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Trafigura extends notification period in traders agreements to 6-month minimum, sources state

Products trading business Trafigura has extended the notice period for traders leaving the company to a minimum of 6 months or approximately one year, three sources with knowledge of the matter said, after current worker departures.

It is not known precisely when changes were made to extend the notice period, but the sources said they use to new and existing workers and depend on seniority levels.

A longer notice duration might dissuade traders from using to operate at Trafigura, among the sources said.

Trafigura declined to comment.

Energy traders consisting of Mercuria, Gunvor and Vitol are going back to trading in metals after an absence of several years, looking to diversify from oil and capitalize a gold mine they anticipate to be created by demand for clean energy shift and wider use of artificial intelligence.

They have made significant make money from nonrenewable fuel sources such as oil and gas, prices of which soared in the aftermath of Russia's. intrusion of Ukraine in February 2022.

Leaving Trafigura and joining Mercuria in current months are. Mehdi Wetterwald in Geneva, Michaela Dempsey in the United. States and Leonard D'Offay in Dubai, according to their LinkedIn. profiles.

They are joining ex-Trafigura trader Kostas Bintas at. Mercuria.

Wetterwald, Dempsey and D'Offay did not instantly respond. to requests for talk about LinkedIn.

Mercuria declined to comment.

Trafigura in June sent out a letter to existing and former. staff members proposing share clawbacks for breaches of. confidentiality and its standard procedure.

Clawbacks are typically used by financial firms which. require cash currently paid to workers to be returned in. the event of misconduct or bad efficiency.

(source: Reuters)