
the headquarters in the Swiss canton of Zug were informed of the
decision on Thursday, the sources told Reuters.

Feb 24, 2012

Slim oil margins dampen traders’ party spirit

LONDON, Feb 24 (Reuters) – Record volumes of oil trade
and a crude price near $125 a barrel did not mean record profits
for those gathered under the glittering chandeliers of the best
London hotels for International Petroleum week.

The world’s top oil trader Vitol has reported its highest
ever trading volumes and revenues of nearly $300 billion but
like all the big hitting trade houses, except Glencore,
it keeps its profits private.

Feb 22, 2012

For Iran oil trader, Western ties run deep

LONDON (Reuters) – The newspaper notice sat next to advertisements for tarot-card readings, Alcoholics Anonymous meetings and children’s tap-dancing lessons. The Naftiran Intertrade Company, an oil-trading firm owned by the Iranian government, announced plans to close its registered headquarters in the British tax haven of Jersey and move to a tax haven in Asia.

That advertisement, in a Jersey newspaper last September, came as Iranian companies were stepping up efforts to get around Western sanctions designed to slow or stop Iran’s nuclear programme. But the Iranian oil trader’s retreat from the West has been only a partial one.

Feb 21, 2012

Iran is “winning” on Western oil sanctions – Vitol

LONDON (Reuters) – An increase in world oil prices has more than compensated Iran for revenues lost to lower crude exports because of sanctions imposed by the West, the head of the world’s leading oil trader said on Tuesday.

Ian Taylor, chief executive of Vitol, said a decline in the value of the euro versus the U.S. dollar had also raised the cost of dollar-denominated oil sales to European Union countries.

Feb 21, 2012

Oil trader Vitol revenues rise to record $297 bln

LONDON, Feb 21 (Reuters) – The world’s leading oil
trader, privately-held Vitol, said revenues surged to a record
$297 billion in 2011 and that it is looking to expand further in
oil storage and distribution.

Traded volumes including oil, carbon and natural gas rose to
a record 457 million tonnes in 2011 up from 399 million tonnes
the previous year, the company said.

Feb 20, 2012

Disputed Sudanese oil tanker can deliver-Trafigura

LONDON, Feb 20 (Reuters) – Oil trader Trafigura
said on Monday that a tanker carrying disputed
Sudanese oil has received permission from an English court to
deliver the contents to its destination and that proceeds will
be held by the court until ownership is established.

The 600,000 barrel tanker, the Ratna Shradha, has been
stranded off Japan for the past week waiting permission to dock
because of uncertainty surrounding ownership of the oil,
shipping and traders sources said.

Feb 17, 2012

Gunvor trade volumes near record high in 2011

LONDON, Feb 17 (Reuters) – Swiss-based trader Gunvor
maintained its trading volumes in 2011 near record high, a draft
document of its performance showed, despite what market players
describe as a loss of its top spot in the Russian crude oil
export market.

Strong trade volumes came after acquisitions in the coal
sector, which the firm expects to account for an increasing
share of its trading business and expansion in segments such as
natural gas, emissions, freight and liquefied gas.

Feb 16, 2012

Venezuela ships fuel to war-torn Syria – traders

CARACAS/GENEVA (Reuters) – The government of Venezuela’s Hugo Chavez is emerging as a rare supplier of diesel to Syria, potentially undermining Western sanctions and helping the Syrian government fuel its military in the middle of a bloody crackdown on civilian protests.

A cargo of diesel, which can be used to fuel army tanks or as heating fuel, was expected to arrive at Syria’s Mediterranean port of Banias this week, according to two traders and shipping data. The cargo could be worth up to $50 million.