marco dunand mercuria net worth

They point to very competitive pricing offered by Gunvor when it comes to Russian oil tenders. Dunand says he and Jaeggi have no intention of selling the company they have built so swiftly, or launching an initial public share offering (IPO). tracking emerging trends and opportunities in the future of energy. Tea Party movement. Trafigura paid a $200 million settlement and the countrys prosecutor declared that there was no evidence of any illegality or misconduct by any Trafigura company or staff. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the worlds biggest trading houses. Premium access for businesses and educational institutions. Thats the argument of Sunny Verghese, chief executive of Singapore-based trading firm Olam International. The company handles 3 percent of the worlds daily oil consumption. It bought UK-based metals warehouser and logistics firm NEMS in March 2010, a month after Goldman Sachs had acquired rival Metro and several months before Glencore and JP Morgan moved into the business. A master of physical markets, it owns a 4,000-mile U.S. pipeline network and three of the countrys most profitable refineries. 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. We went to the Ivory Coast on a mission to help the people of Abidjan, and to find ourselves arrested and in jail as a result has been a terrible ordeal for ourselves and our families, said Dauphin. 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. With more trading companies trying to gain an edge by owning businesses that produce, store or process commodities, Mercuria followed suit. The companys largest shareholder is now former coal trader and Chief Executive Ivan Glasenberg, an intense and charismatic South African who holds a stake of just under 16 percent, worth around 4.5 billion pounds at current prices. A Trafigura-chartered tanker was intercepted in the Caribbean in 2001 on suspicion of carrying illegal volumes of Iraqi crude. They sail as close to the wind as they possibly can legally, said an oil analyst who requested anonymity. A spike in world food prices in 2007 stirred an outcry against the largest grain trading firms; when oil prices surged to a record $147 a barrel in 2008, U.S. Congress probed the role of oil trading firms, but found no smoking gun. 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. Design by Andrew Colby. WHO: Louis Dreyfus, founded 1851 by Leopold Louis-Dreyfus, WHERE: Paris WHAT: Cotton, rice, grains, orange juice. [15] The company tells Bloomberg half of its portfolio will be in renewables in the next five years, and has already committed to invest over $2 billion into the energy transition.[15]. It has also dipped a toe in the upstream business. (Jessica Donati, Christopher Johnson, Ikuko Kurahone, Richard Mably, Dmitry Zhdannikov reported from London, Gus Trompiz from Paris, Caroline Copley from Zurich, Emma Farge from Benghazi, Karl Plume and Christine Stebbins from Chicago, Hugh Bronstein from Buenos Aires, Joshua Schneyer from New York, Luke Pachymuthu, Harry Suhartono and Naveen Thukral from Singapore; Editing by Richard Mably, Simon Robinson and Sara Ledwith), This story October 21 story was corrrected in the 17th paragraph to reflect that Trafigura paid a U.S. Customs fine on an Iraqi crude cargo in 2001, but denied wrongdoing; clarifies language on Trafiguras 2009 legal action to prevent a report on toxic waste dumping in Ivory Coast from being published. [7] Prior to this, Mercuria was assumed control of J&S Group, which was named after the Polish businessmen Gregory Jankilevitsch and Wiaczeslaw Smolokowski. Lims Chinese connections have played a big part in the companys success. Most commodity buyers in the world are price takers. With nearly $10 billion worth of cash and bank deposits on Wilmars balance sheet, Kuok is unlikely to stop his expansion drive there. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. 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. Scale is going to be more important than ever.. [10], Mercuria moves about 1.5million barrels per day (240,000m3/d), of crude and oil products and has upstream and downstream assets ranging from oil reserves in Argentina, Canada and the United States, to oil and products terminals in Europe and China, as well as substantial investment in the bio fuels plants in Germany and the Netherlands. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader. With a personal fortune estimated by Forbes at $10.7 billion, the 67-year-old was Norways richest man until he abandoned his citizenship in 2006 to become a national of Cyprus, where tax rates are lower. We have a system that monitors the supply and demand needs, because often times they are working independently. 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. They have grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. Its a message that could apply just as well to the Louis Dreyfus group. One of their secrets: filling the empty barges headed home. Shenouda, who joined Mercuria in 2014, had for years been seen as the likely successor to co-founders Marco Dunand and Daniel Jaeggi. Dunand said in January the sale of an equity stake could raise $500 million to $1 billion. The firms traders, according to two industry sources, made a fortune for Koch in 2009-10 during a contango in U.S. oil markets -- a period when oil for future delivery was higher priced than immediate cargoes. Investors can forget about buying shares in the wildly profitable, family-run firm any time soon. It also has a substantial presence in Asias fuel oil market, the worlds largest. It doesnt always work. Over the last 145 years, Cargill has grown from a single grain storage warehouse by an Iowa railroad to a behemoth of world commodities trade, straddling dozens of markets for food and other essential materials -- salt, fertilizer, metals. He talked about how we are moving into action and investing in. Trading houses competed with banks for the spoils -- Glencore, Trafigura and Noble took one warehousing company each, Goldman and JP Morgan the others. Youve always had grain going down the river and going through the Gulf and being exported. WHO: Olam, founded 1989 by the Kewalram Chanrai Group, began trading cashews from Nigeria. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. Thats equal to the combined oil exports of Saudi Arabia and Venezuela. We dont see the need to raise money from the market, Dunand said. 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 top five piled up $629 billion in revenues last year, just. Having said that, we have also been approached by potential investors -- sovereign funds and others -- who wish to make a private-equity type of investment in our company.. Verghese still plans to cash in. Mercuria was nearing the sale of an equity stake of 10 percent to 20 percent to Chinese sovereign wealth fund State Development & Investment Co., according to two people familiar with the matter. WHO: Koch Industries, founded 1920s by Fred Koch. Vitol says it is happy with its private status and has no IPO plans. The privately owned company recorded net income of $425m in the six months to June, up more than $100m from the same period last year, according to people briefed on unaudited figures revealed. Like Rich, Dauphin created a leading commodities trading house by applying a knife-edge approach to business. We know how to close the gap (with Vitol and Glencore) and we are actively catching up, Tornqvist 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 worlds fourth-largest commodity trader with revenue topping $100 billion last year. They have the most talent, the deepest pockets, and the best risk management.. Their reach is expanding. The cost of running JPMorgans commodity business is too high because it comes with the expensive front-office staff and infrastructure an investment bank needs, said Oral Dawe, the former head of JPMorgans Asia-Pacific commodity business who now runs an investment-advisory company in Singapore. 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. Cognite Data Fusion Deployed for Data Management in Oil & Gas and Power. 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.. Finding itself with a big client base, but short of the physical supplies it needed to meet demand, Noble built its own processing facilities. Mercuria specializes in trading and supplying physical commodities, investing in strategic assets, providing financing and logistics services and offering solutions to help clients meet their needs, including their net zero goals. Dont miss our exclusive offers FT membership to read for free. Critics, including the Russian opposition, put it simply -- Russias paramount leader helped businessman Gennady Timchenko create the Gunvor oil trading empire, which saw a spectacular rise in the past decade when Putin was president and then prime minister. Many are unlisted or family run, and because they trade physical goods are largely impervious to financial regulators. A deal with JPMorgan would further challenge Dunand and Jaeggi, who each own 15 percent of Mercurias equity, to integrate the operations into a company that is already growing rapidly. A management shake-up this year at Frances most popular football club, Olympique Marseille, offers more proof of Margarita Louis-Dreyfus determination to defend her husbands legacy and impose hard financial choices. The CEO sometimes flies to speaking engagements with no entourage. Vitol, the largest independent oil trader, handled 261 million and Trafigura traded 102.8 million tons of oil and petroleum products. newsletter, Energy Source. It buys and sells multiple crops, mills and grinds and processes them into scores of products, both edible and not, and ships them to markets around the world. There has always been some concern about the trading firms influence, said Craig Pirrong, a finance professor and commodities specialist at the University of Houston, who points out that some firms have been associated with allegations of market manipulation. Electronic Invoice exchange and reconciliation for faster payments/settlements. As it turns the pumps back on, Libyan oil firm Agoco has allocated Vitol half of its crude production to repay debts. Join the conversation. MARCO DUNAND, CEO OF MERCURIA ENERGY TRADING. 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. His 28-year-old twins Kathrine and Cecilie play a growing role in his sprawling business empire, according to press reports. 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. We are keen to consolidate our culture before we could think about changing it. In 2006 a tanker it chartered dumped toxic waste in Ivory Coast, allegedly making thousands ill and killing up to 16. Hes well on the way. He is one of Russias most private tycoons. That would put them well below the 16 percent stake Glencore CEO Ivan Glasenberg owns in his firm. Among their campaigns is one to end the U.S. Environmental Protection Agencys mandate for regulating greenhouse gas emissions. WHO: Arcadia, founded 1988 by Japans Mitsui & Co. Arcadia Petroleum, the London-based oil trading firm owned by billionaire oil tanker magnate John Fredriksen, was thrust into the spotlight in May when U.S. commodities regulators sued it for allegedly manipulating U.S. oil markets in 2008. Mercuria traded 182 million metric tons of oil or oil equivalent in 2012, according to its website. There is no rush, the company has been private for 150 years so there is no specific timing for changing the shareholding structure, one source close to the company said. Lim Oon Kuin arrived in Singapore from China over 50 years ago, and started to deliver diesel by bicycle to boatmen. They stayed until 1994, then joined Phibro for a five-year stint when it was controlled by Salomon Brothers. Marco Dunand CHIEF EXECUTIVE OFFICER. Work Permit Application Outcome. Jaeggi, the head of trading, operates more in the background, conceiving trading positions. 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. Lawyers said doing business with the rebels still required great care. But Cargill is anything but public. Along the way it has moved headquarters to Belgium, Argentina, Brazil and then the United States. Founded in 2004 by Swiss 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. Big trading firms now own a growing number of the mines that produce many of our commodities, the ships and pipelines that carry them, and the warehouses, silos and ports where they are stored. The Koch brothers, Chairman and CEO Charles and co-owner David Koch, are high-profile supporters of libertarian and anti-regulation U.S. politics. 3. The sources said net income was $273m and Mercuria's net asset value climbed to $2.94bn from $2.6bn in 2013 People familiar with the results said Mercuria would have posted record pre-tax. But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. The report also details sales by a foreign Koch subsidiary of petrochemical equipment to Iran, which is subject to U.S. sanctions, and a history of criminal or civil penalties for oil spills, a deadly 1996 U.S. pipeline blast, and under-reporting of emissions of benzene, a carcinogen, from a Texas refinery in 1995. On its website Koch said it dismissed several employees of a French subsidiary upon learning of the improper and unauthorized payments. 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. Trading houses saw the opportunity to leverage metals warehousing after the 2008 financial crisis. In the early 2000s, the Brent crude oil stream -- used as a global price benchmark -- fell to 400,000 barrels per day from more than 1 million in the late 1980s. [3] A rare news release announced that Jan-Willem van der Velden, who started as an international trader at the company in 1997, would take over as CEO from January this year. Inside the lake office, as it is known, sits the chairman of Cargill Inc., one of the largest privately held companies in the world. It has trading offices in China, palm plantations and chemical plants across Asia, and silos in Brazil. News carefully selected news stories from around the industry. 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In metals, stock in warehouses can be tied up for years as loan collateral, allowing the same traders who dominate the metals market to control a huge chunk of world supply -- an apparent conflict of interest that has drawn criticism from the UK parliament. The scandal has hardly hampered the firms stellar growth. Dunand, chairman and chief executive, and Jaeggi, head of global trading, used Mercuria to expand their trading base from crude and oil products. Co-founders Marco. The Kochs have denied funding the Tea Party, but their empires far-reaching tentacles in the political arena have spawned a nickname: the Kochtopus. 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. "When we founded Mercuria 10 years ago . Thanks to a market condition known as contango -- a period when buyers pay more for future delivery than to receive their cargoes promptly -- they could sell futures and lock in profits of $10 a barrel or more. The discussions with SDIC were halted once Mercuria neared the JPMorgan business, one of the people said. 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. Price premiums for immediate supply spiked, sapping margins for refiners worldwide. Mercuria also differs in tone. Its a model it has replicated across various commodities. The firms now controlled by the western-backed rebels might still legally be linked to Libyas national oil corporation. The talks with JPMorgan forced Mercuria to put another deal on hold. For Gunvors rivals, too, favoritism is also an overly simple explanation of the companys success. The government of Ivory Coast said 16 people died. Co-founder and Chief Executive Officer Marco Dunand, co-founder and President Daniel Jaeggi and Mercuria's global head of trading Magid Shenouda control the stake through a Guernsey-registered company called MDJ Oil Trading Ltd. ChemChina Stake Top officials in many other large trading companies began their careers at Glencore. Investors say he might already have his sights set on Brazil, to strengthen his position in the global sugar market. How big are the biggest trading houses? You may change or cancel your subscription or trial at any time online. 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. The firm is now the worlds largest shipper of Robusta coffee and counts Nestle, Hershey, General Mills and Sara Lee as clients. They have some superstars but mostly a lot of team players -- what I would describe as well grounded, fundamental traders.. http://www.bloomberg.com/news/2014-03-07/behind-the-100-billion-commodity-empire-that-few-know.html, Disclaimer: This was news article was published by another website and was republished on the CTRM Center due to its informative merit and relative nature. "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 . Compared with other independent trading houses, Dunand and Jaeggi are high profile, speaking periodically to the press and giving regular interviews. 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. Marco Dunand is Chief Executive Officer and co-founder of Mercuria Energy Group, one of the world's largest independent energy and commodities companies operating in more than 50 countries along the entire commodities value chain with a balanced combination of commodity flows and strategic assets. analyse how our Sites are used. 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. Vitols Saddam connection does not seem to have hurt it in Iraq. Just 10 years old, Mercurias ascent has outpaced its competitors. U.S. and European regulators are cracking down on big banks and hedge funds that speculate in raw goods, but trading firms remain largely untouched. 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. https://buff.ly . But ADMs reputation has endured a black eye or two over the years. Elman, the companys chairman, holds around 30 percent of the company. 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. Chinese state funds have flowed into Noble and private Asian traders. "We expect demand to be a bit over 100 million barrels per day (bpd) at year end, which is a little bit short of pre-COVID levels . We are taking a new approach for the fifth annual CSR report that we have prepared by Mercuria. Geography isnt the sole focus of expansion -- it has moved into naphtha, LPG and wood pellets. The line may be simplistic but its not too far from the truth. (Additional reporting by Jean-Francois Rosnoblet), WHO: Bunge, founded 1818 by Johann Peter Gottlieb Bunge in Amsterdam. Noble is now seeking to spin off its agriculture business with a listing on the Singapore Exchange. Hin Leong is joining hands with several Chinese firms to build the proposed Singapore refinery, even as it seeks to build a larger oil storage facility in the South Chinese province of Fujian. Decatur, Illinois-based ADM is one of the worlds biggest commodities traders. 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. Grain traders welcomed our offer to lend a diplomatic hand, the ambassador wrote. 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. 03.10.2014. Vitol also discreetly supplied Libyas rebels with $1 billion in fuel, Reuters has learned -- supplies they desperately needed to advance on Tripoli. 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. The three former Goldman Sachs Group Inc. executives together own a controlling stake in Mercuria through a Guernsey entity called MDJ Oil Trading Ltd. We support credit card, debit card and PayPal payments. 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. Known as OK Lim, the founder of Singapores Hin Leong Group wants to build the company from oil trader into an integrated company. 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. The top trading firms are price makers, said Chris Hinde, editor of London-based Mining Journal. Their combined stakes fluctuate at around 40%. 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. It is also the worlds second largest trader of rice after Louis Dreyfus. What matters is results, and you can see that in the way they trade.. Dunand is the more outgoing of the two founders and often serves as the firms public face, dealing with customers and developing corporate strategy. 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. JPMorgans Canadian and U.S. operations will prove most valuable to Mercuria, according to Dawe. Public and regulatory attention usually rises with prices. Wall Street heavyweight JP Morgan is advising Noble on the planned listing. ADMs environmental record has also been questioned by the Environmental Protection Agency, resulting in fines and forced installation of pollution control measures. Founded in the 1920s by patriarch Fred Koch, a U.S. engineer who developed a new method of converting oil into gasoline, Koch helped to build a refining network in the Soviet Union in the 1930s. Mabanafts profile is low even by the secretive standards of other independent oil traders. Which may be why Mabanaft wants to expand beyond its northern European heartland. A wealthier world needs more food. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. No suggestions of wrong-doing were leveled against Dunand or Jaeggi. 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.

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