Emma's Feed
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.

Feb 8, 2012

Exclusive: Trafigura deals in disputed Sudanese oil

GENEVA (Reuters) – Swiss-based commodities trader Trafigura has bought oil which the South Sudanese government claims was seized by Sudan, its northern neighbor and former civil war foe, industry sources told Reuters, and is now in a legal dispute over ownership.

The tanker of crude oil is one of three seized cargoes forming part of some $815 million in oil revenues that South Sudan’s President Salva Kiir accused Sudan of “looting” and which the government in Khartoum said provided compensation for unpaid transit fees.

Feb 5, 2012

Petroplus UK Coryton plant to receive crude tanker

GENEVA, Feb 5 (Reuters) – Petroplus’s UK administrator
said on Sunday that it had bought a cargo of crude oil for
processing at its Coryton plant as it seeks to conclude
negotiations with interested parties to save the plant.

Switzerland’s Petroplus, the owner of the 175,000 barrel per
day plant near London, has filed for insolvency, and
PricewaterhouseCoopers (PwC) has maintained operations at
Coryton since Jan. 24.

Jan 31, 2012

Court gives Petroplus Swiss refinery 2 months grace

NEUCHATEL, Switzerland, Jan 31 (Reuters) -
Switzerland’s Cressier refinery, owned by debt-crippled
Petroplus, has obtained a two-month grace period under
Swiss law to keep creditors at bay as it seeks to reorganise its
business, a regional court ruled on Tuesday.

The court said the ruling would be in place until March 31,
2012 and obliged the refinery to maintain a minimum level of
activity and to pay its workers.