Join the conversation. A management shake-up this year at Frances most popular football club, Olympique Marseille, offers more proof of Margarita Louis-Dreyfus determination to defend her husbands legacy and impose hard financial choices. We are keen to consolidate our culture before we could think about changing it. 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. That would put them well below the 16 percent stake Glencore CEO Ivan Glasenberg owns in his firm. With around $100 billion in sales, Koch Industries is a heavyweight among U.S. oil trading firms, and one of the most secretive U.S. corporations. One of their secrets: filling the empty barges headed home. JPMorgans Canadian and U.S. operations will prove most valuable to Mercuria, according to Dawe. Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. Trading houses have huge volumes of proprietary trading. Behind the $100 Billion Commodity Empire That Few Know, Digitalize your trade & lifecycle confirms with real-time data driven technology. Its meteoric growth has been piloted by a couple of the sharpest minds in commodities. They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. Our Standards: The Thomson Reuters Trust Principles. cookies Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. 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. 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. newsletter, Energy Source. The firms far-ranging industrial interests also include chemicals, forestry, ethanol, carbon trading and ranching. Dunand, chairman and chief executive, and Jaeggi, head of global trading, used Mercuria to expand their trading base from crude and oil products. Together, Glencore employees, including many of its top traders, own just under 80 percent of the company. But there was one lesson that Rich must have cut short: how to avoid jail. 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. Many are unlisted or family run, and because they trade physical goods are largely impervious to financial regulators. Hes well on the way. The thinking is, why open the books to the world? said a former lobbyist for Koch who requested anonymity. Vitol says it is happy with its private status and has no IPO plans. It helps that the firm usually has the backing of Washington. But since White Plains, New York-based Bunge set up in China in 1998, many have switched to soy pellets. The warehouses seem to have an infinite capacity to absorb metal, but a very small capacity to release it, said Nick Madden of Novelis, the worlds top rolled aluminum producer. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Perhaps to make up for that, it has moved into new sectors such as natural gas, coal and emissions. When spot and futures prices began to converge, Koch would quietly slip crude from the ships into its onshore pipelines. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. 3. Most commodity buyers in the world are price takers. A Trafigura-chartered tanker was intercepted in the Caribbean in 2001 on suspicion of carrying illegal volumes of Iraqi crude. That complements his plan to set up a 200,000 hectares plantation in Indonesias Papua island, which could make him the new Asian sugar king, a title once hold by his uncle. The very public power struggle was all the more remarkable because the company normally keeps everything, from its precise earnings to the exact age of its main shareholder and chairwoman, a secret. organisation Design by Andrew Colby. Mercuria, named for the Roman god of trade, is targeting a JPMorgan business that includes energy trading and storage assets in North America, where a boom in shale oil and natural gas has transformed the flow of commodities worldwide. With Kochs easy access to tankers and pipelines, the strategy locked in profits of up to $10 a barrel with virtually no risk, traders said. With nearly $10 billion worth of cash and bank deposits on Wilmars balance sheet, Kuok is unlikely to stop his expansion drive there. Louis Dreyfus is a well-honed global operator, marketing agricultural commodities from wheat to orange juice. It has also dipped a toe in the upstream business. A row over oil export control could jeopardize its role in selling the nations crude. The company lists its trade in paper derivatives as larger still, or about 10 million barrels a day. and other data for a number of reasons, such as keeping FT Sites reliable and secure, That is as far as it goes -- yet time and again, the media wrongly jump to the conclusion that the judo club connection means that Mr Putin and I are close, then leap into conspiracy-theory mode.. Two decades ago, Chinese farmers fed their pigs just about anything they could lay their hands on. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. Verghese, who Forbes says is worth $190 million, believes he can go it alone and aims to quadruple the companys value by 2015. Together, they are worth over a trillion dollars in annual revenue and control more than half the world's freely traded commodities. Big trading firms now own a growing number of the mines that produce many of our commodities, the ships and pipelines that carry them, and the warehouses, silos and ports where they are stored. Now in his mid-60s, the reclusive trader is busy with his latest empire-building effort: getting government approval to build the city-states fourth oil refinery. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. 2. [25][26][27][28], In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. Argentinas tax office is investigating dozens of other agricultural exporters as well. (Bloomberg) 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. Brent crude rose 3.5 percent that year in a fourth annual advance. But to involve Mr Putin and any of his staff in this dialogue is speculation, he added. Dunand went on to say the "urgency level" around the energy transition had increased with growing scientific knowledge, availability of data and political support, and Mercuria is confident 50% of its investments will be in the energy transition sphere within five years. The CEO sometimes flies to speaking engagements with no entourage. 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. See here for a complete list of exchanges and delays. 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. Thats still a lot less than the billions the biggest independent oil traders make and a long way off the revenue of Marquard & Bahls oil tanking division, the second largest in the world after Vopak. ENERGY TURNOVER: $75 billion 2011 company estimate (2010, $47 billion). We have a system that monitors the supply and demand needs, because often times they are working independently. Van der Velden took the reins of a company on a roll. This gives them a strong opportunity for growth and puts them close to the top players in the league, said Roland Rechtsteiner, a partner at management consultant Oliver Wyman, whos published a series of reports on the industry written with Trafigura co-founder Graham Sharp. Mercuria CEO eyes renewable energy for Bitcoin miners, rise of 'green Of the six major metals warehousers only one, Dutch-based C.Steinweg, remains independent. 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. Introduction - Mercuria Corporate Social Responsibility We have a daily sales report from every corner where we operate and if we see sales slowing over a few weeks, we get to know the changing trend before others, one employee said, on condition of anonymity. They point to very competitive pricing offered by Gunvor when it comes to Russian oil tenders. Benoit Lioud, a Mercuria spokesman, declined to comment on talks with JPMorgan. The top trading firms are price makers, said Chris Hinde, editor of London-based Mining Journal. 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. Cognite Data Fusion Deployed for Data Management in Oil & Gas and Power. By annual revenue Vitol is richer than Glencore but the numbers arent directly comparable -- Glencore owns more hard assets which, typically, are far more profitable than trade turnover. Beyond Arcadia, Fredriksens stable of commodities-related firms includes MarineHarvest, a global salmon-farming conglomerate billed as the worlds largest seafood company. He also owns oil tanker operator Frontline, U.S. oil trader Parnon -- also named in the CFTC lawsuit -- energy driller Seadrill and gas distributor Golar LNG. We dont hear much about them yet, but in time we will.. For cost savings, you can change your plan at any time online in the Settings & Account section. Founded in 1818 in Amsterdam, the company is the worlds No.1 oilseed processor. The judge said there was no evidence the waste had caused anything more than flu-like symptoms and said some media had been irresponsible in their reporting. On its website Koch said it dismissed several employees of a French subsidiary upon learning of the improper and unauthorized payments. Though it began as a pure metals and oil trader, Glencore has bought a wealth of industrial assets since the late 1980s which now stretches from South American farmland to copper mines in Zambia. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader. Unsuccessful talks have taken place with Singaporean commodities group Olam International Ltd, while bankers say they have been sounded out about a stock market listing. Exclusive: State-backed Chinese fund buys stake in energy trader Mercuria If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Mercuria earnings rise after JPMorgan unit swallowed Shortly after the material was dumped, thousands of residents of the city of Abidjan complained of illnesses, including breathing problems, skin irritation and related ailments. WHO: Koch Industries, founded 1920s by Fred Koch. 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. The Chinese state is funding nimble trading firms to do its bidding. WHO: Noble Group, founded 1986 by UK scrap metal man Richard Elman. But they have seen interest from potential investors, and have considered a tie-up with a sovereign wealth fund. 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. The companys largest shareholder is now former coal trader and Chief Executive Ivan Glasenberg, an intense and charismatic South African who holds a stake of just under 16 percent, worth around 4.5 billion pounds at current prices. Revenues for the 10 largest investment-bank commodity businesses fell to $4.5 billion in 2013 from $14 billion in 2008, according to London-based analytics company Coalition. Dunand and Jaeggi are Mercurias largest shareholders but an employee share ownership scheme holds around 40 percent of the company. 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 line may be simplistic but its not too far from the truth. (Jessica Donati, Christopher Johnson, Ikuko Kurahone, Richard Mably, Dmitry Zhdannikov reported from London, Gus Trompiz from Paris, Caroline Copley from Zurich, Emma Farge from Benghazi, Karl Plume and Christine Stebbins from Chicago, Hugh Bronstein from Buenos Aires, Joshua Schneyer from New York, Luke Pachymuthu, Harry Suhartono and Naveen Thukral from Singapore; Editing by Richard Mably, Simon Robinson and Sara Ledwith), This story October 21 story was corrrected in the 17th paragraph to reflect that Trafigura paid a U.S. Customs fine on an Iraqi crude cargo in 2001, but denied wrongdoing; clarifies language on Trafiguras 2009 legal action to prevent a report on toxic waste dumping in Ivory Coast from being published. When out-of-town employees visit, he has taken them to dinner at seafood chain Red Lobster, a former Koch employee said. 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. With global sales of $108 billion in 2010, Cargill would have ranked No. Mercuria Energy Trading Culture | Comparably WHO: Cargill, founded 1865 by William Wallace Cargill at the end of the U.S. Civil War, WHERE: Minneapolis, Minnesota WHAT: Grains, oilseeds, salt, fertilizers, metals, energy, TURNOVER: $108 billion (2010) CEO: Greg Page STAFF: 130,000. He talked about how we are moving into action and investing in. You may change or cancel your subscription or trial at any time online. [4] The group operates in 50 different countries. The companys early forays into trading gas and oil left it with a black eye. The company did not comment publicly on this incident. Their move to run their own empire came in 2004 when they founded Mercuria, raising capital from two Polish businessmen, Grzegorz Jankielewicz and Slawomir Smolokowski. Owning businesses that produce, store, transport or process raw materials can provide an advantage in trading at a time when expanding populations have pushed global commodity demand to a record. Was Vitol in violation? Victoria Attwood Scott, Mercurias head of compliance, also joined from Goldman Sachs. The $5-billion refinery would pit Hin Leong against refineries already operated in Singapore by oil majors Shell, ExxonMobil and a joint venture between Chevron and Chinas PetroChina. In a May interview with Reuters, Fredriksen refuted the charges and shot back that maybe they (U.S. regulators) are trying to get some revenge for the 2010 BP oil spill in the Gulf of Mexico. Founded in 2004, Mercuria Energy Trading is one of the world's biggest independent energy traders . But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. He is flanked in the top investor table by the youthful heads of Glencores major divisions. To achieve this, it would be necessary to recruit the (Ukrainian) farmers to take an active role. Publications A collection of deliverables from ComTech Advisory including Research reports, White Papers, Analyst Notes and other informative articles all available for free download.
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