He is one of Russias most private tycoons. BEIJING, Sept 29 (Reuters) - The little known Asia head of Mercuria will be key in tying the Swiss commodity trader's $3.5 billion acquisition of JP Morgan Chase and Co's physical commodity desk. Top officials in many other large trading companies began their careers at Glencore. With nearly $10 billion worth of cash and bank deposits on Wilmars balance sheet, Kuok is unlikely to stop his expansion drive there. It doesnt look likely anytime soon. All quotes delayed a minimum of 15 minutes. The firms far-ranging industrial interests also include chemicals, forestry, ethanol, carbon trading and ranching. It was done a long time ago. On a plus de 100traders, on leur donne des paramtres de risque mais lintrieur de ces paramtres ils ont un degr de libert. Dunand is the co-founder and CEO of Mercuria Group, one of the world's largest independent energy and commodity trading companies. [29] Cargill has since placed a moratorium on buying soybeans from newly deforested land. Lindustrie ptrolire opre avec des marges relativement troites, avec des cots structurels trs levs, et il y a pas mal de socits qui souffrent. The futures market may take some of that information and run with it. Cela signifie-t-il quon verra dans quelque temps une flotte de dizaines de ptroliers ravitailleurs aux couleurs de Mercuria? Companies like Hong Kong-based Noble and Singapores Olam and Hin Leong are not new, but they are spreading their wings as Chinas influence in commodities markets increases. 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The godfather of oil trading, Marc Rich, taught one of his most talented apprentices Claude Dauphin almost every trick in the business. 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. On sait trs bien qu terme il faudra baisser la consommation de charbon. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. [17][18] 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. In April, she and Veyrat told business daily Les Echos that the CEO would be stepping down to make way for Serge Schoen, head of Louis Dreyfus Commodities. If you dont offer competitive terms, no one will work with you, he told a Russian daily this month. It has grown into the worlds third-largest independent oil trader and second-largest industrial metals trader in less than 20 years, since it was set up in the early 1990s by Dauphin and fellow traders Eric de Turckheim and Graham Sharp. But Mabanaft has also gradually opened offices in Singapore and the United States and, in the summer of 2010, a representative office in India. Marco Dunand, Mercuria chief . Vous aviez dj financ le trader en dtresse Noble, on vous voit investir en Afrique du Sud, en Argentine, en Tunisie Quelle est la logique de toutes ces transactions? 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. But in May the U.S. Commodity Futures Trading Commission sued Arcadia and Parnon, both owned by a Norwegian shipping billionaire, for allegedly manipulating U.S. oil prices three years ago, amassing millions of barrels they had no intention of using. Trafigura was also quick to recognize the potential of storage in the industrial metals markets. Marco Dunand, Mercuria Energy Group Holding SA: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Markets Americas Bloomberg Markets Americas. Its huge lobbying budget in Washington -- estimated at $10.3 million a year in a recent investigation by the Center for Public Integrity -- stands in contrast to Charles Kochs frugal demeanor within the firm. Mercuria reported net income of $286m for 2015, up from $273m for 2014, said people familiar with the matter. Arcadia has faced controversy before. [23][24][25][26], In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. What matters is results, and you can see that in the way they trade.. 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. In addition to proprietary trading curbs, the U.S. regulator voted on October 19 to impose position limits in oil and metals markets. Public and regulatory attention usually rises with prices. A lysine price-fixing scandal in 1993 tarred its name after three top executives were indicted and imprisoned. Tea Party movement. As the company expanded, it has hired traders and investment professionals from Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[14] and Electrabel in London. 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. By - June 3, 2022. For many commodities traders, the most profitable ploy has been the squeeze, which involves driving prices up or down by accumulating a dominant position. Over the last 145 years, Cargill has grown from a single grain storage warehouse by an Iowa railroad to a behemoth of world commodities trade, straddling dozens of markets for food and other essential materials -- salt, fertilizer, metals. Le manque de clart de lOPEP a aussi jou. 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. It also has a substantial presence in Asias fuel oil market, the worlds largest. The company lists its trade in paper derivatives as larger still, or about 10 million barrels a day. Thats equal to the combined oil exports of Saudi Arabia and Venezuela. 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. The Koch brothers, Chairman and CEO Charles and co-owner David Koch, are high-profile supporters of libertarian and anti-regulation U.S. politics. It helps that the firm usually has the backing of Washington. He spent time trading metal in Hong Kong before moving to New York and a stint at commodities trading giant Phibro. The grains business accounts for a third of its earnings and could have a value of more than $5 billion. Its meteoric growth has been piloted by a couple of the sharpest minds in commodities. tracking emerging trends and opportunities in the future of energy. valid targets for google cloud monitoring uptime alert notifications . 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. How big are the biggest trading houses? Chinese state funds have flowed into Noble and private Asian traders. 1961:Naissance en Suisse dun pre suisse et dune mre italienne. In one of its biggest-ever crackdowns, the U.S. Commodity Futures Trading Commission alleges Arcadia traders amassed large physical crude positions in Cushing, Oklahoma, to create the appearance of tight supply at the delivery hub for U.S. oil futures. analyse how our Sites are used. Like Vitol, he says, Gunvor has no plans to follow Glencore into an IPO. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. Olympique Marseille is at a crossroads, she told supporters in a statement to announce the changes at the club. CNIC did not respond to. [20] Mercuria also acquired the reorganized Aegean Marine which was renamedMinerva Bunkering. Difficile dire. In April Noble appointed Li Rongrong, former chairman of the state-owned assets supervision and administration commission of China, as a non-executive director. The companys deal with Libyas rebels was a gamble. Mabanaft sold 20 million tonnes of oil in 2010, up from 18 million tonnes in 2009. Vitols goal was to supply the refined products and then try to pick up upstream assets in Libya, said a western diplomatic source. But make no mistake, if you perform well at Koch, you are richly rewarded in salary terms, the person added. WHO: Gunvor, founded 1997 by Swedish oil trader Torbjorn Tornqvist and Russian/Finnish businessman Gennady Timchenko, TURNOVER: $80 billion 2011, company estimate ($65 billion 2010). And unlike commodities producers, such as U.S. oil giant Exxon Mobil, trading firms dont just make money when prices go up. Peut-tre que notre spcificit, cest davoir une approche assez intellectuelle. . A wealthier world needs more food. Dont miss our exclusive Putin worked in the mayors office in the early 1990s when Timchenko and his friends, Putin said, spun off an oil trading unit of the Kirishi oil refinery. It helps that Olam has backing in high places: Singapore state investor Temasek holds a 14 percent stake in the trading firm. Lawyers said doing business with the rebels still required great care. Two decades ago, Chinese farmers fed their pigs just about anything they could lay their hands on. Cest le dilemme de notre plante: comment fait-on cette transition vers un monde avec moins de carbone, sans laisser des gens privs daccs llectricit? Mercuria vient dtre cit dans une affaire de corruption au Brsil qui concerne aussi trois de vos concurrents suisses (Vitol, Trafigura et Glencore). Thanks to a market condition known as contango -- a period when buyers pay more for future delivery than to receive their cargoes promptly -- they could sell futures and lock in profits of $10 a barrel or more. The material was dumped in open-air sites around Abidjan in August 2006 after being unloaded from a Trafigura-chartered tanker. When it comes to his critics, Vladimir Putin is a heavyweight puncher. Inscrivez-vous et recevez les newsletters de votre choix. Fredriksens traders then hurriedly sold the physical crude at a loss, the CFTC lawsuit claims, ending expectations for tight supplies. Learn more about Energy. The firms traders, according to two industry sources, made a fortune for Koch in 2009-10 during a contango in U.S. oil markets -- a period when oil for future delivery was higher priced than immediate cargoes. Cest un processus assez collgial. In 2006, J+S was raided by the Polish authorities in connection with an investigation into oil trading in Poland. Overall Arcadia profited by $50 million in derivatives markets as oil futures spreads collapsed, according to the suit. They are part of the food chain, yet help shape it, and the personal rewards can be huge. Les armateurs sont structurellement endetts et nont pas forcment beaucoup dargent investir. Ce sont des investissements trs importants, que je prfre ne pas chiffrer. Je ne peux absolument pas m'exprimer sur ce point. Il faut une transition. Our activities Mercuria trades physical oil, energy products and other commodities from business hubs in Geneva, London, Singapore, Shanghai and Houston. Simply log into Settings & Account and select "Cancel" on the right-hand side. Je pense que, trs court terme, les prix peuvent rester relativement bas, mais quils vont remonter environ 70dollars dici 4-5 mois. 5,803 executive movements have been recorded in the last 12 months. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. J+S denied any wrong-doing and suggested the investigation was politically motivated. [16] The Miami, Florida-based MGM International Group is a developer of international projects to reduce greenhouse gas emissions. Inside the lake office, as it is known, sits the chairman of Cargill Inc., one of the largest privately held companies in the world. And if you dont, youre out of there fast., WHO: ADM, formerly Archer Daniels Midland, founded 1902 by John Daniels and George Archer, Corn goes in one end and profit comes out the other.. We use Verghese, who Forbes says is worth $190 million, believes he can go it alone and aims to quadruple the companys value by 2015. But Cargill is anything but public. A rare news release announced that Jan-Willem van der Velden, who started as an international trader at the company in 1997, would take over as CEO from January this year. But ADMs reputation has endured a black eye or two over the years. As it turns the pumps back on, Libyan oil firm Agoco has allocated Vitol half of its crude production to repay debts. His 28-year-old twins Kathrine and Cecilie play a growing role in his sprawling business empire, according to press reports. And it sounded a rare retreat this week when sources close to the company said it had shut its European coal trading operations to focus on Asia and trading. Put it this way: two of them, Vitol and Trafigura, sold a combined 8.1 million barrels a day of oil last year. Comment slectionnez-vous vos projets? [4] The group operates in 50 different countries. 2. Mercuria a reu cet automne le PrixGulf Intelligence, consultant spcialis dans le secteur ptrolier, pour sa croissance spectaculaire depuis 2004 vous tes passs de 11 1000employs. The new rules dont apply to trading firms. They have the most talent, the deepest pockets, and the best risk management.. Marco Dunand and Daniel Jaeggi, both Swiss, have worked together closely for more than 25 years in a string of commodities companies, buying and selling crude and oil products in many of the hottest oil trading outfits: Cargill, Goldman Sachs J.Aron, Salomon Brothers Phibro and Sempra. 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. In some cases it makes up 60-80 percent of what they do, said Carl Holland, a former price risk manager at oil major Chevron Texaco, who now runs energy consultancy Trading Solutions LLC in Connecticut. In his only media interview, with Reuters in 2006, Lim credited his success to investment in his tanker armada -- the secret weapon that helped him set up stealthy and profitable deals in the 1990s -- and his philosophy of perseverance. Disons plutt quon a une certaine humilit. On se pose beaucoup de questions, on remet sans cesse en cause les modles, on sadapte aux nouvelles complexits qui se crent. 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[27][28], In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. organisation 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. 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.. The trading houses talent and deep pockets translate into incredible power. The jury is still out among rival traders on whether he made or lost a fortune that summer, a debate Lim is unlikely to settle publicly. See here for a complete list of exchanges and delays. Pinterest. (Podcast), Chairman/Co-Founder, Mercuria Energy Group Holding SA. 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. Founded in 1974 by Marc Rich, who fell foul of U.S. authorities but was later pardoned by President Bill Clinton, Glencore has assets spanning the globe and an oil division with more ships than Britains Royal Navy. 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. OIL. In a move borrowed from the playbooks of western rivals, state-run oil firm PetroChina has set up a Houston oil trading desk and leased massive oil storage tanks in the Caribbean. It buys and sells multiple crops, mills and grinds and processes them into scores of products, both edible and not, and ships them to markets around the world. It owns processing plants, railcars, trucks, river barges and ships. The government of Ivory Coast said 16 people died. 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. Thats the argument of Sunny Verghese, chief executive of Singapore-based trading firm Olam International. Un trader, cest un peu la mme chose: il ne demande pas la permission quand il doit acheter ou vendre. Belgium-born Rich sold his stake in 1994. Many of the biggest players in oil and metals trading trace their roots back to notorious trader Marc Rich, whose triumph in the 1960s and 70s was to create a spot market for oil, wresting business away from the majors. Trafigura paid a $200 million settlement and the countrys prosecutor declared that there was no evidence of any illegality or misconduct by any Trafigura company or staff. A small Minnesota linseed crushing business more than a century ago, the firm is now is so big its financial performance is often viewed as a barometer of agribusiness as a whole. Bloomberg Surveillance: Early Edition with Francine Lacqua live from London, bringing insight on global markets and the top business stories of the day. Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. Dunand and Jaeggi are Mercurias largest shareholders but an employee share ownership scheme holds around 40 percent of the company. In 1972 Cargill came under attack as it secretly sold millions of tonnes of wheat to Russia, using a U.S. export subsidy program to boot -- and boosting food inflation. Our Standards: The Thomson Reuters Trust Principles. In public, for a company that turned over almost $200 billion last year trading 5.5 million barrels a day, its profile is nigh on subterranean. That comment didnt help calm rumors and then Timchenko spoke too. Together, they are worth over a trillion dollars in annual revenue and control more than half the worlds freely traded commodities. Koch said its 90s-era pipeline blast was the only event of its kind in the companys history, and that a report to Texas regulators was voluntarily submitted by the company in 1995 to reflect higher emissions than it had originally reported. LONDON, Dec 1 (Reuters) - Mercuria, one of the world's top energy traders, has raised almost $1.1 billion through a loan facility and the sale of oil and gas assets, beefing up its balance sheet for future growth, its chief executive said on Thursday. Filings show that while Dunand and Jaeggi's stakes in Mercuria's holding company increased, Shenouda's decreased sharply between mid-2021 and the end of last year. 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. On va probablement faire une proposition pour reprendre une partie de la socit, mais cest un processus comptitif, donc a se fera sans doute avec dautres. We have a system that monitors the supply and demand needs, because often times they are working independently. But it was absolutely one of the greatest moves in the business.. In 2006 a tanker it chartered dumped toxic waste in Ivory Coast, allegedly making thousands ill and killing up to 16. Asked to comment, Cargill said the company actively backs free trade to boost agriculture in all countries and is in dialogue with many important audiences, including governments Additionally, we dont believe export bans are the solution to either high grain prices or price volatility. ADM declined to comment and a spokesman for Bunge could not be reached. The top trading firms are price makers, said Chris Hinde, editor of London-based Mining Journal. What matters is that the group and its name survive, she said. Last year he surprised the market when he trumped Chinas Bright Food in a $1.5 billion deal to buy Australias Sucrogen. 2004:Fondation de Mercuria avec Daniel Jaeggi. Heres a look at the 16 companies, with aggregate revenues of $1.1 trillion, that trade energy, metals and agriculture. Koch declined to discuss its trading with Reuters. 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