Tuesday, September 18, 2018

Commodities Trader News

Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws

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U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela…

Glencore Announces $1 bln Share Buyback

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Commodities trader and miner Glencore said on Thursday it would buy back shares worth up to $1 billion in a programme of purchases running to the end of 2018. Glencore said the programme will be split into two halves, the first 350 million pounds worth of shares to be bought by Citigroup Global Markets by Aug.

Quadrise Fuels Signs MoU with Freepoint Commodities

Image: Quadrise Fuels International plc

Fuel oil technology firm Quadrise Fuels International said it had signed a non-binding memorandum of understanding with commodities trader Freepoint Commodities to provide commercial opportunities for its MSAR fuel technology product.The Synthetic fuel developer said…

Trading Firm Trafigura Looks to Build U.S. Deep Water Oil Port

Global commodities trader Trafigura has applied to build a deep water port in Texas, United States, that would be able to load supertankers, the company said on Monday, supplying badly needed oil export infrastructure to the country.The company said it had applied…

Trafigura Signs Second Storage Deal with Singapore LNG Corp

(Photo: Singapore LNG Corp)

Commodities trader Trafigura has signed a second deal with Singapore LNG Corp, operator of the city-state's first liquefied natural gas (LNG) terminal, for storage and reload services, the two companies said on Monday.Under the agreement, which was signed on May 30…

Saudis Buy Dutch Oil Storage in EU Market Share Push

Saudi Aramco Overseas Company (AOC), a subsidiary of Saudi Aramco, is buying a stake in Rotterdam crude storage from commodities trader Gunvor, the companies said on Thursday, in a move to expand its share of the market in northwest Europe, long dominated by Russia.

Noble Group says Jeffrey Frase Resigns as co-CEO

Beleaguered commodities trader Noble Group said on Monday that Jeffrey Frase resigned as co-chief executive officer (CEO) and global head of oil liquids. William Randall, who served alongside Frase as co-CEO, will assume the role of chief executive, the company said in a statement.

Trafigura Buys Certain Pampa Energia Assets

Commodities trader Trafigura said it has agreed to buy an oil refinery, over 250 service stations, a lubricants plant and fuel storage terminal in Argentina from Pampa Energia SA. The sale is expected to close in early 2018, Trafigura said in a statement. Trafigura…

Trafigura's LNG Trade Soared in 2017

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Commodities trader Trafigura grew liquefied natural gas (LNG) traded volumes by 27 percent to 8.1 million tonnes of the super-cooled fuel this year after expanding its trading desk, aided by sharp Asian demand growth. Swiss trading houses are expanding into the global market for LNG…

Noble Group to Exit Oil Trading: Sources

Trader exodus in London, Singapore; Vitol bought core of oil business based in Americas in Oct. Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure.

Sinopec: South Africa Gives Conditional Approval for Chevron Assets

South Africa will stick with China's Sinopec Corp as the preferred contender to buy Chevron's assets in South Africa and Botswana after it made a fresh commitment to future investments in the country, the Chinese oil major said on Thursday. State-owned Sinopec is competing…

Noble's Proceeds from Unit Sale to Vitol Disappoint

Struggling commodities trader Noble Group has completed the sale of its U.S.-focused oil business to the world's largest oil trader Vitol, but net proceeds from the deal are lower than a previously announced estimate, the company said on Monday. In a statement, Noble…

Noble Group Hopeful of Debt Restructuring Deal

Chairman says talks with bond holders and banks moving forward; hopeful of reaching a conclusion in near future. Struggling commodities trader Noble Group Ltd is having constructive talks with creditors to restructure its debt and is hopeful of a deal in the near future, the company's chairman said.

U.S. Managing Director of Trader AOT Energy Departs

Lance Perdue, managing director for energy commodities trader AOT Energy Americas in Houston, has left, three sources familiar with the matter said on Friday. It was not immediately clear where he was going. Swiss-based AOT Energy did not immediately respond to a request for comment.

Noble Group Reports $4.9 bln Loss, Restructuring Underway

Commodities trader Noble Group Ltd plunged to an annual loss of $4.9 billion versus a profit of $8.7 million a year ago, mainly due to non-cash losses on its derivatives contracts, the company said. In its results reported on Wednesday, Noble said again that its $3.4…

AOT Energy Appoints Grimes to Lead U.S. Trading

The Americas arm of Swiss commodities trader AOT Energy said on Wednesday it appointed Pat Grimes as the company's head of U.S. trading based in Houston. Grimes was most recently head of crude trading in the Americas at commodities trader Noble. Earlier this week,…

Noble Group Share Trading Halted

Trading in shares of Noble Group was halted on Wednesday, just days after the commodities trader said it was very close to reaching final terms with a group of senior creditors to restructure its debt. The Singapore-listed company asked for the trading halt pending the release of a statement.

Noble Group Hit by Shareholder Lawsuit

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Goldilocks Investment Co, a leading shareholder of Noble Group Ltd, has filed a lawsuit with the Singapore High Court against the commodities trader and some of its former and current senior executives, alleging the company inflated its assets. "We have filed it today…

Vitol, Total in Talks to Acquire Brazil's Alesat

Vitol, the world's biggest oil trader, and France's Total are in talks to acquire Brazilian fuel distribution company Alesat Combustíveis SA, Brazilian newspaper Valor Economico said on Tuesday. Talks with Vitol are more advanced but there is also a third firm -- an American commodities trader -- which is also interested…

Noble Group Founder Resigns Due to 'Amicable Differences'

Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse…