Mabanafts profile is low even by the secretive standards of other independent oil traders. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader. They include gas and power trading on both sides of the Atlantic, physical assets spanning 40 locations in North America, an oil-trading book with a supply and offtake contract with the largest refinery on the U.S. East Coast, 6 million barrels of storage leases in the Canadian oil sands, and Henry Bath & Sons Ltd., a 220-year-old metal-warehouse operator based in Liverpool, England. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. 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. What matters is results, and you can see that in the way they trade.. Chinese state funds have flowed into Noble and private Asian traders. Mabanaft sold 20 million tonnes of oil in 2010, up from 18 million tonnes in 2009. Vitol, the largest independent oil trader, handled 261 million and Trafigura traded 102.8 million tons of oil and petroleum products. Behind the $100 Billion Commodity Empire That Few Know [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. Arcadia has faced controversy before. Cargill hopes to dominate new markets as well. Two examples: it makes biodegradable and recyclable plastics out of corn at its $1 billion complex at Blair, Nebraska, and is creating new low-calorie food ingredients for such multinationals as Kraft, Nestle and Coca Cola. It has coal mines in Kalimantan in Indonesia, oilfields in Argentina and Canada plus oil trading in Singapore, Chicago, Houston and across Europe. 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. The unit has generated $750 million in annual operating profit before compensation costs, according to people who have seen documents circulated in relation to the sale. That experience defined the trading strategies of Dunand and Jaeggi who moved from Phibro to start Sempras European and Asian trading business in 1999 before founding Mercuria in 2004. In early 2007, when world grain prices were surging toward all-time highs, it faced a problem in Ukraine. That comment didnt help calm rumors and then Timchenko spoke too. In March 2014, the firm purchased JP Morgan 's physical commodities unit for $3.5 billion. and other data for a number of reasons, such as keeping FT Sites reliable and secure, In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the worlds fourth-largest commodity trader with revenue topping $100 billion last year. Kochs chief executive Charles Koch, a libertarian activist with a $22 billion personal fortune according to Forbes, has said his company would go public over my dead body. We havent seen this pace of population growth in our living memory, Verghese told a conference in Singapore late last year. Among their campaigns is one to end the U.S. Environmental Protection Agencys mandate for regulating greenhouse gas emissions. [4] The group operates in 50 different countries. Dunand and Jaeggi are Mercurias largest shareholders but an employee share ownership scheme holds around 40 percent of the company. In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the world's fourth-largest commodity trader with revenue. Tornqvist, a former BP trader and keen yachtsman, says he doesnt share the vision of Mark Rich, the father of contemporary trading, that political links are the most prized asset in trading. As Chinas clout grows, its very likely that Chinese firms will build trading dynasties of their own. It helps that the firm usually has the backing of Washington. 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. Founded in 2004, Mercuria Energy Trading is one of the world biggest independent energy . Several of Fredriksens traders worked for BP in the early 2000s, where aggressive oil trading at Cushing turned huge profits, and also led to BP paying fines for alleged trading violations. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. Check if your Marco Dunand CHIEF EXECUTIVE OFFICER. It now has stakes in a coal mine in Indonesia, oil and gas fields in Argentina, oil storage in China and a biodiesel plant in Germany. Mercuria also differs in tone. [14], Mercuria is active players in energy and renewable markets through investments in the energy transition, with a particular focus on the United States and Europe. Its a message that could apply just as well to the Louis Dreyfus group. Dont miss our exclusive Olympique Marseille is at a crossroads, she told supporters in a statement to announce the changes at the club. We know how to close the gap (with Vitol and Glencore) and we are actively catching up, Tornqvist said. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. Outside the commodities business, many of these quiet giants who broker the worlds basic goods are little known. Vitols Saddam connection does not seem to have hurt it in Iraq. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Shenouda, who joined Mercuria in 2014, had for years been seen as the likely successor to co-founders Marco Dunand and Daniel Jaeggi. Which may be why Mabanaft wants to expand beyond its northern European heartland. Two decades ago, Chinese farmers fed their pigs just about anything they could lay their hands on. That gives banks who trade futures cause for concern, but since physical players usually receive exemptions to limits -- because they are categorized as bona fide hedgers -- trading firms should go unscathed. Mercuria was nearing the sale of an equity stake of 10 percent to 20 percent to Chinese sovereign wealth fund State Development & Investment Co., according to two people familiar with the matter. While Vitol would not comment, industry talk has it that none of its senior employees, including CEO Ian Taylor who joined from Shell in 1985 or long-timer Bob Finch who heads Vitols coal business, holds more than 5 percent of the company. There were two schools for the commodity trade: the Marc Rich school with Glencore and Trafigura, which is obviously successful, then theres the investment bank school, which has more of a risk approach.. Nobles shareholders include Chinas sovereign wealth fund, China Investment Corp., which bought an $850 million stake in 2009, and Korean Investment Corp., which has a minority stake. It is true that I, together with three other businessmen, sponsored a judo club where Mr Putin became honorary president, he wrote. It is also the largest producer of consumer pack edible oils with about 45 percent market share. [19][20] Magid Shenouda,the former co-head of commodities trading at Goldman Sachs Group Inc, joined Mercuria as a shareholder, global head of trading and deputy CEO. At its headquarters on Genevas poshest shopping street, traders and executives wear open-collared shirts, sweaters and jeans, a sharp contrast to the shirt-and-tie policies at more established firms. In a 2009 State Department cable from Yemen, obtained by WikiLeaks and provided by a third party to Reuters, sources told U.S. diplomats that the company used intimidation tactics including kidnapping threats to buy Yemeni crude at below market prices. Theres a great deal of trust between them.. Its meteoric growth has been piloted by a couple of the sharpest minds in commodities. Work Permit Application Outcome. What really makes them different is their growth, said Olivier Jakob, managing director of Petromatrix GmbH in Zug, Switzerland. Sanctions targeted Gaddafi. While pursuing Robert Louis-Dreyfus passion for the club, which drained millions from his fortune, she has placed strict conditions on new investment. Switzerland-based Glencore cast aside its famed secrecy earlier this year with a record market debut that turned its executives into paper millionaires and propelled the firm into the headlines. All quotes delayed a minimum of 15 minutes. The firm is now the worlds largest shipper of Robusta coffee and counts Nestle, Hershey, General Mills and Sara Lee as clients. Founded in 2004, Mercuria Energy Trading is one of the world's biggest independent energy traders . Mercuria Energy Group, Ltd - MarketsWiki, A Commonwealth of Market 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. But make no mistake, if you perform well at Koch, you are richly rewarded in salary terms, the person added. Compare Standard and Premium Digital here. They were early dealers in a range of financial derivatives that are now commonplace and brought a level of sophistication to their trading books that most of their competitors could often only envy. A profile in the New Yorker magazine last year identified the brothers as behind-the-scenes operators who bankroll the U.S. Mercuria looks for opportunities to participate in industry initiatives, industry associations and working groups which aid communication and progress in our industry, as well as supporting published guidelines and initiatives wherever appropriate. But Mabanaft has also gradually opened offices in Singapore and the United States and, in the summer of 2010, a representative office in India. That strategy has often succeeded, though last month it found itself at the center of a dispute in the newly minted nation of South Sudan. With global sales of $108 billion in 2010, Cargill would have ranked No. Just 10 years old, Mercurias ascent has outpaced its competitors. In London, Trafigura reached a pre-trial settlement to put an end to a class-action suit from some 31,000 residents. He was later pardoned. Premium access for businesses and educational institutions. Belgium-born Rich joined Philipp Brothers, subsequently Phibro, aged 20, leaving in 1974 with a fellow graduate of the Phibro mailroom, Pincus Pinky Green, to set up Marc Rich and Co AG in Switzerland. There is no rush, the company has been private for 150 years so there is no specific timing for changing the shareholding structure, one source close to the company said. That gives its traders the advantage of timely market intelligence. Its one of the largest physical suppliers of metals including zinc, lead and nickel, and a leading grain exporter from Europe, the former Soviet Union and Australia. Many small producers rely almost entirely on Koch to buy, sell and ship their crude. We went to the Ivory Coast on a mission to help the people of Abidjan, and to find ourselves arrested and in jail as a result has been a terrible ordeal for ourselves and our families, said Dauphin. The scandal has hardly hampered the firms stellar growth. Now Dunand, 52, and Jaeggi, 53, are executing a plan to propel Geneva-based Mercuria Energy Group Ltd. nearer to the top independent traders, Glencore Xstrata Plc (GLEN), Trafigura Beheer BV and Vitol Group. You may change or cancel your subscription or trial at any time online. They are part of the food chain, yet help shape it, and the personal rewards can be huge. Vitol says it is happy with its private status and has no IPO plans. 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. We also believe that nature is going to have to play its role in the transition, because when the world talks about net zero, it doesn't mean absolute zero. There is no ideal solution. When in Wichita, he often dines in the Koch cafeteria. The privately owned company recorded net income of $425m in the six months to June, up more than $100m from the same period last year, according to people briefed on unaudited figures revealed. It has also dipped a toe in the upstream business. Mercuria's Marco Dunand talked to S&P Global Platts about the challenges, implications, and opportunities that the coronavirus pandemic presents across all the key commodity classes in a time of unprecedented volatility in the global markets. No suggestions of wrong-doing were leveled against Dunand or Jaeggi. It doesnt always work. The top trading firms are price makers, said Chris Hinde, editor of London-based Mining Journal. While Rich himself fled to Europe in the 1980s to escape possible imprisonment for tax evasion in the United States, Dauphin spent almost six months behind bars in Ivory Coast in 2006-7 in pre-trial detention involving a dispute over toxic waste dumping. They have grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. Lims Chinese connections have played a big part in the companys success. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. U.S. regulations are now pending to limit banks proprietary trading -- speculating with their own cash. See here for a complete list of exchanges and delays. These days, Olam has upstream operations in everything from a coffee plantation in Laos to a rice business in Thailand, from almonds in Australia to cashews in Africa. Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. [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. 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.

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