Singapore

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business engaged "serious misconduct"....

Singapore's jet fuel imports most likely hit multiyear highs in December last year, with India being the top supplier as the arbitrage to Europe stayed shut, trade sources and shiptracking data show. Jet fuel imports into the small city state are closely followed by markets, as it is a major trading and storage hub for refined fuel in Asia. The strong supply to Singapore and expectations of greater exports from China after its refiners received recently their first batch of the 2025 export quota, might weigh on Asia's spot jet fuel prices, included the sources, who all sought anonymity. Singapore's...

India's Bharat Petroleum Corp plans to invest $11 billion in southern Andhra Pradesh state for a new refinery and petrochemical project to fulfill increasing fuel need in the world's fastestgrowing major economy, its chairman said. India wishes to become a significant refining hub providing fuel to the global markets as Western business are cutting crude processing capacities in favour of energy shift. We feel there is a huge opportunity in refining sector. India's main energy need itself is likewise going to increase 3 to four times as its economy broadens, G. Krishnakumar informed Reuters in an interview. India aspires to...

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

Iraq's fuel oil exports are on track to strike alltime highs this year after the country increase shipments in October, as domestic demand reduced while output rose, according to industry sources and shiptracking information. The increase in exports of the residue fuel will support oil earnings for the Company of the Petroleum Exporting Countries' (OPEC's) second-largest producer despite stagnant crude deliveries this year, due to production caps under quotas set by OPEC and its allies, or OPEC+. Higher exports from Iraq will likewise contribute to international supply and ease elevated costs in Asia while lowering feedstock expenses at refineries. Exports...

Singapore's middle distillates stocks increased for the third straight week as web exports of both jet fuel and diesel slipped amid increasing imports, main government information showed on Thursday. Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore climbed to a little above 9.6 million barrels for the week ended Nov. 13, compared to 9.569 million barrels in the previous week, data from Business Singapore showed. Net exports of diesel/gasoil and jet fuel/kerosene both fell by 60-70% week-on-week. For diesel/gasoil, the circumstance was more exacerbated by a swell up in total imports, as India, South Korea...

Singapore's middle extracts stockpiles fell 4% weekonweek to below 11 million barrels as an increase in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, main data showed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at secret oil storage center Singapore were at 10.919 million barrels for the week ended Sept. 11, a little down from 11.374 million barrels a. week back, information from Enterprise Singapore showed. For jet fuel/kerosene, net exports surged nearly ten-fold. from a week earlier as total imports went back to almost. negligible levels. Total exports continued to drain of Singapore to numerous. local...

2 head traders at Trafigura's iron ore team in China just recently left the product group, 7 sources with knowledge of the matter said. It was not right away clear whether the people leaving would be changed, but the departures came after global rates of the key steel-making active ingredient tumbled almost 40% due to faltering demand in top customer China. The two departures were Julian Ho, head of iron ore trading for Trafigura in China and Yang Naizhang, a senior trader who was also previously co-head of Trafigura's iron ore group in China, three of the sources with understanding...

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...

Singapore's. Temasek Holdings is settling the sale of some possessions from. melted gas (LNG) trading firm Structure Energy to. Shell with a deal set to be finished in the coming days, two. sources with knowledge of the matter stated. The deal will provide Shell, already the world's leading LNG. trader, with access to gas markets in Europe and Singapore as it. strongly expands its LNG footprint after generating billions. of profits last year. The deal's value will remain in the numerous countless U.S. dollars, one of the sources said. That would be listed below what. Temasek had actually initially sought...

International commodities trader Glencore has won a tender to provide petroleum to Prax's. 113,000 barrel per day Lindsey oil refinery in Britain,. replacing rival trader Trafigura, 3 sources with knowledge. of the deal informed . The deal boosts Glencore's oil trading operation, and. follows the current joint acquisition of Shell's Singapore. refinery and petrochemical assets with Chandra Asri. UK-based independent oil business Prax selected one of the most. commercially advantageous offer in a tender procedure that. begun in the 4th quarter of in 2015, according to a. declaration released to . The business decreased to reveal. information of the contract,...

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Wednesday: ** A consortium consisting of CVC Advisers and the Abu Dhabi Investment Authority stated it was considering a possible modified deal for Hargreaves Lansdown after the British financial investment platform's board turned down a buyout proposal it had made in April. ** French media and business conglomerate Lagardere said it is moving closer to a sale of its Paris Match magazine to luxury products huge LVMH, on an enterprise worth cost of 120 million euros ($ 130 million). ** Cross-border mergers between European banks are structurally...

A court order shows that an Indian court denied requests by JSW Steel and Trafigura for certain shipments of steelmaking raw materials. This is the latest setback since New Delhi's new import policy rattled the industry. India has since January restricted imports of met coke (metalurgical coke with low ash), and set country-specific quotas for domestic suppliers. This move has upset steel giants like ArcelorMittal Nippon India who are worried about the quality and business impact of locally produced met-coke. JSW Steel challenged New Delhi’s decision to refuse imports worth $90 million, which were ordered before the restrictions in January...

Brava Energia, a Brazilian company, will add four wells to the Atlanta field by 2025. It will also begin shipping oil to Trafigura as part of a six-million barrel supply agreement. The head of Brava's offshore operations, Carlos Mastrangelo, told reporters during a Tuesday visit that the number of wells connected with the floating production storage unit and offloading (FPSO) will now be six. We currently have two wells. In a little more than a month we will be connecting two more, and by the end June, two more. Mastrangelo said that Atlanta produces about 26,000 barrels per day. Mastrangelo...

The parliament approved the creation of a state-owned investment vehicle that will oversee government investments in some the largest companies. It is similar to Singapore's Temasek investment arm. Soon after Prabowo Subito assumed office in October, the creation of Daya Anagata Nusantara Investment Management Agency (Danantara) was announced with the goal of improving performance and returns on state investments. Danantara will have an initial capital of at least 1,000 trillion Rupiah (61 billion dollars). Sufmi dasco Ahmad, deputy speaker to parliament, told reporters that it would take over the State-Owned Enterprises Ministry's holdings in all state-owned companies. State companies play...

Reliance Retail launched an app to sell fashionwear in India from China's Shein, under a license deal. This comes almost five years after Shein's App was banned in India following a diplomatic dispute. Reliance is owned by Mukesh Ambani. A person who has direct knowledge of Reliance’s launch plans said that the app was launched on Saturday morning. The launch was not announced by the firm. Shein nor its parent company Reliance Industries did not respond to any requests for comments made outside of normal business hours. Shein India Fast Fashion is a departure from Reliance’s strategy to add brands...

U.S. oil significant Exxon Mobil Corp. is weighing a sale of its petrol stations in Singapore,. an offer that could raise about $1 billion, Bloomberg News. reported on Tuesday, mentioning sources. Exxon runs 59 fuel stations in Singapore under its. Esso brand, according to Esso's website. A sale would enable Exxon to raise money to deploy in other. areas of higher growth capacity, the report said, including that. gamers in the energy industry and mutual fund had actually revealed. initial interest in the disposal. Exxon declined to comment on the report. The company has actually been running in Singapore for...

Commodity trader Trafigura has settled a suit filed by a company owned by home and metals magnates the Reuben bros, Trafigura stated on Wednesday, in a case linked to a continuous supposed nickel scams case. The case was an off-shoot of a larger legal action in which Geneva-based Trafigura submitted a claim in 2015 against entrepreneur Prateek Gupta, declaring methodical scams involving what were supposed to be nickel cargoes. Hyphen Trading Ltd required $8.4 million in damages last year from Trafigura, stating it had paid Trafigura for 404 metric tonnes of nickel, but never ever received it. The Hyphen lawsuit...

Walt Disney has struck a deal to offer its stake in Tata Play, valuing Indian conglomerate Tata Group's satellite television company at about $1. billion, Bloomberg News reported on Wednesday, mentioning people. familiar with the matter. The stake sale news comes as the U.S.-based media giant. seeks to concentrate on its merger with India's leading conglomerate,. Reliance Industries, in a quote to develop an $8.5. billion entertainment juggernaut far ahead of competitors in the. world's most populated nation. Last month, Tata Sons, the holding business of India's Tata. Group, increased its stake in Tata Play to 70% by buying a...

Commodity traders Trafigura and IXM are looking to purchase physical copper to provide versus large short positions on U.S. exchange CME where copper prices soared to tape-record highs on Wednesday, five sources with direct knowledge of the matter said. Brief positions can be bets on lower rates or manufacturers hedging their output. A short capture takes place when celebrations holding such positions are forced to buy them back at a loss or deliver physical copper to close them out. Copper costs on COMEX, part of the CME Group, strike a record peak of $5.1775 a pound or $11,414 a metric...

Deliveries of raw sugar on the expiration of the May agreement on ICE exchange were seen at 32,914 lots, or around 1.67 million metric lots, the fourth biggest on record, according to initial details from three sugar traders on Tuesday. Singapore-based products trader Wilmar International was said to be the largest deliverer of the sugar with 29,727 lots, or around 1.51 million heaps. Products trader Louis Dreyfus was stated to be the main receiver with 19,127 lots, or around 971,000 lots, the traders said. ICE will launch main information on the shipment on Wednesday. A large shipment is typically seen...

Tata Sons, the holding business of India's Tata Group, has actually increased its stake in satellite TV supplier Tata Play to 70% by buying a 10% stake from Singapore state investment company Temasek for about $100 million, the Economic Times reported on Tuesday. Tata Play has informed the Ministry of Details and Broadcasting about the change in shareholding, abiding by regulations governing direct-to-home ( DTH) business, according to the report, which pointed out individuals knowledgeable about the matter. With Temasek's exit, Tata Play will run as a 70:30 joint endeavor in between Tata and Walt Disney, the latter inheriting its...

Lawyers for entrepreneur Prateek Gupta, accused of scams by commodity trader Trafigura, told a London court on Tuesday he has actually run out of funds to pay legal charges and wants to work out a settlement. Geneva-based Trafigura filed a suit versus Gupta in February last year, declaring seven companies that Trafigura stated are managed by him performed methodical fraud involving what were supposed to be nickel cargoes. Trafigura scheduled a problems last year of $590 million due to the supposed fraud. They are having problems ... in moneying the remainder of the litigation, lawyer Barnaby Lowe informed the London...

Singapore's middle ditstillates stocks fell for the very first time in 3 weeks, tracking the gains in net exports of diesel/gasoil, authorities government data revealed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at crucial oil storage hub Singapore declined to 10.136 million barrels from 11.208 million barrels in the previous week, figures from Enterprise Singapore showed. The drop came as net exports of diesel/gasoil increased by a little more than 68% week on week, with total exports of the fuel getting at a quicker pace than overall imports. Total imports climed by around 39%, while overall exports rose by...