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.. 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. The company, which went public 10 years ago, realized early that rising incomes in Asia could be fed by Brazil and Argentina, two of the last remaining countries with new farmland left for crop cultivation. ENERGY TURNOVER: $75 billion 2011 company estimate (2010, $47 billion). Belgium-born Rich sold his stake in 1994. They have the most talent, the deepest pockets, and the best risk management.. [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. 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. Vitol says it is happy with its private status and has no IPO plans. 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. 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. See here for a complete list of exchanges and delays. [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. Mercuria | LinkedIn Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. WHO: Koch Industries, founded 1920s by Fred Koch. 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. Rich, now 76, would later end up on the FBIs most-wanted list for alleged tax evasion and trading oil from Iran after the revolution in 1979. Glencore has long made its fortune by working on the fringes and in areas where few others dared. It doesnt look likely anytime soon. Together, they are worth over a trillion dollars in annual revenue and control more than half the worlds freely traded commodities. 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. 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.
Why Should Professional Athletes Be Paid Less,
Marc And Tricia Leach Net Worth,
Most Dangerous Areas In Richmond, Va,
Douglasville, Ga Housing Authority Application,
Articles M
marco dunand mercuria net worth