In 2014, Mercuria bought part of JPMorgan's physical commodities trading business for a reported US$3.5 billion. The company has spent six decades trying to keep it that way. [10], Mercuria moves about 1.5million barrels per day (240,000m3/d), of crude and oil products and has upstream and downstream assets ranging from oil reserves in Argentina, Canada and the United States, to oil and products terminals in Europe and China, as well as substantial investment in the bio fuels plants in Germany and the Netherlands. Glencores initial public offering was the largest globally this year, attracting huge publicity as well as arguments that it marked the top of the commodities cycle. WHO: Noble Group, founded 1986 by UK scrap metal man Richard Elman. ADMs environmental record has also been questioned by the Environmental Protection Agency, resulting in fines and forced installation of pollution control measures. Certain musicians, they have had a few hits and sort of faded away. He talked about how we are moving into action and investing in. Of the six major metals warehousers only one, Dutch-based C.Steinweg, remains independent. It helps that the firm usually has the backing of Washington. Vitols Saddam connection does not seem to have hurt it in Iraq. Put it this way: two of them, Vitol and Trafigura, sold a combined 8.1 million barrels a day of oil last year. The sort of position that has allowed Vitol to do a brisk oil business with the U.S. government, the besieged Syrian regime, and Libyas newly empowered rebels simultaneously over the past few months. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Despite a concerted campaign in recent years to put forth a friendlier face and personality through advertising and more appearances by its executives in public forums, Cargill is bound together by a culture of confidentiality, aggressiveness -- and winning. Pre-tax income for its parent company Marquard & Bahls was $274 million, up from $252 million the previous year. The discussions with SDIC were halted once Mercuria neared the JPMorgan business, one of the people said. A few traders seized the chance to buy what amounted to almost all the available supply. Gunvors oil dominance has waned in the past two years -- it is handling around a fifth of Russian seaborne oil exports, down from a third three years ago. The 2022 report is the fifth annual CSR report prepared by Mercuria and the data and commentary refer to our activities in the 2022 calendar year. In 2001, for instance, it bought storied Swiss company Andre & Cie, once one of the worlds top five grains traders. But ADMs reputation has endured a black eye or two over the years. Marco Dunand, who has helped build Mercuria into one of the world's biggest independent energy traders, said the crash in US crude prices into negative territory in April served as a wake-up. To contact the reporters on this story: Andy Hoffman in Geneva at ahoffman31@bloomberg.net; Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net, To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Amanda Jordan Their friendship was galvanized a few years later working for grain trader Cargill Inc. and sharing an apartment while on a training course in Minneapolis. It buys and sells multiple crops, mills and grinds and processes them into scores of products, both edible and not, and ships them to markets around the world. Design by Andrew Colby. China is becoming more like a Glencore, said Hinde. Around two decades ago, Kuok Khoon Hong decided to leave the business empire of his billionaire uncle Robert Kuok to set up an edible oil business with a big bet: China. Mercuria Mercuria Energy Group Ltd is a Cypriot-domiciled French [1] multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, biodiesel, base metals [2] and agricultural products. Roger Jones, the former head of commodities at Barclays Plc (BARC) who has spent more than a quarter-century trading, was hired in 2012 to head its non-oil business and join the board. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while The three former Goldman Sachs Group Inc. executives together own a controlling stake in Mercuria through a Guernsey entity called MDJ Oil Trading Ltd. Thats what Koch, Vitol and others did in 2009 when they parked 100 million barrels of oil in seaborne tankers. That helped balance the reputational damage of being fined -- along with many other companies -- for paying surcharges a decade ago to Saddam Husseins Iraqi oil ministry during the U.N. oil-for-food program. cookies If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. If you have any issue with this post please contact us, News > Commodity Trading > Behind the $100 Billion Commodity Empire That Few Know, CTRM Center Its a model it has replicated across various commodities. They stayed until 1994, then joined Phibro for a five-year stint when it was controlled by Salomon Brothers. WHO: Louis Dreyfus, founded 1851 by Leopold Louis-Dreyfus, WHERE: Paris WHAT: Cotton, rice, grains, orange juice. Dunand, chairman and chief executive, and Jaeggi, head of global trading, used Mercuria to expand their trading base from crude and oil products. They point to very competitive pricing offered by Gunvor when it comes to Russian oil tenders. In two decades the Bangalore-born trader has built Olam into a $4.5 billion company involved in around 20 different commodities including coffee, cocoa, rice, grains and sugar, from a startup that sold Nigerian cashew nuts. But there are people like David Bowie or Paul Weller who sense that the market is moving and change with it. Like Rich, Dauphin created a leading commodities trading house by applying a knife-edge approach to business. Trading houses have huge volumes of proprietary trading. Thats the nature of their business., WHO: Glencore, founded 1974 as Marc Rich and Co. renamed Glencore in 1994, WHERE: Baar, Switzerland WHAT: Metals, minerals, energy, agricultural products, REVENUE: $145 billion in 2010 CEO: Ivan Glasenberg, STAFF: 2,800 people directly; 55,000 at Glencores industrial assets. No sentimental attachments to any country or location. We support credit card, debit card and PayPal payments. It doesnt always work. With nearly $10 billion worth of cash and bank deposits on Wilmars balance sheet, Kuok is unlikely to stop his expansion drive there. And unlike commodities producers, such as U.S. oil giant Exxon Mobil, trading firms dont just make money when prices go up. Most rely on arbitrage -- playing the divergence in prices at different locations, between different future delivery dates, or between a commoditys quality in different places. Vitol was founded in 1966; Glencore in 1974; Trafigura started in 1993; and Gunvor, the fifth-largest independent trader controlled by billionaires Torbjorn Tornqvist and Gennady Timchenko, was founded in 2000. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. Decatur, Illinois-based ADM is one of the worlds biggest commodities traders. We are taking a new approach for the fifth annual CSR report that we have prepared by Mercuria. [31] In November 2022, it was announced Beyond6 has been acquired by the Chevron Corporation subsidiary, Chevron USA Inc.[32], Review of International Political Economy, "China slowdown spells end of big payday for iron ore traders", "RPT-Oil traders diversify into food and metals in quest for profits", "Citi sells Phibro after government pressure", "Oil Trader Mercuria's Ownership Structure Revealed in Filing", "Top three executives lift stake in Mercuria", "Polskie obywatelstwo i fortuna zbita na ropie", "Oil and Gas, PetroLama Energy Canada Inc. Calgary, AB Home", "Prior notification of a concentration (Case COMP/M.6807 Mercuria Energy Asset Management/Sinomart KTS Development/Vesta Terminals): (Text with EEA relevance)", "Oil traders say banks are demanding green targets for loans", "Louis Dreyfus metal traders, investment managers will join Mercuria Energy", "Mercuria Energy Group Ltd buys MGM International from Morgan Stanley - CEOWORLD magazine", "J.P. Morgan Completes Sale of Some Commodities Operations to Mercuria", "JPMorgan sells physical commodities unit to Mercuria for $3.5 billion", "ChemChina Acquires 12% Stake in Swiss Commodity Trader Mercuria", "Restructured Aegean Marine Becomes Minerva Bunkering", "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum", "Aegean Marine Petroleum Network Inc. Reorganizes as Minerva Bunkering", "Energy trader Mercuria posts record profit for volatile 2020", "Trader Buys $36 Million of Copper and Gets Painted Rocks Instead", "Mercuria Buys Clean Energy Specialist Beyond6", "Chevron to acquire full ownership of Beyond6 CNG Fuelling Network", "Mercuria Commodities Canada Corp. - Relationship Science", "Mercuria Grows its Global Metals Trading Business", https://en.wikipedia.org/w/index.php?title=Mercuria&oldid=1146888302, This page was last edited on 27 March 2023, at 15:24. Back in Hong Kong, he traded commodities with China in the 1970s and was the first to sell Chinas Daqing crude oil to the United States. Analytical and operational solutions to navigate complex, volatile markets. He has made a fortune. Critics, including the Russian opposition, put it simply -- Russias paramount leader helped businessman Gennady Timchenko create the Gunvor oil trading empire, which saw a spectacular rise in the past decade when Putin was president and then prime minister. The suit was settled out of court for an undisclosed sum. The company, which went public 10 years ago, realized early that rising incomes in Asia could be fed by Brazil and Argentina, two of the last remaining countries with new farmland left for crop cultivation. As the company expanded, it has hired traders and investment professionals from Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[16] and Electrabel in London. It has coal mines in Kalimantan in Indonesia, oilfields in Argentina and Canada plus oil trading in Singapore, Chicago, Houston and across Europe. In 2006, J+S was raided by the Polish authorities in connection with an investigation into oil trading in Poland.
Ainsley Earhardt Father,
Uc Irvine Graduate Admission Statistics,
Articles M