Australia announces rescue bid for Rio Tinto Tomago Aluminium Smelter
The Prime Minister Anthony Albanese, announced on Friday that a "rescue" effort would be launched to keep Australia's biggest aluminium smelter open, the struggling Tomago plant majority owned by Rio Tinto after its current energy contract expires 2028. The announcement comes after the company had warned in October of a possible closure for Tomago Aluminium.
Source: Indian Oil and Vitol to join forces in global trading, says source
HYDERABAD (India), Oct. 29 - Indian Oil intends to sign a contract early next year with global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel trading market. This is according to a person with knowledge of the issue. This move represents a major strategic shift by India's biggest refiner.
Source: Indian Oil and Vitol to join forces in global trading, says source
Indian Oil is planning to sign a contract early next year with the global trader Vitol to form a joint-venture as it seeks to increase its presence in the international crude and fuel markets. This comes after the state-run refiner sought to expand their footprint. This move represents a major strategic shift by India's biggest refiner.
Rio Tinto warns of an uncertain future for Australia's largest aluminum smelter
Rio Tinto warned that Australia's biggest aluminium smelter Tomago may have to close down if it cannot source power at rates commercially viable beyond 2028, when its current electricity deal expires. Tomago Aluminium, the largest power user in New South Wales, was built to take advantage Australia's abundant and cheap coal. Rio Tinto stated that power accounts for more than 40% in Tomago’s operating costs.
JPMorgan selects Perpetua Resources as the first investment in its $1.5 trillion security funds
Perpetua Resources, an antimony and gold mining company, is the first investment made by JPMorgan Chase’s $1.5 trillion fund to support U.S. National Security. This underscores the company’s important role in producing the metal that China has banned and is used for bullets and weapons. JPMorgan, whose details were revealed on Monday, will invest $75m of its own money for a stake of nearly 3% in Perpetua.
Energy Traders Steer Shipping Toward Greener Horizons
The maritime industry is charting a new course toward decarbonization, yet this time round it is not only traditional shipowners at the helm. Major energy and commodity traders, whose shipping operations often carry large carbon footprints, are now investing in cleaner and more efficient shipping. With the International Maritime Organization…
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers.
Glencore's memo shows that the head of LNG is promoted to be in charge of oil and gas trading.
According to a memo sent to Glencore staff, Maxim Kolupaev has been promoted to head the entire oil and gas division of the company when Alex Sanna leaves at the end 2025. Trading houses often make as much money from gas and LNG as they do in their oil and fuel business, as LNG production increases globally and Europe replaces Russian natural gas with U.S.-produced LNG.
Glencore's memo shows that the head of LNG is promoted to be in charge of oil and gas trading.
According to a memo sent to Glencore staff, Maxim Kolupaev has been promoted to head the entire oil and gas division of the company when Alex Sanna leaves at the end 2025. Trading houses often make as much money from gas and LNG as they do in their oil and fuel business, as LNG production increases globally and Europe replaces Russian natural gas with U.S.-produced LNG.
Perpetua Resources talks to Glencore and others about US antimony processing
Perpetua Resources announced on Thursday that it was in discussions with Glencore and Trafigura about a partnership for the refinement of antimony in America. This is part of an effort to increase Western supplies of this critical mineral, whose exports China blocked. The U.S. Government granted permission to the company, whose largest shareholder is billionaire John Paulson…
India Oil Corp Buys US and Middle Eastern Crude As Trump Criticizes Russian Purchases
Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions…
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand.
Sources say that Egypt has agreed to purchase up to 160 LNG cargoes by 2026.
Industry sources familiar with the matter said that Egypt has signed agreements with various energy firms and trading companies to purchase between 150-160 cargoes liquefied gas (LNG) from now until 2026 to meet its power needs. Gas purchases will cost over $8 billion at current prices and add to the pressure already placed on the government's coffers…
Trafigura warns about volatility in 2025 after first-half profits inch up
Commodities traders may struggle to capitalize on supply and demand disruptions rather than market volatility driven by politics in 2025. This was revealed on Thursday by trading house Trafigura, which reported a slight increase in its first-half net profits. The Swiss unlisted trading house reported an increase of 3% in net profit for the six-month period ending March 31.
Trafigura reports slight increase in net profit for the first half, but lower revenue
Trafigura, a global commodity trading company, reported Thursday that it's net profit increased slightly from the previous year to $1.52 billion for the first half 2025 of its financial year. However its revenues decreased due to lower average commodity prices. The net profit of the unlisted company was up by 3% compared to the first half in 2024.
Trafigura announces new management changes
Trafigura, a global commodities trader, announced on Friday a round of new management changes. Two people were appointed to the executive committee while one person left. These moves are the latest in the series of leadership transitions that have taken place at the Swiss-based trading firm in recent years. A new generation of leaders is emerging under the new chief executive Richard Holtum.
Trafigura announces new management changes
Trafigura, a global commodities trader, announced on Friday a round of new management changes. Two people were appointed to the executive committee while one person left. These moves are the latest in the series of leadership transitions that have taken place at the Swiss-based trading firm in recent years. A new generation of leaders is emerging under the new chief executive Richard Holtum.
Indian Oil signs five-year LNG contract with Trafigura.
Three trade sources confirmed on Wednesday that Indian Oil Corp, the country's largest refiner, had agreed to a five year liquefied gas (LNG), import agreement with Trafigura. The prices will be linked to the U.S. Henry hub benchmark. One source said that Trafigura would supply between three and four LNG cargos this year. From next year onwards, Trafigura is expected to deliver six LNG cargoes per year.
Sources say that commodity traders will submit bids by May for Italy's IP.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore, Gunvor, and IP have declined to comment. SOCAR did not respond to a request for comment.
Sources say that commodity traders are expected to bid for Italy's IP in May.
Two sources confirmed on Thursday that global commodity traders Glencore and Gunvor were considering the possibility of buying oil refiner Italiana Petroli API group. State Oil Company of Azerbaijan is also interested in the asset, two sources with knowledge of the transaction said. Glencore and Gunvor have declined to comment. SOCAR and IP did not respond to requests for comment.