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Trafigura

All articles tagged with #trafigura

business2 days ago

Vitol and Trafigura clinch early control of Venezuela’s crude exports

Vitol and Trafigura moved fastest to secure and export Venezuelan crude after U.S. sanctions, earning preliminary licenses and lining up the first cargo as U.S. majors avoid credit, legal and compliance risks. A $2 billion deal aims to sell up to 50 million barrels to U.S. refiners and other buyers, with revenue to flow to Venezuela under U.S. supervision. Chevron remains the only U.S. major active in Venezuela, while Exxon and Conocoface investor concerns; China continues to be a major buyer and creditor. The move highlights how trading houses’ global networks and risk tolerance give them an edge in restarting Venezuelan oil flows.

via Reuters|
#business#oil#sanctions
business5 months ago

Australia allocates funds to support Nyrstar and Trafigura smelters amid critical minerals push

Australia's government has provided financial support to Trafigura's lead and zinc smelters to prevent their collapse, with conditions to develop a new supply chain for critical minerals and potentially set price floors for rare earths, aiming to reduce dependence on China and strengthen national security in the strategic minerals sector.

via Financial Times|
#australia#bailout#business
politics1 year ago

Biden's Africa Trip: Balancing History, Economy, and Global Influence

President Joe Biden is visiting Angola to promote the Lobito Atlantic Railway, a key infrastructure project run by commodities trader Trafigura. The railway, which transports copper concentrate from the Democratic Republic of Congo to the Angolan port of Lobito, has a complex history involving Scottish engineering and Chinese refurbishment. Biden's visit underscores the strategic importance of the railway in the region.

via Bloomberg|
#angola#biden#china
international-affairs1 year ago

"Trafigura's Risk Assessment Following Houthi Attack on Red Sea Tanker"

Trafigura is evaluating the security risks of Red Sea voyages after a tanker, Marlin Luanda, was attacked by Yemen's Houthi group. Some shipping companies have suspended transits through the Red Sea due to the attacks, while others, like QatarEnergy, have rerouted their tankers. The Marlin Luanda's crew successfully extinguished a blaze caused by the attack, and the vessel is now heading to a safe harbor with assistance from Indian, U.S., and French navy vessels. The U.S. military has responded to the Houthi attacks with retaliatory strikes, and the situation remains tense in the region.

via CNBC|
#houthi-attacks#international-affairs#maritime-security
international-affairs1 year ago

"Assessing Red Sea Risks: Houthi Attacks on Ships in Gulf of Aden"

Commodities trader Trafigura is evaluating the security risks of Red Sea voyages after a tanker, Marlin Luanda, was attacked by Yemen's Houthi group with an anti-ship missile. Some shipping companies have suspended transits through the Red Sea due to security concerns, while the U.S. and other navies provided assistance to the damaged tanker. The incident has raised concerns about the safety of vessels in the region amid escalating Houthi attacks on shipping.

via Reuters|
#houthi#international-affairs#red-sea
international-conflict1 year ago

"Naval Support Rushed to Trafigura Tanker After Houthi Attack Ignites Blaze"

Warships have arrived to assist the UK-owned tanker Marlin Luanda, chartered to Trafigura, after it was hit by a Houthi missile in the Gulf of Aden, causing a fire. The safety of the crew is the top priority, and firefighting equipment is being used to control the fire in one cargo tank. The UK Maritime Trade Operations confirmed the attack and stated that coalition warships are providing support. This incident follows a near miss involving another tanker earlier in the day, and comes amid heightened tensions between the Houthis and the US and UK.

via TradeWinds|
#houthi#international-conflict#tanker
international-relations1 year ago

"Oil Tanker Engulfed in Flames Following Houthi Missile Strike, Company Reports"

An oil tanker in the Gulf of Aden is on fire after being hit by a Houthi missile, with no reported injuries. The UKMTO has been informed and military ships are en route to assist. The Iran-backed Houthis have launched numerous attacks on commercial vessels in the Red Sea, prompting US and UK airstrikes and sanctions. The group claims the attacks are in solidarity with Palestinians in Gaza, and has warned of increased attacks in response to the airstrikes.

via BBC.com|
#gulf-of-aden#houthi-missile-attack#international-relations
energy2 years ago

Trafigura Predicts Oil Prices to Rise

Trafigura, one of the world's largest commodity traders, warns that crude oil prices could face upside risk due to the current tightness in the market. Ben Luckock, Co-Head of Oil Trading at Trafigura, believes that the fair price for oil is in the range of $72 to $88 per barrel, but acknowledges that the market is vulnerable to further price increases. The credibility of Russia's supply cuts remains an issue, as it is difficult to track Moscow's exports. Meanwhile, Vitol's CEO, Russell Hardy, expects some relief in the tight oil market in the next two months due to refinery maintenance, but sour crude supply will remain tight.

via OilPrice.com|
#crude-oil-prices#energy#opec
business2 years ago

Major Banks and Traders Fooled by Fake Nickel Scams

Trafigura and other companies received bags of stones instead of nickel from a warehouse in Rotterdam run by Access World. The mix-up was discovered after the bags were shipped to New Orleans and found to have the wrong weight. The London Metal Exchange inspected all of its metal holdings at the warehouse and found that nine contracts contained material other than nickel. Trafigura faces a $577 million loss due to an unrelated fraud on nickel shipments.

via Markets Insider|
#business#fraud#metals-trading
business2 years ago

Nickel Scandal Rocks JPMorgan and London Metal Exchange

Trafigura's CEO, Jeremy Weir, has criticized the London Metal Exchange's (LME) nickel contract, stating that it is "not fit for purpose" due to its lack of transparency and liquidity. Weir also called for the LME to improve its contract design and for the exchange to work more closely with industry players to ensure that its contracts meet the needs of the commodities trading market.

via Financial Times|
#business#commodities#lme