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Jul 31, 2014

LyondellBasell stops buying Kurdish crude amid dispute

NEW YORK/HOUSTON, July 31 (Reuters) – Chemicals firm
LyondellBasell, part of Ukrainian-born billionaire
Leonard Blavatnik’s business empire, said it will quit buying
“disputed” oil from Iraq – one day after Reuters identified it
as the mystery American importer of Kurdish crude.

Following a Reuters report on Wednesday that, for the first
time, identified the company’s Houston Refining LP unit as
having imported two small cargoes of heavy, sour Kurdish crude
in May, LyondellBasel confirmed that the company had recently
purchased “modest quantities” of what it called “Iraqi crudes”.

Jul 31, 2014

LyondellBasell emerges as mystery U.S. buyer of Kurdish oil; says no more

NEW YORK/HOUSTON, July 31 (Reuters) – Chemicals firm
LyondellBasell, owned by Ukraine-born billionaire
Leonard Blavatnik, has emerged as the mystery American buyer of
Kurdish crude oil this year, but said on Thursday it will not be
buying any more due to an ownership dispute.

Following a Reuters report that for the first time
identified the company’s Houston Refining LP unit as having
imported two small cargoes of heavy, sour Kurdish crude in May,
LyondellBasel told Reuters that the firm had recently purchased
“modest quantities of Iraqi crudes”.

Jul 30, 2014

Exclusive: LyondellBasell seen as mystery U.S. buyer of Kurdish oil in May

NEW YORK (Reuters) – Chemicals firm LyondellBasell, owned by Ukraine-born billionaire Leonard Blavatnik, appears to be the mystery American buyer of two cargoes of Kurdish crude delivered in May, according to U.S. government data and industry sources.

Nearly two months prior to this week’s standoff between the central government of Iraq and Kurdistan over a tanker near Texas with $100 million of Kurdish crude, a smaller ship with Kurdish oil discharged its cargo of heavy, sour Shaikan crude in Houston without any legal tangles, Reuters had reported. A second ship arrived later in May, data show.

Jul 30, 2014

LyondellBasell seen as mystery U.S. buyer of Kurdish oil in May

NEW YORK, July 30 (Reuters) – Chemicals firm LyondellBasell
, owned by Ukraine-born billionaire Leonard Blavatnik,
appears to be the mystery American buyer of two cargoes of
Kurdish crude delivered in May, according to U.S. government
data and industry sources.

Nearly two months prior to this week’s standoff between the
central government of Iraq and Kurdistan over a tanker near
Texas with $100 million of Kurdish crude, a smaller ship with
Kurdish oil discharged its cargo of heavy, sour Shaikan crude in
Houston without any legal tangles, Reuters had reported. A
second ship arrived later in May, data show.

Mar 31, 2014

Analysis – National resource giants plot varied paths to global goal

NEW YORK (Reuters) – In teaming up with Cargill to create the world’s largest sugar trader last week, Brazil’s Copersucar has joined a small but growing club of national resource champions steadily transforming the commodities landscape.

In the boldest international move in its 50-plus-year history, the world’s top sugar producer will form a 50-50 joint venture with global trading powerhouse Cargill, plugging its 47 sugar mills into one of the world’s biggest logistical operations, with customers stretching from Chicago to China.

Mar 31, 2014

National resource giants plot varied paths to global goal

NEW YORK (Reuters) – In teaming up with Cargill to create the world’s largest sugar trader last week, Brazil’s Copersucar has joined a small but growing club of national resource champions steadily transforming the commodities landscape.

In the boldest international move in its 50-plus-year history, the world’s top sugar producer will form a 50-50 joint venture with global trading powerhouse Cargill, plugging its 47 sugar mills into one of the world’s biggest logistical operations, with customers stretching from Chicago to China.

Mar 26, 2014

Invisible men lined up as heirs at commodity traders

NEW YORK, March 24 (Reuters) – Abrupt leadership changes at
commodity traders Trafigura and Gunvor over the past week have
put a sharp light on an industry-wide challenge: shifting
oversight from a legion of legendary, aging leaders to a new
generation.

Trafigura’s co-founder and chief executive Claude Dauphin,
63, who owns less than a fifth of the firm, stepped down this
week to receive medical treatment. Jeremy Weir, who ran the
mining and risk management divisions, will take over the firm,
putting a 50-year-old Australian geologist in charge of the
enterprise with a turnover of $133 billion.

Mar 2, 2014

For oil traders, a vexing new risk: U.S. politics

NEW YORK, March 2 (Reuters) – Oil traders are past masters
at handicapping geo-political risks, from war in the Middle East
to resource nationalists in Latin America. Lately, they face
another confounding political landscape: Washington.

As a bounty of shale oil transforms the trading landscape
across North America, U.S. policymakers are being confronted
with a host of issues that hold immediate and material
implications to energy companies, investors and traders.

Feb 28, 2014

Bakken oil rail slows, regulators deny terminal closures

NEW YORK/WASHINGTON, Feb 28 (Reuters) – Oil shipments by
rail from the booming Bakken shale in North Dakota have slowed
over the past two days, data showed on Friday, but a U.S.
regulator knocked down rumors that some terminals have been shut
down due to new rules.

Oil traders are on edge over concerns that an emergency
order from the U.S. Department of Transportation this week
requiring shippers to test all crude before it is carried by
train could cut into deliveries of Bakken crude, as much as
800,000 barrels per day (bpd) of which is shipped by rail.

Dec 27, 2013

March of state companies resets global trading patterns

LONDON, Dec 27 (Reuters) – As U.S. and European banks drop
out of commodity trading, Russian, Chinese and Gulf state firms
are filling the gap in an attempt to exert greater control over
the pricing of the raw materials on which their economies so
heavily depend.

Last week, the Kremlin oil champion Rosneft bought
the oil trading unit of Morgan Stanley, one of the
largest and oldest trading desks on Wall Street, as banks reduce
exposure to trading.