Emma's Feed
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.

Feb 16, 2012

Exclusive: Venezuela ships fuel to war-torn Syria

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.

Feb 16, 2012

Exclusive: 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.

Feb 16, 2012

Special report: 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 program. But the Iranian oil trader’s retreat from the West has been only a partial one.

Feb 9, 2012

Trafigura hedge fund targets $3 bln by year-end

GENEVA (Reuters) – Galena, the fund arm of trading house Trafigura, aims to grow by almost 50 percent this year to around $3 billion (1.9 billion pounds) as opportunities abound in a choppy market for commodities and energy, the fund’s head said in an interview.

Galena is already a large hedge fund manager in commodities and uses the know-how of its parent to glean on-the-ground knowledge from Mozambique to Mongolia, spot new projects and sift value out of distressed assets.

Feb 8, 2012

Cargill says it’s still supplying Iran with grain

GENEVA (Reuters) – U.S. agribusiness giant Cargill plans to continue grain shipments to Iran, its vice chairman said, despite signs the Islamic Republic is struggling to process payments as U.S. trade sanctions bite.

“Like all the international companies, we do business there, but you have to be very careful,” Paul Conway told Reuters in an interview.