Not since the days of fugitive oil merchant Marc Rich has the commodities trading industry faced so much global scrutiny.
Behind Glencore Plc’s decision to limit coal investment is a little-known, but powerful group of investors.
Commodities giant Glencore has said it will cap how much coal it mines amid shareholder pressure for it to help reduce global emissions of greenhouse gases.
Glencore Plc says it’s been subpoenaed by the U.S. Department of Justice to produce documents relating to corruption and money laundering.
Glencore Plc is close to a $1 billion deal to buy Chevron Corp.’s southern African assets, potentially scuppering an earlier agreement with China Petroleum & Chemical Corp., according to three people familiar with the matter.
The UK’s Serious Fraud Office (SFO) is to recover £4.4million pounds lost in a corruption case involving bribes to Chadian diplomats in the US and Canada.
The FTSE 100 drops 37 points (0.5%) during lunch with a dip in oil and mining stocks being blamed for its lowest level since October.
Commodity and mining group, Glencore, are taking over a 75% stake in Chevron’s CVX.N South Africa unit and all of Chevron Botswana, claim Reuters.
Glencore has submitted an improved bid to acquire Rio Tinto’s 100% interest in Coal and Allied Industries Limited.
Russia sold an 10.2-billion euro ($11 billion) stake in its largest oil producer to commodity trader Glencore Plc and Qatar’s sovereign wealth fund in a triumph for President Vladimir Putin, who announced the deal on state television personally.
Total, Glencore and Gunvor are all vying for a 75% stake in Chevron's South African downstream assets.
Top executives at the world’s largest oil-trading houses said the worst of the market’s woes are probably over, with some predicting prices will climb to $50 a barrel by next year.
The Cameroon government has approved Victoria Oil & Gas taking the controlling interest in the Matanda production sharing contract.
Oil traders are recording some of their best results on record, whilst the industry, and many countries, are reeling from the global downturn in the oil price.
Victoria Oil & Gas has expanded operations in Cameroon by acquiring 75% stake in the Matanda licence from a subsidiary of Glencore as the commodity giant continues to offload non-core assets .
Glencore chief executive Ivan Glasenberg won a vote of confidence from lenders that he can steer the mining company through a dismal market and restore it to financial stability.
The rebound on London’s top flight index picked up pace as a rally in the mining sector helped it build on recent gains.
Commodities trader Glencore said on Thursday it recognises Libya's Tripoli-based National Oil Corporatino as the sole legal marketer of the country's oil, after securing an export deal earlier this year with the state-run company.
Glencore Plc, the mining and commodities company led by billionaire Ivan Glasenberg, expects to impair the value of its oil business in Chad by about $790 million in its interim accounts.