The Endgame for Commodity Traders Why Only the Biggest and Digitally Advanced Traders Will Thrive
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Middle East Oil Pricing Systems in Flux Introduction
May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE .................................................................................................................................. -
Vitol-Brochure-2019 FINAL-1.Pdf
02 VITOL | Contents Vitol 04 VLC Renewables 14 Vitol at a glance 05 Our investments 16 Operating Globally 08 VTTI 17 Trading portfolio 10 Vitol Aviation 17 Crude oil 10 Viva Energy 18 Middle distillates 10 Vivo Energy 18 Gasoline 10 Petrol Ofisi 19 Biofuel 11 OVH Energy 19 Fuel oil 11 VARO 20 Naphtha 12 Rodoil 20 Bitumen 12 Hascol 20 Coal 13 Cockett Marine Oil 20 Liquid petroleum gas (LPG) 13 VPI Immingham 21 Liquefied natural gas (LNG) 13 VLC Renewables 21 Natural gas 13 Exploration and production 24 Power 14 Vitol Foundation 25 Renewables 14 Our worldwide capabilities 26 Shipping 14 VITOL VITOL | 03 Vitol Vitol is at the For over 50 years Vitol has served the Responsibility heart of the world’s world’s energy markets, trading over We are mindful of the risks associated seven million barrels of crude oil and with handling energy. Our assets energy flows. Every products a day and delivering energy operate to international HSE standards day we use our products to countries worldwide. and we expect the same of our partners expertise and throughout the energy chain. We seek logistical networks Our customers include national oil to conduct our business in line with to distribute energy companies, multinationals, leading the ten principles of the UN Global industrial and chemical companies and Compact and to work with partners around the world, the world’s largest airlines. We deliver who share our commitment to high efficiently and the products they need on time and to standards of operation. responsibly. specification by sourcing and managing the movement of energy through the relevant infrastructures. -
Annual Report and Financial Statements 2016 Introduction
ANNUAL REPORT AND FINANCIAL STATEMENTS 2016 INTRODUCTION Antofagasta is a Chilean copper mining group with signifi cant by-product production and interests in transport. The Group creates value for its stakeholders through the discovery, development and operation of copper mining assets. The Group is committed to generating value in a safe and sustainable way throughout the commodity cycle. See page 2 for more information CONTENTS STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 01-05 66-119 120-187 OVERVIEW 2016 highlights 1 Leadership Independent auditors’ report 122 At a glance 2 Chairman’s Governance Q&A 68 Consolidated income statement 127 Letter from the Chairman 4 Senior Independent Director’s Q&A 70 Consolidated statement Governance overview 71 of comprehensive income 128 Board of Directors 72 Consolidated statement of Executive Committee 76 changes in equity 128 06-27 Effectiveness Consolidated balance sheet 129 STRATEGY Board activities 78 Consolidated cash flow statement 130 Professional development 80 Notes to the financial statements 131 Effectiveness reviews 82 Parent company financial statements 181 Statement from the CEO 8 Accountability Question and answer 9 Nomination and Governance Committee 85 Investment case 10 Audit and Risk Committee 88 Our new operating model 11 Sustainability and Stakeholder Our position in the market 14 188-204 Management Committee 92 Our strategy 16 OTHER INFORMATION Projects Committee 94 Key performance indicators 18 Remuneration Risk management 20 Five year summary 188 Committee Chairman’s Principal -
Long-Term Prospects for Northwest European Refining
LONG-TERM PROSPECTS FOR NORTHWEST EUROPEAN REFINING ASYMMETRIC CHANGE: A LOOMING GOVERNMENT DILEMMA? ROBBERT VAN DEN BERGH MICHIEL NIVARD MAURITS KREIJKES CIEP PAPER 2016 | 01 CIEP is affiliated to the Netherlands Institute of International Relations ‘Clingendael’. CIEP acts as an independent forum for governments, non-governmental organizations, the private sector, media, politicians and all others interested in changes and developments in the energy sector. CIEP organizes lectures, seminars, conferences and roundtable discussions. In addition, CIEP members of staff lecture in a variety of courses and training programmes. CIEP’s research, training and activities focus on two themes: • European energy market developments and policy-making; • Geopolitics of energy policy-making and energy markets CIEP is endorsed by the Dutch Ministry of Economic Affairs, the Dutch Ministry of Foreign Affairs, the Dutch Ministry of Infrastructure and the Environment, BP Europe SE- BP Nederland, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. ('Rabobank'), Delta N.V., ENGIE Energie Nederland N.V., ENGIE E&P Nederland B.V., Eneco Holding N.V., EBN B.V., Essent N.V., Esso Nederland B.V., GasTerra B.V., N.V. Nederlandse Gasunie, Heerema Marine Contractors Nederland B.V., ING Commercial Banking, Nederlandse Aardolie Maatschappij B.V., N.V. NUON Energy, TenneT TSO B.V., Oranje-Nassau Energie B.V., Havenbedrijf Rotterdam N.V., Shell Nederland B.V., TAQA Energy B.V.,Total E&P Nederland B.V., Koninklijke Vopak N.V. and Wintershall Nederland B.V. CIEP Energy -
Corporate-Brochure 2020.Pdf
02 VITOL | Contents Vitol 04 VLC Renewables 14 Vitol at a glance 05 Our investments 16 Operating Globally 08 VTTI 17 Trading portfolio 10 Vitol Aviation 17 Crude oil 10 Viva Energy 18 Middle distillates 10 Vivo Energy 18 Gasoline 10 Petrol Ofisi 19 Biofuel 11 OVH Energy 19 Fuel oil 11 VARO 20 Naphtha 12 Rodoil 20 Bitumen 12 Hascol 20 Coal 13 Cockett Marine Oil 20 Liquid petroleum gas (LPG) 13 VPI Immingham 21 Liquefied natural gas (LNG) 13 VLC Renewables 21 Natural gas 13 Exploration and production 24 Power 14 Vitol Foundation 25 Renewables 14 Our worldwide capabilities 26 Shipping 14 VITOL VITOL | 03 Vitol Vitol is at the For over 50 years Vitol has served the Responsibility world’s energy markets, trading over We are mindful of the risks associated heart of the world’s eight million barrels of crude oil and with handling energy. Our assets energy flows. Every products a day and delivering energy operate to international HSE standards day we use our products to countries worldwide. and we expect the same of our partners expertise and throughout the energy chain. We seek logistical networks Our customers include national oil to conduct our business in line with to distribute energy companies, multinationals, leading the ten principles of the UN Global industrial and chemical companies and Compact and to work with partners around the world, the world’s largest airlines. We deliver who share our commitment to high efficiently and the products they need on time and to standards of operation. responsibly. specification by sourcing and managing the movement of energy through the relevant infrastructures. -
Itraxx Europe & Crossover Series 35 Final Membership List
iTraxx Europe & Crossover Series 35 Final Membership List March 2021 Copyright © 2021 IHS Markit Ltd T180614 iTraxx Europe & Crossover Series 35 Final Membership List 1 iTraxx Europe Series 35 Final Membership List......................................... 3 2 iTraxx Europe Series 35 Final vs. Series 34.............................................. 7 3 iTraxx Crossover Series 35 Final Membership List ................................... 8 4 iTraxx Crossover Series 35 Final vs. Series 34........................................11 5 Further information ...................................................................................12 Copyright © 2021 IHS Markit Ltd | 2 T180614 iTraxx Europe & Crossover Series 35 Final Membership List 1 iTraxx Europe Series 35 Final Membership List iTraxx Sector IHS Markit Ticker IHS Markit Long Name Autos & Industrials AIRBSE AIRBUS SE Autos & Industrials VLVY AKTIEBOLAGET VOLVO Autos & Industrials AKZO AKZO NOBEL N.V. Autos & Industrials ALSTOM ALSTOM Autos & Industrials AAUK ANGLO AMERICAN PLC Autos & Industrials AZN ASTRAZENECA PLC Autos & Industrials BAPLC BAE SYSTEMS PLC Autos & Industrials BASFSE BASF SE Autos & Industrials BYIF BAYER AKTIENGESELLSCHAFT Autos & Industrials BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT Autos & Industrials BOUY BOUYGUES Autos & Industrials CNHIND CNH INDUSTRIAL N.V. Autos & Industrials STGOBN COMPAGNIE DE SAINT-GOBAIN Autos & Industrials COMPFIAG COMPAGNIE FINANCIERE MICHELIN SA Autos & Industrials CONTI CONTINENTAL AKTIENGESELLSCHAFT Autos & Industrials DAMLR DAIMLER -
Oil and Gas News Briefs, December 3, 2018
Oil and Gas News Briefs Compiled by Larry Persily December 3, 2018 First Nation approves benefits agreements for LNG project in B.C. (Vancouver Sun; Nov. 29) - It wasn’t an easy decision for the Squamish First Nation to approve the C$1.6 billion Woodfibre LNG project 35 miles north of Vancouver, B.C., according to a spokesman, but it came with potential benefits of cash and land. The First Nation council approved three economic benefits agreements last week — one each with Woodfibre LNG, pipeline company FortisBC and the province, “contingent on the environmental conditions being met,” according to a news release Nov. 29. The 40-year agreements include cash totaling C$225.65 million, 1,600 short-term and 330 long-term jobs, business opportunities, and land transfers of almost 1,100 acres. “Communities are sometimes faced with difficult decisions and it is recognized that this was a difficult decision for many,” said Squamish Councillor Khelsilem, whose English name is Dustin Rivers. “As agreed by the proponents, we will be co-developing management plans for the project and will have our own monitors on the ground to report on any non-compliance with cultural, employment, and training conditions.” Work is expected to start next fall at the former pulp mill site. At full operation, the plant will be capable of making 2.1 million tonnes of LNG per year. The money will be paid to the First Nation at project milestones, including the start of construction and start of operations. Other payments will go toward a cultural fund for the Indigenous community and training and education programs. -
Vitol Pays $164 Mln to Resolve U.S. Allegations of Oil Bribes in Latin
December 4, 2020 Vitol pays $164 mln to resolve U.S. allegations of according to the DOJ statement. oil bribes in Latin America Prosecutors said the bribes went to employees at Mexico's Vitol Group's U.S. subsidiary agreed to pay $164 state-run Pemex and Ecuadorian state oil company million to resolve probes by the U.S. government that Petroecuador. the energy trader paid bribes in Brazil and other Petroecuador and Pemex did not respond to requests for countries to boost its oil trading business, the U.S. comment. Department of Justice said on Thursday. Brazilian prosecutors announced in late 2018 that they Under a three-year deferred prosecution agreement, were investigating Petrobras' oil deals with trading houses, the Swiss trading firm admitted guilt and agreed to including the world's biggest oil traders - Vitol, Trafigura improve internal reporting and compliance functions. and Glencore. Vitol, run out of London, is the world's largest In early 2019, the DOJ opened its own probe into the three independent oil trader, trading some 8 million barrels company's dealings in Brazil. The FBI investigated two key of oil a day. Vitol executives who were overseeing the region during "Vitol paid bribes to government officials in Brazil, those years, including the head of Vitol's U.S. arm, Michael Ecuador and Mexico to win lucrative business "Mike" Loya, who retired earlier this year. contracts and obtain competitive advantages to which Loya did not immediately respond to a message sent to his they were not fairly entitled," Acting U.S. Attorney LinkedIn account. -
Redstone Commodity Update Q3
Welcome to the Redstone Commodity Update 2020: Q3 Welcome to the Redstone Commodity Moves Update Q3 2020, another quarter in a year that has been strongly defined by the pandemic. Overall recruitment levels across the board are still down, although we have seen some pockets of hiring intent. There appears to be a general acknowledgement across all market segments that growth must still be encouraged and planned for, this has taken the form in some quite senior / structural moves. The types of hires witnessed tend to pre-empt more mid-junior levels hires within the same companies in following quarters, which leaves us predicting a stronger than expected finish to Q4 2020 and start to Q1 2021 than we had previously planned for coming out of Q2. The highest volume of moves tracked fell to the energy markets, notably, within power and gas and not within the traditional oil focused roles, overall, we are starting to see greater progress towards carbon neutrality targets. Banks such as ABN, BNP and SocGen have all reduced / pulled out providing commodity trade finance, we can expect competition for the acquiring of finance lines to heat up in the coming months until either new lenders step into the market or more traditional lenders swallow up much of the market. We must also be aware of the potential impact of the US elections on global trade as countries such as Great Britain and China (amongst others) await the outcome of the impending election. Many national trade strategies and corporate investment strategies will hinge on this result in a way that no previous election has. -
Glencore's Shares Drop After Justice Department Subpoena
WL SEIS Exhibit 9 https://www.nytimes.com/2018/07/03/business/glencore-subpoena-mining-commodities.html Glencore’s Shares Drop After Justice Department Subpoena By Stanley Reed and Michael J. de la Merced July 3, 2018 LONDON — Glencore, a Switzerland‑based mining and commodities trading giant, said on Tuesday that it had received a subpoena from the United States Department of Justice requesting documents in a money‑laundering and corruption investigation. The subpoena is tied to Glencore’s dealings in the Democratic Republic of Congo, Nigeria and Venezuela since 2007, and it seeks material related to “compliance with the Foreign Corrupt Practices Act” and with United States money‑laundering rules, the company said in a statement. News that American investigators were looking into Glencore’s businesses spooked investors, sending the company’s share price down as much as 13 percent at one point on Tuesday. By late afternoon in London, its stock price had recovered somewhat, but was still 5 percent lower. Charles Watenphul, a Glencore spokesman, said, “We got this letter last night; we are going through it.” While Glencore has not been charged with any crime, the development is a blow to one of the most powerful commodities mining and trading empires around, one that employs 146,000 workers around the world. With headquarters in Baar, near Zurich, the company is among the biggest producers of copper and of cobalt, a crucial component of batteries for electric vehicles and electronic devices like smartphones. (Cobalt is so important that the Trump administration has deemed it critical for American national security.) Glencore is also a major player in coal, with 26 mines in countries such as Australia, Colombia and South Africa. -
Financing Options in the Oil and Gas Industry, Practical Law UK Practice Note
Financing options in the oil and gas industry, Practical Law UK Practice Note... Financing options in the oil and gas industry by Suzanne Szczetnikowicz and John Dewar, Milbank, Tweed, Hadley & McCloy LLP and Practical Law Finance. Practice notes | Maintained | United Kingdom Scope of this note Industry overview Upstream What is an upstream oil and gas project? Typical equity structure Relationship with the state Key commercial contracts in an upstream project Specific risks in financing an upstream project Sources of financing in the upstream sector Midstream, downstream and integrated projects Typical equity structures What is a midstream oil and gas project? Specific risks in financing a midstream project What is a downstream oil and gas project? Specific risks in financing a downstream project Integrated projects Sources of financing in midstream, downstream and integrated projects Multi-sourced project finance Shareholder funding Equity bridge financing Additional sources of financing Other financing considerations for the oil and gas sectors Expansion financings Hedging Refinancing Current market trends A note on the structures and financing options and risks typically associated with the oil and gas industry. © 2018 Thomson Reuters. All rights reserved. 1 Financing options in the oil and gas industry, Practical Law UK Practice Note... Scope of this note This note considers the structures, financing options and risks typically associated with the oil and gas industry. It is written from the perspective of a lawyer seeking to structure a project that is capable of being financed and also addresses the aspects of funding various components of the industry from exploration and extraction to refining, processing, storage and transportation. -
William R. Spiegelberger the Foreign Policy Research Institute Thanks the Carnegie Corporation for Its Support of the Russia Political Economy Project
Russia Political Economy Project William R. Spiegelberger The Foreign Policy Research Institute thanks the Carnegie Corporation for its support of the Russia Political Economy Project. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without permission in writing from the publisher. Author: William R. Spiegelberger Eurasia Program Leadership Director: Chris Miller Deputy Director: Maia Otarashvili Edited by: Thomas J. Shattuck Designed by: Natalia Kopytnik © 2019 by the Foreign Policy Research Institute April 2019 COVER: Designed by Natalia Kopytnik. Photography: Oleg Deripaska (World Economic Forum); St. Basil’s Cathedral (Adob Stock); Ruble (Adobe Stock); Vladimir Putin (kremlin.ru); Rusal logo (rusal.ru); United States Capitol (Adobe Stock; Viktor Vekselberg (Aleshru/Wikimedia Commons); Alumnium rolls (Adobe Stock); Trade War (Adobe Stock). Our Mission The Foreign Policy Research Institute is dedicated to bringing the insights of scholarship to bear on the foreign policy and national security challenges facing the United States. It seeks to educate the public, teach teachers, train students, and offer ideas to advance U.S. national interests based on a nonpartisan, geopolitical perspective that illuminates contemporary international affairs through the lens of history, geography, and culture. Offering Ideas In an increasingly polarized world, we pride ourselves on our tradition of nonpartisan scholarship. We count among our ranks over 100 affiliated scholars located throughout the nation and the world who appear regularly in national and international media, testify on Capitol Hill, and are consulted by U.S.