French ban on US LNG reverses with Engie deal
Engie has signed a 15-year sale and purchase agreement for buy US LNG, reversing France’s implicit ban on shale gas supplies.
Gunvor
Ukraine urges commodity traders to stop buying Russian oil
Ukraine asked some of the world’s top commodity trading houses to stop dealing in Russian oil, saying such contracts help fund Vladimir Putin’s war.
B.Grimm and Siemens join Vietnam LNG-to-power project
Thailand’s B.Grimm Power and Siemens Energy have joined the Energy Capital Vietnam (ECV)-led consortium to develop an LNG-to-power project in Southern Vietnam.
The future of Stargate: Global Energy Storage invests in Port of Rotterdam
Global Energy Storage (GES) plans to develop an industrial site at Rotterdam to create storage and production capacity for a range of low-carbon fuels and chemicals.
Gunvor denies rumours of collapse on gas trades gone wrong
Margin calls stemming from the gas market have not pushed Gunvor to the brink, the trader said.
Tellurian adds Vitol to Gunvor for LNG offtake
Tellurian has signed a sale and purchase agreement with Vitol for the supply of 3 million tonnes per year.
New Gunvor bribery ‘skeleton’ haunts oil tader’s pledge to reform
In late 2019 Gunvor Group, one of the world’s biggest oil traders, said it would make a clean break from the past by settling a long-running bribery case in Africa.
Oil’s female trading trio belies industry’s gender gap
As a trio of women is set to ascend to the top of one of the world’s most powerful oil-trading operations, the gender gap in the rest of the industry remains stark.
Switzerland ends tax deductions for bribes
Swiss companies will no longer be able to deduct bribes paid from taxes – as of January 2022.
More refinery closures coming, BofA predicts
Global refinery expansion is coming just as product demand struggles, Bank of America Securities (BofA) analysts have warned.
Traders talk peak demand and an upstream shift
Demand in Europe and the US may have peaked already, the heads of three trading companies have said, but growth will be sustained by Asia.
At London’s oil week, clues about demand will be all around
Oil traders are gathering in London for what’s normally a week of lavish parties, dealmaking and market chatter. China’s coronavirus means this year’s events will be more subdued – and fewer in number – than usual. The talk will be about absent friends and uncertain demand.
Gunvor failed to prevent bribery in West Africa
The Office of the Attorney General (OAG) of Switzerland has ordered Gunvor to pay almost 94 million Swiss francs ($94.7mn) for failing to prevent corruption in Congo Brazzaville and Cote d’Ivoire.
Back to the Marc Rich days as US investigates commodity traders
Not since the days of fugitive oil merchant Marc Rich has the commodities trading industry faced so much global scrutiny.
Ex-oil trader found guilty of bribing African officials
A former oil trader with Gunvor Group was given an 18-month suspended jail sentence after admitting to bribing public officials to secure oil cargoes from the Republic of Congo and Ivory Coast.
Top oil traders sense worst is over and predict $80 oil by next year
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.
Oil traders making hay while industry feels the pinch
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.
Oil trader Gunvor posts record profit on Russian asset sales
Gunvor Group’s profit soared to a record $1.25 billion last year as the commodity trader sold the bulk of its Russian assets and earnings from oil trading increased.
Gunvor in deal to sell stake in Russian fuel oil terminal
Trading house Gunvor has struck a deal to sell its last asset in Russia, according to reports. The company plans to get rid of a 50% stake in the Novorossiisk fuel oil terminal to a subsidiary of Kremlin-controlled Transneft.