Marco Dunand | World Economic Forum A wealthier world needs more food. U.S. refiner Tosco sued Arcadia and Glencore for market manipulation; the case was settled out of court. U.S. regulations are now pending to limit banks proprietary trading -- speculating with their own cash. 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. But Mabanaft has also gradually opened offices in Singapore and the United States and, in the summer of 2010, a representative office in India. When it comes to his critics, Vladimir Putin is a heavyweight puncher. And it sounded a rare retreat this week when sources close to the company said it had shut its European coal trading operations to focus on Asia and trading. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. People forget about it. For cost savings, you can change your plan at any time online in the Settings & Account section. Oil Trader Mercuria's Ownership Structure Revealed in Filing JPMorgans power-generating assets, which include stakes in three U.S. plants, wont be included in a sale to Mercuria, according to three people close to the talks. Join the conversation. Gunvors oil dominance has waned in the past two years -- it is handling around a fifth of Russian seaborne oil exports, down from a third three years ago. The incident was the subject of The Informant, filmed on site in Decatur. We are keen to consolidate our culture before we could think about changing it. You can still enjoy your subscription until the end of your current billing period. Along the way it has moved headquarters to Belgium, Argentina, Brazil and then the United States. 2. (Bloomberg) 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. But make no mistake, if you perform well at Koch, you are richly rewarded in salary terms, the person added. 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. Tornqvist, a former BP trader and keen yachtsman, says he doesnt share the vision of Mark Rich, the father of contemporary trading, that political links are the most prized asset in trading. 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. 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. Many amass speculative positions worth billions in raw goods, or hoard commodities in warehouses and super-tankers during periods of tight supply. The CEO sometimes flies to speaking engagements with no entourage. Thats the argument of Sunny Verghese, chief executive of Singapore-based trading firm Olam International. He is flanked in the top investor table by the youthful heads of Glencores major divisions. For us in the middle, we have the ability then to manage the commodity risk that can be created by the timing differences between those buys and sells, said Steve Mills, ADMs senior executive vice president for performance and growth. (Bloomberg) It's "possible" that oil will hit $100 a barrel this winter, but $80 to $90 is the expected range, said Marco Dunand, the chief executive officer of commodities trader Mercuria Energy Group Ltd. With surging energy costs contributing to inflation, as the global economy recovers from the pandemic . Koch said its 90s-era pipeline blast was the only event of its kind in the companys history, and that a report to Texas regulators was voluntarily submitted by the company in 1995 to reflect higher emissions than it had originally reported. It has also dipped a toe in the upstream business. Chinese state funds have flowed into Noble and private Asian traders. Thats still a lot less than the billions the biggest independent oil traders make and a long way off the revenue of Marquard & Bahls oil tanking division, the second largest in the world after Vopak. Risk has often paid off handsomely for Fredriksen. and other data for a number of reasons, such as keeping FT Sites reliable and secure, [19][20] Magid Shenouda,the former co-head of commodities trading at Goldman Sachs Group Inc, joined Mercuria as a shareholder, global head of trading and deputy CEO. Marco Dunand, Mercuria Energy Group Holding SA: Profile and Biography Insight Conversation: Marco Dunand, Mercuria - S&P Global We dont hear much about them yet, but in time we will.. The grains business accounts for a third of its earnings and could have a value of more than $5 billion. J+S denied any wrong-doing and suggested the investigation was politically motivated. 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. FIS adds Energy & Commodities to new Value Portfolio business unit for more focus. Global Advisors Newton said Dunand and Jaeggis ability to react to shifting markets means Mercuria will probably thrive in an unpredictable industry littered with failures. 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. That is as far as it goes -- yet time and again, the media wrongly jump to the conclusion that the judo club connection means that Mr Putin and I are close, then leap into conspiracy-theory mode.. All quotes delayed a minimum of 15 minutes. The judge said there was no evidence the waste had caused anything more than flu-like symptoms and said some media had been irresponsible in their reporting. Vitol was founded in 1966; Glencore in 1974; Trafigura started in 1993; and Gunvor, the fifth-largest independent trader controlled by billionaires Torbjorn Tornqvist and Gennady Timchenko, was founded in 2000. 2022 welcome statement Marco Dunand, Mercuria's CEO, introduces the 2022 CSR report. WHO: Hin Leong, founded 1963 supplying diesel to fishing boats. In June, it invested $50 million in a Romanian gas producer. [3] The suit was settled out of court for an undisclosed sum. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. "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 . Wilmar is now the biggest soy player in China with a 20 percent market share, measured in processing capacity. 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. The 2022 report is the fifth annual CSR report prepared by Mercuria and the data and commentary refer to our activities in the 2022 calendar year. Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. [29][30], In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. Grain traders welcomed our offer to lend a diplomatic hand, the ambassador wrote. Trafigura was also quick to recognize the potential of storage in the industrial metals markets. Van der Velden took the reins of a company on a roll. Lawyers said doing business with the rebels still required great care. With their connections and inside knowledge -- commodities markets are mostly free of insider-trading restrictions -- trading houses have become power brokers, especially in fast-developing Asia, Latin America and Africa. Shenouda, who joined Mercuria in 2014, had for years been seen as the likely successor to co-founders Marco Dunand and Daniel Jaeggi. Total Applied. He has made a fortune. [17] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. Known as OK Lim, the founder of Singapores Hin Leong Group wants to build the company from oil trader into an integrated company. 13 in the Fortune 500 list of publicly held companies, just behind Wall Street banking giant Citigroup. They are better together than they are on their own. In 2001, for instance, it bought storied Swiss company Andre & Cie, once one of the worlds top five grains traders. Mercuria is just seven years old, but is already one of the worlds top five energy traders. Mercuria, named for the Roman god of trade, is targeting a JPMorgan business that includes energy trading and storage assets in North America, where a boom in shale oil and natural gas has transformed the flow of commodities worldwide. Founded 25 years ago by Briton Richard Elman, the Hong Kong-based, Singapore-listed Noble Group buys and sells everything from Brazilian sugar to Australian coal. But ADMs reputation has endured a black eye or two over the years. [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. We have a system that monitors the supply and demand needs, because often times they are working independently. 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. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. Public and regulatory attention usually rises with prices. We dont see the need to raise money from the market, Dunand said. Revenues for the 10 largest investment-bank commodity businesses fell to $4.5 billion in 2013 from $14 billion in 2008, according to London-based analytics company Coalition. That took the headcount to 1,200 from about 10 in 2004. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Of the six major metals warehousers only one, Dutch-based C.Steinweg, remains independent. Mercuria | LinkedIn Since co-founding Mercuria with partner Marco Dunand in 2004, the company has ballooned into one of the top four commodity trading houses in the world, turning over more than $100 billion in.