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See here for a complete list of exchanges and delays. He spent time trading metal in Hong Kong before moving to New York and a stint at commodities trading giant Phibro. ENERGY TURNOVER: $75 billion 2011 company estimate (2010, $47 billion). The winner? Lims Chinese connections have played a big part in the companys success. Their combined stakes fluctuate at around 40%. 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. It puts them in a tremendous position.. The discussions with SDIC were halted once Mercuria neared the JPMorgan business, one of the people said. They have the most talent, the deepest pockets, and the best risk management.. Jankielewicz and Smolokowskis company, J+S Group, traded Russian crude oil and was a leading supplier of oil to PKN Orlen, Polands top oil refiner. Premium access for businesses and educational institutions. Koch declined to discuss its trading with Reuters. Finding itself with a big client base, but short of the physical supplies it needed to meet demand, Noble built its own processing facilities. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Mercurias corporate strategy and culture have reflected the professional paths of its founders, who spent the bulk of their early careers at investment banks. 2022 welcome statement Marco Dunand, Mercuria's CEO, introduces the 2022 CSR report. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The incident was the subject of The Informant, filmed on site in Decatur. Thats what Koch, Vitol and others did in 2009 when they parked 100 million barrels of oil in seaborne tankers. The talks with JPMorgan forced Mercuria to put another deal on hold. "When we founded Mercuria 10 years ago . Heres a look at the 16 companies, with aggregate revenues of $1.1 trillion, that trade energy, metals and agriculture. I would love for them to be listed on the stock market, said Gertjan van der Geer, who manages an agriculture fund for Swiss bank Pictet. Commodities other than oil now represent more than 50 percent of revenue, which totaled $98 billion in 2012 and generated $343 million in profit, according to financial statements seen by Bloomberg. [4] The group operates in 50 different countries. Roger Jones, the former head of commodities at Barclays Plc (BARC) who has spent more than a quarter-century trading, was hired in 2012 to head its non-oil business and join the board. Mercuria Energy Group, Ltd. Mercuria is a Geneva, Switzerland-based trading firm focused on energy products and dry bulk commodities. We have a system that monitors the supply and demand needs, because often times they are working independently. That gives banks who trade futures cause for concern, but since physical players usually receive exemptions to limits -- because they are categorized as bona fide hedgers -- trading firms should go unscathed. As the company expanded, it has hired traders and investment professionals from Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[16] and Electrabel in London. Trading houses saw the opportunity to leverage metals warehousing after the 2008 financial crisis. "Launching Silvania is consistent with Mercuria's purpose to connect markets and advance the energy transition and its ambition to help the world achieve Net Zero," said Marco Dunand, Mercuria's . Dunand is the more outgoing of the two founders and often serves as the firms public face, dealing with customers and developing corporate strategy. They have grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. Though it began as a pure metals and oil trader, Glencore has bought a wealth of industrial assets since the late 1980s which now stretches from South American farmland to copper mines in Zambia. There were two schools for the commodity trade: the Marc Rich school with Glencore and Trafigura, which is obviously successful, then theres the investment bank school, which has more of a risk approach.. analyse how our Sites are used. His partners seized control of the firm in 1994, renaming it Glencore. A master of physical markets, it owns a 4,000-mile U.S. pipeline network and three of the countrys most profitable refineries. A profile in the New Yorker magazine last year identified the brothers as behind-the-scenes operators who bankroll the U.S. 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. Despite a relative lack of regulatory oversight, such reach does attract scrutiny. FIS adds Energy & Commodities to new Value Portfolio business unit for more focus. We are taking a new approach for the fifth annual CSR report that we have prepared by Mercuria. The top five piled up $629 billion in revenues last year, just. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. Owning businesses that produce, store, transport or process raw materials can provide an advantage in trading at a time when expanding populations have pushed global commodity demand to a record. Publications A collection of deliverables from ComTech Advisory including Research reports, White Papers, Analyst Notes and other informative articles all available for free download. 2. It is also the largest producer of consumer pack edible oils with about 45 percent market share. 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. The top five piled up $629 billion in revenues last year, just below the global top five financial companies and more than the combined sales of leading players in tech or telecoms. In a 2009 State Department cable from Yemen, obtained by WikiLeaks and provided by a third party to Reuters, sources told U.S. diplomats that the company used intimidation tactics including kidnapping threats to buy Yemeni crude at below market prices. In two decades the Bangalore-born trader has built Olam into a $4.5 billion company involved in around 20 different commodities including coffee, cocoa, rice, grains and sugar, from a startup that sold Nigerian cashew nuts. For Gunvors rivals, too, favoritism is also an overly simple explanation of the companys success. Arcadia has faced controversy before. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. That experience defined the trading strategies of Dunand and Jaeggi who moved from Phibro to start Sempras European and Asian trading business in 1999 before founding Mercuria in 2004. Marco Dunand CHIEF EXECUTIVE OFFICER. personalising content and ads, providing social media features and to Switzerland-based Glencore cast aside its famed secrecy earlier this year with a record market debut that turned its executives into paper millionaires and propelled the firm into the headlines. WHO: Olam, founded 1989 by the Kewalram Chanrai Group, began trading cashews from Nigeria. S&P Global Platts talks to Mercuria CEO and co-founder Marco Dunand about the challenges, implications, and opportunities that the COVID-19 pandemic presents across all the key commodity classes in a time of unprecedented volatility in the global markets. Together with Glencore, it pre-qualified to bid for exploration rights in Iraq in a licensing round next year that that could add the Iraqi upstream to its offshore West Africa operations. In 2006 Kuok, now 62, orchestrated a $4.3 billion merger which consolidated his uncles palm oil assets into Wilmar, making it the worlds largest listed palm oil firm. Most commodity buyers in the world are price takers. In May, Argentina kicked Bunge off the countrys exporters register after the government alleged it had evaded $300 million in taxes, an accusation the company denies. To achieve this, it would be necessary to recruit the (Ukrainian) farmers to take an active role. Analysts and commentators focused on differences between the forty-something, Russian-born Margarita Louis-Dreyfus and chief executive Jacques Veyrat over how to develop the 160-year-old family firm and whether to list its shares or seek a merger deal. That helped balance the reputational damage of being fined -- along with many other companies -- for paying surcharges a decade ago to Saddam Husseins Iraqi oil ministry during the U.N. oil-for-food program. Geography isnt the sole focus of expansion -- it has moved into naphtha, LPG and wood pellets. Nigerias Petroleum Product Pricing Regulatory Agency (PPPRA) said that in one transaction the amount of fuel submitted for subsidies did not match the actual quantity delivered. Mercuria will dramatically reduce it, he said. In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the world's fourth-largest commodity trader with revenue topping $100 billion last year. The firms far-ranging industrial interests also include chemicals, forestry, ethanol, carbon trading and ranching. Thats the nature of their business., WHO: Glencore, founded 1974 as Marc Rich and Co. renamed Glencore in 1994, WHERE: Baar, Switzerland WHAT: Metals, minerals, energy, agricultural products, REVENUE: $145 billion in 2010 CEO: Ivan Glasenberg, STAFF: 2,800 people directly; 55,000 at Glencores industrial assets. Marco Dunand, who has helped build Mercuria into one of the world's biggest independent energy traders, said the crash in US crude prices into negative territory in April served as a wake-up. The scandal has hardly hampered the firms stellar growth. [11], Its subsidiaries include Navitas Energy in Canada[12] and Vesta Terminal Services in Europe,[13] which operates port logistics, storage and processing facilities in the Netherlands, Estonia, Belgium, and Germany. The company lists its trade in paper derivatives as larger still, or about 10 million barrels a day. In less than a decade, Marco Dunand and Daniel Jaeggi have turned a 10-person company supplying oil to a pair of Polish refineries into the worlds fourth-largest commodity trader with revenue topping $100 billion last year. The company did not comment publicly on this incident. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader. cookies Risk has often paid off handsomely for Fredriksen. It also said its foreign units had ended sales to Iran years ago, and did not violate U.S. law by conducting business with Iran earlier. In the wake of Glencores listing this year, there is interest in another big trading house going public; investors want exposure to long-term demand for commodities. With Kochs easy access to tankers and pipelines, the strategy locked in profits of up to $10 a barrel with virtually no risk, traders said. Putin finally broke his silence last month: I assure you, I know that a lot is being written about it, without any participation on my part. Result: Chinas pigs are heavier than ever and Bunge has become a key supplier to one of the fastest growing economies in the world. MARCO DUNAND, CEO OF MERCURIA ENERGY TRADING. The firm is now the worlds largest shipper of Robusta coffee and counts Nestle, Hershey, General Mills and Sara Lee as clients. Electronic Invoice exchange and reconciliation for faster payments/settlements. They are buying and selling oil. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Koch benefits from privacy, and its astonishingly agile and profitable as is., The old guard now faces a challenge from a new breed of Asian competitors. t: +1 832 687 4736 e: info@comtechadvisory.com, 2023 CTRM Center - Privacy Policy | Terms of Service | What is? Kochs chief executive Charles Koch, a libertarian activist with a $22 billion personal fortune according to Forbes, has said his company would go public over my dead body. [29][30], In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. A Trafigura-chartered tanker was intercepted in the Caribbean in 2001 on suspicion of carrying illegal volumes of Iraqi crude. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. 13 in the Fortune 500 list of publicly held companies, just behind Wall Street banking giant Citigroup. Like Vitol, he says, Gunvor has no plans to follow Glencore into an IPO. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. As usual, details are scant. The payout percentage of profits at the commodities houses can be double what Wall Street banks pay, says George Stein of New York headhunting firm Commodity Talent. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. Their reach is expanding. Chinese state funds have flowed into Noble and private Asian traders. [8][9] They and their affiliates joined as founders of Mercuria, and they remain as shareholders today. The godfather of oil trading, Marc Rich, taught one of his most talented apprentices Claude Dauphin almost every trick in the business. A fiercely libertarian ideology and ultra-competitive engineering prowess live on at Koch Industries spartan headquarters in Wichita, Kansas, a former Koch executive told Reuters. . The new rules dont apply to trading firms. Nobles shareholders include Chinas sovereign wealth fund, China Investment Corp., which bought an $850 million stake in 2009, and Korean Investment Corp., which has a minority stake. Cognite Data Fusion Deployed for Data Management in Oil & Gas and Power. WHO: Hin Leong, founded 1963 supplying diesel to fishing boats. [5], Mercuria was started in 2004 by Marco Dunand and Daniel Jaeggi, then executives at Phibro, the commodities trader sold by Citigroup to Occidental Petroleum in 2009. From the 43rd floor of a Rotterdam skyscraper, staff members can look out over a network of rivers toward some of Europes biggest refineries. In 2011 the company will turn over $80 billion, up from just $5 billion in 2004. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Noble has grown by acquiring troubled competitors. A row over oil export control could jeopardize its role in selling the nations crude. The three former Goldman Sachs Group Inc. executives together own a controlling stake in Mercuria through a Guernsey entity called MDJ Oil Trading Ltd. While Vitol would not comment, industry talk has it that none of its senior employees, including CEO Ian Taylor who joined from Shell in 1985 or long-timer Bob Finch who heads Vitols coal business, holds more than 5 percent of the company. Brent crude rose 3.5 percent that year in a fourth annual advance. Glencore has said publicly it would see good value in a merger with Xstrata, but that has so far been rejected by other, smaller, shareholders. Cargill, as well as fellow U.S. commodity trading firms Bunge and ADM, agreed to undertake a public relations effort with the goal of creating a political problem for the Government of Ukraine, according to a 2007 diplomatic cable by the U.S. ambassador to Ukraine that was obtained by WikiLeaks and made available to Reuters by a third party. Like rival Vitol, Trafigura has seized the opportunity to get into oil storage as oil majors focus on production. Dunand said in January the sale of an equity stake could raise $500 million to $1 billion. Something has to capture carbon from the air. From 2011 to 2013, Mercuria hired 570 people, including key executives from investment banks as it expanded beyond energy. Noble quit its global liquefied petroleum gas (LPG) operations in 2010, a year it was censured in Nigeria for discrepancies in gasoline shipping lists. They stayed until 1994, then joined Phibro for a five-year stint when it was controlled by Salomon Brothers. . It doesnt always work. How big are the biggest trading houses? The government of Ivory Coast said 16 people died. Back in Hong Kong, he traded commodities with China in the 1970s and was the first to sell Chinas Daqing crude oil to the United States. In a settlement, Trafigura agreed to pay a $5 million fine, but wasnt charged with smuggling and denied wrongdoing. With 800,000 barrels a day to market, a volume similar to OPEC country Qatar, Arcadias annual gross revenue from oil could be around $29 billion based on current prices. Mercuria also differs in tone. Wilmars strategy is to have its fingers in every part of the supply chain, from point of origin to destination. [1] The firm was founded in 2004 by two former Wall Street oil traders, Marco Dunand and Daniel Jaeggi. 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. But since White Plains, New York-based Bunge set up in China in 1998, many have switched to soy pellets. A few traders seized the chance to buy what amounted to almost all the available supply. 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. 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. Mercuria Energy Trading has a total of 1001 employees. We havent seen this pace of population growth in our living memory, Verghese told a conference in Singapore late last year. 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. [3] Former Koch employees were implicated in improper payments to secure contracts in six foreign countries between 2002 and 2008, and the companys officers admitted in a letter made public by a French court last year that those activities constitute violations of criminal law, according to a report in Bloomberg Markets Magazine this month. We also believe that nature is going to have to play its role in the transition, because when the world talks about net zero, it doesn't mean absolute zero. That would put them well below the 16 percent stake Glencore CEO Ivan Glasenberg owns in his firm. Youve always had grain going down the river and going through the Gulf and being exported. Trading houses were able to do this because international sanctions on Syria do not ban the sale of fuel into the country, but they did not have to fight off much competition for that business. But Mabanaft has also gradually opened offices in Singapore and the United States and, in the summer of 2010, a representative office in India. 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. 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. The French trading giant approached Olam with a merger proposal in 2010, but talks failed earlier this year. [23][24], In 2019, Mercuria acquired bankrupt Aegean Marine Petroleum Network Inc and restructured the company to operate as Minerva Bunkering, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited. The line may be simplistic but its not too far from the truth. At its headquarters on Genevas poshest shopping street, traders and executives wear open-collared shirts, sweaters and jeans, a sharp contrast to the shirt-and-tie policies at more established firms. The companys deal with Libyas rebels was a gamble. He competed fiercely with Indonesias Salim group, the business group commanded by his uncle, and won, to dominate the edible oil market in the worlds most populous nation. Known as OK Lim, the founder of Singapores Hin Leong Group wants to build the company from oil trader into an integrated company. In 1937 the Chicago Board of Trade forced the company to sell its corn contracts and Secretary of Agriculture Henry Wallace accused it of trying to corner the U.S. corn market. After Minnesota-based Cargill built a huge soybean terminal on the banks of the Amazon River in 2003, it was targeted by Greenpeace and subjected to Brazilian government injunctions for allegedly encouraging more farming in fragile rainforest. They go where the business is, said an industry insider who asked not to be named. Mercuria CEO Marco Dunand, President Daniel Jaeggi and global head of trading Magid Shenouda are the firm's biggest shareholders. See Marco Dunand's compensation, career history, education, & memberships. 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. GENEVA, 3 October 2014 -- Mercuria Energy Group, Ltd ("Mercuria") announced today it has successfully completed the acquisition of J.P. Morgan Chase & Co. ("J.P. Morgan") Physical Commodities Business, following the signing of a definitive Purchase and Sale Agreement in March of 2014. Arcadias chief executive in Singapore, Stephen Gibbons, denied the contents of the cable and told Reuters the kidnapping allegations were ludicrous. In April Noble appointed Li Rongrong, former chairman of the state-owned assets supervision and administration commission of China, as a non-executive director. Benoit Lioud, a Mercuria spokesman, declined to comment on talks with JPMorgan. 3. Analytical and operational solutions to navigate complex, volatile markets. Hin Leong made its name in the hard-fought Asia fuel oil and distillates market over 20 years ago, and is arguably the largest independent distillates trader in Asia, regularly mounting successful trading plays in the Singapore market. You may change or cancel your subscription or trial at any time online. Perhaps to make up for that, it has moved into new sectors such as natural gas, coal and emissions. Mercuria Mercuria Energy Group Ltd is a Cypriot-domiciled French [1] multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, biodiesel, base metals [2] and agricultural products. A wealthier world needs more food. Koch eventually pleaded guilty in 2001 to a felony charge related to its reporting of the benzene emissions. When it comes to his critics, Vladimir Putin is a heavyweight puncher. They include gas and power trading on both sides of the Atlantic, physical assets spanning 40 locations in North America, an oil-trading book with a supply and offtake contract with the largest refinery on the U.S. East Coast, 6 million barrels of storage leases in the Canadian oil sands, and Henry Bath & Sons Ltd., a 220-year-old metal-warehouse operator based in Liverpool, England. WHO: Vitol, founded 1966 in Rotterdam by Henk Vietor and Jacques Detiger, WHERE: Geneva and Rotterdam WHAT: Oil, gas, power, coal, industrial metals, sugar, TURNOVER: $195 billion (2010) CEO: Ian Taylor STAFF: 2,700. They left Cargill in 1987 for Goldman Sachss J. Aron unit in London. The CEO sometimes flies to speaking engagements with no entourage. At times Cargills power has got it into trouble. Tornqvist says Gunvors goal is to become a truly global company. The hires include Houston-based Shameek Konar, a former managing director with Goldman Sachs (GS) Group Inc. who is chief investment officer overseeing Mercurias corporate development, including the JPMorgan negotiations. Trading houses competed with banks for the spoils -- Glencore, Trafigura and Noble took one warehousing company each, Goldman and JP Morgan the others. Hes well on the way. We are keen to consolidate our culture before we could think about changing it. It helps that Olam has backing in high places: Singapore state investor Temasek holds a 14 percent stake in the trading firm. Or this: publicity-shy Vitols sales of $195 billion in 2010 were twice those at Apple Inc. As well as the 200 tankers it has at sea, Vitol owns storage tanks on five continents. Welcome to the Mercuria 2022 Corporate Social Responsibility (CSR) report. Founded in 1818 in Amsterdam, the company is the worlds No.1 oilseed processor. Investors say he might already have his sights set on Brazil, to strengthen his position in the global sugar market. And its not just the Europeans. For cost savings, you can change your plan at any time online in the Settings & Account section. Fred Koch returned to the United States with a visceral hatred for Joseph Stalin and communism. The three top executives at Mercuria have increased their holding in the Swiss-based commodity trader since the start of the year, according to a filing with US regulators. By Andy Hoffman and Chanyaporn Chanjaroen. Without a commanding position in any region or commodity, the firm has sought out bottlenecks and imbalances in niche markets and positioned itself to make money trading derivatives using insights gained from its physical trading. Jaeggi, the head of trading, operates more in the background, conceiving trading positions. [17] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. But most analysts think it needs fresh capital to grow, or to buy out minority family shareholders who will have the option to sell their stakes in 2012. In addition to proprietary trading curbs, the U.S. regulator voted on October 19 to impose position limits in oil and metals markets. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. Mabanaft sold 20 million tonnes of oil in 2010, up from 18 million tonnes in 2009. We have a daily sales report from every corner where we operate and if we see sales slowing over a few weeks, we get to know the changing trend before others, one employee said, on condition of anonymity. That figure is likely to change because of the addition of JPMorgans assets. That took the headcount to 1,200 from about 10 in 2004. 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. Citing concerns over potential shortages and rising bread prices, Kiev had placed export quotas on cash crops and temporarily stopped granting export licenses for corn, wheat, barley and other grains. Founded in 2004 by Swiss traders Marco Dunand and Daniel Jaeggi. And unlike commodities producers, such as U.S. oil giant Exxon Mobil, trading firms dont just make money when prices go up. 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. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. The business has grown to 890 employees in 28 countries with a turnover at $75 billion, trading almost 120 million tonnes of oil, coal and gas. Most rely on arbitrage -- playing the divergence in prices at different locations, between different future delivery dates, or between a commoditys quality in different places. Among their campaigns is one to end the U.S. Environmental Protection Agencys mandate for regulating greenhouse gas emissions. It hasnt been determined whether Blythe Masters, who has led the JPMorgan unit since 2006 and orchestrated the buying spree, would join Mercuria, a senior executive at Mercuria said.

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