Nth Cycle signs $1 billion mineral offtake agreement with Glencore before public listing
Nth Cycle, a US metals refinery startup, has signed an offtake agreement worth $1 billion with Glencore. The deal is to supply the commodities giant with minerals such as lithium and other essential minerals extracted from used batteries. The US battery recycling industry is awash with deals for 10 years…
Court rules that Glencore can sue refinery for $236 million in the UK
The London High Court ruled that commodities trader Glencore could sue the now insolvent Prax’s Lindsey Refinery for around $236 millions worth of crude oil they supplied before the collapse of the firm. The London-listed ?firm is seeking to recoup ?losses after last year's demise of ?Prax ?Lindsey Oil Refinery Limited…
Glencore profits soar as trading is strong and the company targets Australian listing
Glencore reported on Wednesday a '86% increase in the first-half earnings, driven by its commodity trading business, as the Middle East conflict fuelled market volatility. It also said that it is aiming to obtain a secondary listing. Swiss mining and trading company's adjusted earnings…
Glencore secures processing contract at Wilhelmshaven Oil Refinery in Germany
Four European trading sources have confirmed that 'global miner and commodities traders Glencore' will supply Germany’s Wilhelmshaven Oil Refinery and sell its?refined? fuels after entering into an agreement with HES International. In recent years, oil trading houses…
Glencore's copper production up 15% and sees $3.3 billion in marketing EBIT
Glencore announced 'on Wednesday that its first-half production of copper rose by a whopping 15% due to higher grades in key operations. Its'marketing unit, on the other hand, is expected to generate about $3?billion?in core adjusted earnings. This puts it on course to exceed its top end annual guidance.
Egypt Looks to Sign Multi-Year LNG Supply Deal
Egypt is in talks with energy majors including Shell, TotalEnergies and BP to buy 15 to 18 cargoes of liquefied natural gas per month for at least three years, three trading and industry sources familiar with the matter told Reuters.The talks come as Egypt's domestic…
Mercuria, a commodities trader, forms joint venture with Eni, an Italian major
The Swiss commodities 'trading house Mercuria' and the Italian oil and gas -major Eni - have agreed to form a joint venture. Mercuria announced that the 50:50 joint-venture will be run from its headquarters in Geneva. It will trade crude oil and refined fuels as well as biofuels and gas.
Mercuria, a commodities trader, forms joint venture with Eni, an Italian major
The companies announced on Wednesday that they had agreed to form a joint-venture between Swiss commodities trading house Mercuria, and the Italian oil and gas giant Eni. This is part of a growing trend in which trading partnerships are formed to take advantage of volatile markets.
Traders estimate that the July raw sugar shipment at ICE is 796 500 metric tons.
According to two sugar traders, the initial information on the 'expiry of the 'July -contract at the ICE exchange was that the raw sugar deliveries were 15,678 tons or 796,500 metric tonnes. COFCO, a Chinese commodities trader, was said to have been?the only supplier of this sugar.
Commodities trader Gunvor invests in a venture to purchase US natural gas production
Commodities trader Gunvor announced on Wednesday that it had provided financial support?to an executive team from the energy industry for their efforts to accumulate natural gas-producing assets in?top U.S. Shale basins. Gunvor confirmed through a spokesperson that it has backed Western Natural Resources.
Bohbot, once considered the top sugar trader in the world, leaves Wilmar
Two sources confirmed on Friday that Jean-Luc Bohbot - once considered the 'world's leading sugar trader - is leaving his position as global head of sugar and ethanol for a 'Asian commodities -trader and food processor Wilmar International. Bohbot announced his departure to his trading team in Geneva on Thursday.
AustralianSuper: A Glencore listing at ASX could be positive
AustralianSuper, a pension fund, said on Wednesday that if Glencore decided to list its shares on the Australian Securities Exchange it would be a "positive" move for the bourse as well as the Swiss-based commodities trader. Luke Smith, portfolio manager at AustralianSuper…
Brazil's Raizen Debt talks progress as parties reach equity conversion consensus
Three people with knowledge of the situation said that talks between creditors and investors of Brazilian sugar and ethanol producer Raizen were progressing to avoid a judicial restructuring. They are also focusing on the?governance?structure and other important issues.
Glencore's first-quarter output of copper jumps 19%; marketing unit to surpass target
Glencore reported on Thursday that its first-quarter copper production increased 19% due to improved ore grades in Africa. Meanwhile, its marketing division is still on track to surpass the upper end of its annual earning guidance. The Swiss commodities trader-miner produced 199.600 metric tons in the first quarter.
BB Energy has loaded the first crude oil cargo after a legal dispute from South Sudan
LONDON, FEB 16 - BB Energy, a commodities trader in London has loaded the first South Sudanese crude cargo it had negotiated new terms on. The fuel was due to be delivered by 2025. BB Energy filed a lawsuit against South Sudan last year in 'the London courts,' claiming…
First Crude Oil Cargo From South Sudan Loaded by BB Energy After Legal Dispute
Commodities trader BB Energy has loaded its first South Sudanese crude oil cargo after the negotiation of new terms for the fuel that was meant to be delivered in 2025.BB Energy took legal action against South Sudan in the London courts last year, alleging the country…
Vitol to lend $2 billion to Uganda's state oil company
According to an official from the finance ministry, Uganda National Oil Company, owned by the state, plans to borrow 2 billion dollars from a division of global commodities trader Vitol in order to fund infrastructure projects including a crude refinery. In early this year…
UK court lifts BB Energy’s injunction to allow the sale of South Sudan oil cargo
The London High Court lifted on Thursday an injunction that prevented the sale of a South Sudanese oil cargo scheduled to be loaded in the next few days. This was after BB Energy, the commodities trader who filed the case, decided to not ask to continue the injunction.
BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had…
Commodities trader BB Energy lays some Houston traders off in major reorganization
Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had…