Trafigura Group’s purchase of a stake in Rosneft PJSC’s flagship Arctic oil project was funded by a $7 billion loan organized by a Russian bank, according to documents that shed new light on the trading house’s biggest-ever deal.
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.
Trafigura Group Ltd. denied bribery allegations leveled by Brazilian prosecutors in a civil lawsuit claiming the commodities trader and its staff participated in a kickback scheme to win business with state oil producer Petroleo Brasileiro SA.
The outlook for global oil markets has grown “even more fragile” as a resurgent pandemic derails the recovery in demand, the International Energy Agency said.
These are difficult times for the oil industry but ADM Energy is working on expansion at its Aje field, offshore Nigeria. At the same time, the company is also on the hunt for new opportunities, backed by an agreement with Trafigura.
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Essar Exploration & Production (Mauritius) has filed an “opportunistic” complaint in the UK against a Nigerian joint venture, Shoreline Canadian Overseas Petroleum Development, known as ShoreCan.
Trafigura is taking control of its fuel supply business in Zimbabwe with the purchase of a 51% stake from Sakunda Holding, owned by controversial Kudakwashe Tagwirei.
Trafigura’s work in South Sudan involved connections with an Israeli middleman who went on to be sanctioned by the US for aiding the conflict, a Swiss NGO has claimed in a new report.
Trafigura Group denied it was involved in the illicit transfer of fuel to North Korea after the South Korean government said the world’s third-biggest independent oil trader originally owned a cargo that was shipped in breach of United Nations sanctions in October.
Over nearly 45 years, the oil tanks at Milford Haven on the U.K. west coast have stored dozens of crude varieties: from North Sea Brent to Nigeria’s Bonny Light and almost everything in between. Now, for the first time, they are holding U.S. crude too.
Trafigura Group Pte, the world’s second-largest oil trader, withdrew its membership from the Swiss Trading and Shipping Association after disagreeing with the industry lobby group over efforts to improve transparency in the commodity-trading sector.
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 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.