Misplaced Pages

Latest revision as of 11:32, 26 December 2024

Trafigura Group Pte. Ltd.

Company type	Private
Industry	Commodity
Founded	1993; 31 years ago (1993)
Headquarters	Ocean Financial Centre, Singapore
Area served	Worldwide
Key people	Jeremy Weir (CEO, executive chairman)
Services	Commodity trading/logistics
Revenue	US$244.3 billion (FY2023)
Net income	US$7.4 billion (FY2023)
Total assets	US$90.5 billion (FY2023)
Total equity	US$16.5 billion (FY2023)
Number of employees	12,000 (2024)
Subsidiaries	Puma Energy, Nyrstar, Galena Asset Management, Impala Terminals, Nala Renewables
Website	trafigura.com

Trafigura Group Pte. Ltd. is a multinational commodities company domiciled in Singapore, with major regional hubs in Geneva, Houston, Montevideo and Mumbai, founded in 1993. The company trades in base metals and energy. It is the world's largest private metals trader and second-largest oil trader having built or purchased stakes in pipelines, mines, smelters, ports and storage terminals.

Trafigura was formed by Claude Dauphin and Eric de Turckheim in 1993 but quickly split off from a group of companies managed by Marc Rich.

Trafigura has been named or involved in several scandals, particularly the 2006 Ivory Coast toxic waste dump (which left up to 100,000 people with skin rashes, headaches and respiratory problems) and the Iraq Oil-for-Food Scandal.

History

Trafigura Beheer BV was established as a private group of companies in 1993 by six founding partners: Claude Dauphin, Eric de Turckheim, Graham Sharp, Antonio Cometti, Daniel Posen and Mark Crandall.

Initially focused on three regional markets – South America (oil and minerals), Eastern Europe (metals) and Africa (oil) – Trafigura has since diversified and expanded globally. In 1999, the Trafigura unit Trafigura Beheer BV, based in the Netherlands, became the first company to obtain a contract to sell Sudan's oil internationally.

In November 2013, it was announced that Tory peer and former leader of the House of Lords Baron Strathclyde, Thomas Galbraith would be joining Trafigura as a non-executive director. He had previously stood down from the board of the group’s hedge fund arm following the 2009 controversy over the Côte d'Ivoire incident.

Executive chairman Claude Dauphin, the last remaining founder in an executive position, owned less than 20 per cent of the group’s equity at his death in September 2015, while more than 700 senior managers controlled the rest. Dauphin was succeeded by Jeremy Weir, who, in 2025, will assume the role of Group Chairman, while Richard Holtum will take the helm as CEO as of January 2025, according to the company's succession plan. Holtum is a 10-year veteran of the firm, and its global head of gas, power and renewables, who will join Trafigura's board of directors in October 2024.

Trafigura operated in 65 offices from 36 countries as of 2015. In 2023, revenue was $244.3 billion, net income was $7.4 billion, assets were $90.5 billion, and equity was $16.5 billion. In 2024, the company had around 12,000 employees operating in 150 countries, with 50 offices, and is wholly owned by about 1,400 of its employees.

In October 2024, the company reported that individuals in its Mongolian petroleum products supply business had, over a five year period, concealed overdue debts and manipulated data, resulting in inflated sums paid by the company. Local regulations require international fuel supplier deliveries to stop at the border, necessitating local operatives for deliveries to the domestic market. The trader is recording a provision of $1.1 billion resulting from the misconduct by staff in its Mongolian office.

Investments

In 2003, the group established its fund management subsidiary, Galena Asset Management. In 2010, Trafigura bought 8% of Norilsk Nickel.

In 2007, an explosion in Sløvåg Gulen, Sogn og Fjordane, Norway in a tank owned by the company Vest Tank [no] had severe environmental and health consequences for people living nearby. According to the Norwegian Broadcasting Corporation, Vest Tank was trying to neutralize chemical waste when the explosion occurred, and the owner of the waste was Trafigura, on whose behalf Vest Tank was working. Trafigura was not accused of direct responsibility, and refused requests by the Norwegian police to interview employees.

In February 2013, Trafigura invested $800 million in the Australian energy market, acquiring more than 250 petrol stations, two oil import terminals and five fuel depots in three separate acquisitions by its subsidiary Puma Energy. At the time, there was interest in Australia among energy traders due to a combination of rising demand and the closure of outdated, high-cost refineries. The same month, Trafigura joint venture DT Group partnered with Angola’s state oil firm Sonangol to form a new company, Sonaci DT Pte Ltd, to market Angola’s new liquefied natural gas (LNG) exports.

In March 2013, Trafigura announced a deal with South Sudan to export Dar Blend crude oil from Port Sudan. The agreement with South Sudan was a continuation of Trafigura's longtime presence in the Sudanese oil market and followed the resolution of a legal dispute between Sudan and South Sudan over transit fees and oil revenues.

In October 2013 Trafigura secured USD 1.5 billion in financing for an upfront loan to Russian oil producer OAO Rosneft. The prepayment facility, which provided a loan for advance payment for more than 10 million tons of products over five years, was the largest such deal ever completed by Trafigura.

A month later Trafigura signed an agreement with Dallas-based pipeline operator Energy Transfer Partners to transport crude oil and condensate via a partially converted 82-mile pipeline from the Eagle Ford oil field in McMullen County, Texas, to Trafigura’s deep-water terminal at Corpus Christi Bay, near the Gulf of Mexico.

In February 2014, Trafigura signed an agreement to acquire a 30% equity stake in the Jinchuan Group's newly established 400,000 tonnes-per-year copper smelter in Fangchengang, China. In July, Trafigura launched Lykos, an online platform in India to sell metals to small and medium-sized manufacturers in the country. In September, Trafigura completed the $860 million sale of an 80% stake in a Corpus Christi Texas oil storage terminal to Buckeye Partners LP.

In June 2015, Trafigura announced a 50:50 joint venture with Abu Dhabi investment company Mubadala Development Company—to invest in base metals mining. As part of the agreement Mubadala also acquired 50% of Trafigura's Minas de Aguas Teñidas [es] (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrate ores. This followed a doubling of processing capacity at the company's MATSA mining operation in Andalusia, Spain, where two new satellite mines are also being developed.

In August 2015, it was reported that Trafigura subsidiary Impala Terminals is investing USD1 billion in Colombia to develop a new inland road, rail and river network connecting major coastal ports with Colombia's industrial heartland. The Magdalena River, which runs between Barrancabermeja inland and Barranquilla on the Atlantic coast, will allow transportation of crude oil and petroleum products, dry bulk, containerised and general cargo to and from inland Colombia.

In October 2016, it was announced that Trafigura and Russian investment group United Capital Partners would each take a 24 per cent stake in Essar Oil, which owns India’s second-biggest private refinery in the western state of Gujarat as well as a network of 2,700 filling stations.

Trafigura was criticised in December 2022 for handing out "more than $1.7bn (£1.4bn) to its top traders and shareholders after the energy crisis, fuelled by the war in Ukraine".

In 2022, the Lobito Atlantic Railway (LAR), a joint venture between Trafigura, Mota-Engil of Portugal, and independent Belgian rail operator Vecturis, secured a 30-year concession to operate the Lobito rail corridor, which runs across Angola to the Democratic Republic of the Congo (DRC). To mark the transfer of the concession, a ceremony was held on 4 July 2023 in Lobito, with Presidents João Lourenço of Angola, Félix Tshisekedi of the DRC, and Hakainde Hichilema of Zambia in attendance. The concession encompassed the 1,300-kilometre Benguela railway corridor in Angola, extending it 400 kilometres into the DRC, and any potential service extensions in Zambia. The three countries signed an agreement to accelerate growth in domestic and cross-border trade along the corridor. The new company committed to upgrading infrastructure and services, investing US$455,000,000 in Angola and up to US$100,000,000 in the DRC.

The Lobito Corridor project is considered a G7 Partnership for Global Infrastructure and Investment (PGI) flagship investment in Africa. LAR’s mineral terminal at the Port of Lobito launched the venture's port operations in Angola with the docking of the MV Lindsaylou on July 12, 2024, with sulphur on board to be transferred to LAR cargo trains for shipment to the DRC for use in refined copper production in the Katanga region.

On January 11, 2023, the company sold its 24.5% stake in the Indian company Nayara Energy, which was a joint venture with Rosneft. The share was bought by Hara Capital Sarl, a subsidiary of Mareterra Group Holding. In May 2024, it was announced that Trafigura was investing in the company Greenergy.

Bond issuances and reported earnings

In 2008, the company had equity of more than $2 billion and a turnover of $73 billion that generated $440 million of profit.

In March 2010, Trafigura made its first venture into capital markets, issuing Euro 400m ($539m) in five-year Eurobonds.

The following month Trafigura listed its first perpetual subordinated bond on the Singapore Exchange (SGX) at a fixed rate of 7.625%. The issuance raised $500m in long-term capital that is treated as equity by international accounting rules, leaving existing shareholders undiluted.

By 2011, its revenue had increased to $121.5 billion and its profits to $1.11 billion, with profits falling 11% in 2012.

In 2013, as a consequence of the Singapore listing, Trafigura released financial statements for the first time, reporting Q1 profits of $216.1 million – up 3.2 per cent on the previous year. Revenue grew 7.9 per cent to USD 31.2 billion.

In March 2016, Trafigura closed a 46 million yen ($413 million) three-year loan, doubling the size of its 2014 Samurai loan.

Activities

In 2024, Trafigura operated in 150 countries and had 50 offices.

Trafigura is the third-largest physical commodities trading group in the world behind Vitol and Glencore. Trafigura sources, stores, blends and transports raw materials including oil, refined petroleum products and non-ferrous metals, iron ore, and coal. It more recently added a third division, focused on gas, power, and renewables.

Trade in non-ferrous and bulk commodities – mainly copper, lead and zinc concentrate, alumina, refined metals of copper, lead, zinc and aluminium as well as the iron ore and coal trading books – made up 13% of Trafigura’s overall trading turnover in 2016. The group traded 8.2 million tonnes of non-ferrous metal concentrates and 6.6 million tonnes of non-ferrous refined metal during the year. Overall volume across metals and minerals increased by 13% from 2015 to 59 million tonnes.

Trading volumes in oil and petroleum products totalled 4.3 million barrels a day in 2016, up 42% from 3 million barrels a day in 2015.

In October 2016 Trafigura sold five medium-range tankers to China’s Bank of Communications Financial Leasing Co, marking its exit from owning product tankers.

In support of its arbitrage-based business model, Trafigura ensures a degree of control over supply, storage and logistics through industrial subsidiaries: oil storage and distribution business Puma Energy, in which Trafigura holds a 49% interest.

Trafigura is involved in paper trading through its subsidiary Galena Asset Management, which was set up in 2003 to invest in commodity funds.

The company was named in the Iraq Oil-for-Food Scandal in connection with a Liberian-registered turbine tanker, Essex, that had UN approval to load Iraqi crude at Iraq’s main export terminal at Mina al-Bakr. The tanker was chartered by Trafigura Beheer BV. According to her captain, Theofanis Chiladakis, the Essex was 'topped off' at least twice, with a total of 272,000 barrels of crude, after UN monitors had signed off the cargo. This was on 13 May and 27 August 2001. Elf Aquitaine employees had first talked about this scheme in February 1998.

In February 2013, Trafigura Maritime Ventures Limited—the Malta-based subsidiary of Trafigura Maritime Logistics PTE Limited based in Singapore—and the oil trading arm of Total became involved in an oil price fixing controversy that led them to both be barred from the tendering process at the Enemalta oil purchasing board. Between 1999 and 2012, Enemalta paid the two companies $3.2 billion for oil, accounting for 70% of the oil purchased by Enemalta in that time period.

In May 2015, the Financial Times reported that Trafigura has become a major exporter of Rosneft crude oil from Russia despite sanctions. The company has seen a surge in such exports, almost 9 million barrels of crude in April 2015, mostly for Asian markets, financed by pre-pay oil deals in the form of short-term loans that are not subject to sanctions. While some commodity traders have been cautious dealing with sanctioned companies, Trafigura, which works with a number of global banks financing the oil deals, has found a reliable partner in Rosneft for global business.

In 2016, the Swiss non-governmental organisation Public Eye published the results of its investigation showing how traders – especially Trafigura – prepare and sell "African quality" toxic fuel to Africa, containing high levels of sulphur that causes particulate matter pollution, damaging human health. Subsequently, Ghana reduced the maximum limit of sulphur in imported diesel fuel from 3000 to 50 parts per million, from March 2017 (the European limit is 10 parts per million). Trafigura stated that the report was "misconceived" as they only supply legal fuel and that it is up to governments to set fuel specifications.

In November 2018 Global Witness asked the UK's Serious Fraud Office and the US authorities to investigate alleged ties between the Brazilian Operation Car Wash scandal and three oil trading companies, one of which was Trafigura. Trafigura is keeping the allegations "under review" and affirms that it "is taking the allegations ... seriously", but has denied that its management knew that payments would be used to make improper payments to employees of Petrobras.

Some 18 months later, in May 2020, the Guardian reported Trafigura was under investigation by the US Commodity Futures Trading Commission (CFTC) for alleged corruption and market manipulation relating to oil trading. Subpoenas demand information going back at least four years relating to "manipulation and corruption involving oil products and trading". It was unclear if the CFTC investigation was related to Operation Car Wash. In March 2024, Trafigura agreed to plead guilty and pay a fine of about $127 million to resolve charges of bribery of government officials in Brazil by former employees or agents during previous decades, after a series of DOJ probes into oil industry practices.

In April 2023, the Washington Examiner claimed that the American government is enabling the commodity trader to funnel money back to Vladimir Putin's inner circle.

In June 2024, Trafigura agreed to pay the US Commodity Futures Trading Commission $55 million to settle allegations of fraud, manipulation and impeding whistleblowers. As part of the agreement, Trafigura neither admitted nor denied the CFTC's charges, which dated back to 2014. Two CFTC commissioners took issue with the whistleblower component of the settlement.

On November 18, 2024, an indictment by the Office of the Attorney General in Switzerland was released, showing that the company had been charged with failing to prevent unlawful payments during 2009 to 2011. A trial is scheduled to commence December 2.

Waste dumping in Ivory Coast

The 2006 Ivory Coast toxic waste dump was a health crisis in Ivory Coast in which the Probo Koala, a ship registered in Panama and chartered by Trafigura, hired a local contractor to offload waste in Abidjan after refusing to pay a €1,000 per cubic metre surcharge imposed by Amsterdam Port Services to discourage waste disposal in the Netherlands. The local contractor, Tommy, improperly dumped the waste materials at as many as 12 sites in and around the city of Abidjan in August 2006. The gas caused by the release of these chemicals is blamed by the UN and the government of Ivory Coast for the deaths of 17 and the injury of over 30,000 Ivorians, with injuries that ranged from mild headaches to severe burns of skin and lungs. Almost 100,000 Ivorians sought medical attention after Prime Minister Charles Konan Banny offered free medical care in Abidjan’s hospitals to the city’s residents.

Trafigura maintains that the substance dumped consisted of "slops", or waste water from washing the Probo Koala's tanks. An inquiry in the Netherlands, in late 2006, confirmed the substance to consist of more than 500 tonnes of a mix of fuel, hydrogen sulfide and sodium hydroxide. After the start of the health crisis in Abidjan, the Probo Koala arrived at the port of Paldiski in Estonia where Trafigura permitted Dutch police onboard to conduct an investigation.

Trafigura denied any waste was transported from the Netherlands, saying that the substances contained only tiny amounts of hydrogen sulfide, and that the company did not know the substance was to be disposed of improperly. Trafigura officials, including Claude Dauphin and the company’s West Africa regional director, travelled to Abidjan to assist in the cleanup effort but were arrested and imprisoned by the Ivorian government. While its executives were being held, the company agreed to pay US$198 million for cleanup to the Ivorian government without admitting wrongdoing, and the Ivorian government pledged not to prosecute the company. Dauphin and his fellow executives were released following the settlement.

In 2008 a civil lawsuit in London was launched by almost 30,000 Ivorians against Trafigura. In May 2009 Trafigura announced it would sue the BBC for libel after its Newsnight program alleged the company had knowingly sought to cover up its role in the incident. In September 2009 The Guardian obtained and published internal Trafigura emails showing that the traders responsible knew how dangerous the chemicals were. Shortly afterward Trafigura agreed to a settlement of £30 million to settle the suit. In 2010 a Dutch court found Trafigura guilty of illegally exporting toxic waste from Amsterdam.

Alleged bribery of Angolan government officials

In December 2023, Trafigura and its former chief operating officer Mike Wainwright were accused by Swiss investigators of arranging roughly €5 million of bribes to an Angolan government official representing Sonagol, Angola's state oil company, between 2009 and 2011. Prosecutors allege that the funds allowed the official to secure eight ship-chartering contracts and one bunkering contract that resulted in profits of $143.7 million. As of December 2024, Trafigura, is facing increased scrutiny from its lenders following a series of scandals that have significantly impacted its earnings and reputation. The company recently uncovered a $1.1 billion fraud in its Mongolian oil division, which contributed to a steep decline in profits and dividend pay-outs. This incident follows a $600 million nickel fraud reported in 2023. The Mongolia scandal has triggered questions from risk committees at some of Trafigura's lenders, although it has not resulted in credit line suspensions. Banks have requested that Trafigura include an explanation of the Mongolian events and its remediation plan in the presentation for its upcoming European revolving credit facility. Trafigura's annual results revealed that the Mongolia scandal and regulatory fines cost the group more than $500 million this year, reducing net profits to $2.8 billion. The company has been forced to restate earnings for two prior years and revise down its equity value at the end of 2023 from $16.5 billion to $15.8 billion. In response to these issues, Trafigura has undertaken a compliance overhaul and is expanding its risk department. The company maintains that the Mongolia problem was isolated and discovered due to tighter risk controls implemented after the nickel fraud. Trafigura is also dealing with other legal and regulatory challenges. It reached a $127 million settlement with the US Justice Department in March, pleading guilty to a bribery scheme in Brazil. In May, it agreed to a $55 million settlement with US regulators over fraud and market manipulation charges. As the company prepares for a leadership transition, with Richard Holtum taking over as CEO on January 1, 2025, and Jeremy Weir becoming chairman, Trafigura faces the challenge of rebuilding trust and ensuring that its new compliance measures are sufficient to prevent future losses.

Brazil Bribery Case

On March 28, 2024, Trafigura pleaded guilty to conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) in connection with bribes paid to Brazilian officials. The company agreed to pay approximately $127 million to settle the U.S. Department of Justice investigation. The bribery scheme operated between 2003 and 2014, during which Trafigura paid bribes to Petrobras officials to secure and maintain contracts. The illicit payments amounted to up to 20 cents per barrel of oil products bought from or sold to Petrobras. These bribes were concealed using shell companies and intermediaries with offshore bank accounts. Trafigura's involvement in this case is connected to Brazil's largest political corruption scandal, known as "Operation Car Wash" or "Lava Jato". This is the first time Trafigura has admitted to being involved in the Car Wash scandal, although its rivals Glencore and Vitol had previously admitted to bribery in relation to the same scandal. Settlement Details The settlement includes: A criminal fine of approximately $80.5 million Forfeiture of $46.5 million in proceeds derived from the conspiracy Credit of up to $26.8 million for amounts paid to resolve a related Brazilian investigation. As part of the agreement, Trafigura is required to submit annual reports on its remediation efforts and implementation of compliance measures, as well as participate in quarterly meetings with the DOJ over a three-year period.

Other Legal Issues

In addition to the Brazil case, Trafigura is facing legal challenges in other jurisdictions: Switzerland: A court case involving alleged bribes to an Angolan official is ongoing. In December 2024, a Swiss court denied Trafigura's bid to dismiss this corruption case6. Mexico: The U.S. Commodity Futures Trading Commission (CFTC) ordered Trafigura to pay $55 million for fraud and manipulation related to the gasoline market in Mexico between 2014 and April 20191.

Corporate structure

Some of Trafigura's major international units include:

• Trafigura Beheer BV, based in the Netherlands.
• Impala Group of Companies, which operates the group’s worldwide oil storage and distribution assets and investments has been a wholly-owned subsidiary since 2001.
• Puma Energy, which operates in more than 20 countries, mainly in Central America and Africa, and supplies a network of just over 600 service stations. On 7 May 2012, Puma agreed to buy out the key shareholders in KenolKobil, the largest independent oil marketing company in east and central Africa, which could add 400 stations to its network. However, Puma Energy later terminated its bid to acquire the oil marketer.
• EMINCAR, based in Havana until 2010. Dedicated to consulting and mineral logistics administration.
• Galena Asset Management, based in Switzerland, is the subsidiary through which Trafigura has established and manages a fund management business. Lord Strathclyde, the leader of the Conservative Party in the House of Lords, is a non-executive director on the board.

See also

• Lobito Atlantic Railway, a joint venture including Trafigura

References

1. Bernhard Fischer: Wie sich die grösste Rohstoff-Firma der Welt neu erfindet. Handelszeitung, 21 December 2021, Retrieved 26 December 2021.
2. Trafigura on Craft.co
3. ^ Grover, Natalie (8 December 2023), Trafigura predicts slower 2024 after record $7.4 bln profits, Reuters
4. ^ "Trafigura more than doubles profit to new record in FY 2022". Reuters. 8 December 2022. Archived from the original on 14 July 2023.
5. "2022 Trafigura Annual Report". www.trafigura.com.
6. ^ Trafigura publishes 2023 interim results showing a strong performance as demand remained high for the group's services, Trafigura, 7 June 2023
7. ^ Trafigura triples payouts to staff to record $5.9bn, Financial Times, 8 December 2023
8. ^ About, Trafigura, 2024
9. "Biofuels supplier powers up Trafigura's shift to greener future", The Times, 5 March 2024
10. "Singapore-based Trafigura faces $766m loss after uncovering nickel fraud | The Straits Times". www.straitstimes.com. 9 February 2023. Retrieved 10 May 2023.
11. ^ Leigh, David (16 September 2009). "Inside Trafigura: Accusations, sour deals and friends in high places". The Guardian. London. Archived from the original on 7 September 2013. Retrieved 17 September 2009.
12. Ball, James; Davies, Harries (23 July 2015). "UK authorities 'lack resources' to investigate Trafigura over toxic waste". TheGuardian.com. Archived from the original on 10 December 2016. Retrieved 13 December 2016.
13. Blas, Javier; Sakoui, Anousha (11 March 2010). "Publicity-shy Trafigura pushes for bond issue". Financial Times. Retrieved 28 May 2013.
14. "U.S. Rare Earth: co-créateur de Trafigura au conseil" [U.S. Rare Earth : co-creator of Trafigura board]. L’AGEFI (in French). Geneva. 7 January 2013. Archived from the original on 6 February 2014. Retrieved 1 December 2013.
15. ^ "Bond Prospectus 17 Apr 2013". Archived from the original on 4 March 2016. Retrieved 6 February 2014. (1.4 MB)
16. ^ Douglas Hamilton Johnson (16 January 2003). The root causes of Sudan's civil wars. International African Institute in association with James Currey. p. 163. ISBN 978-0-85255-392-3. Archived from the original on 18 June 2013. Retrieved 21 December 2010.
17. Blas, Javier; Farchy, Jack (14 April 2013). "Trafigura adds Lord Strathclyde to board". Financial Times. Archived from the original on 19 May 2013. Retrieved 20 November 2013.
18. Serafin, Tatiana (2 August 2013). "Riding Glencore Wave, Commodity Trader Claude Dauphin Becomes a Billionaire". Forbes. Archived from the original on 3 March 2016. Retrieved 29 May 2013.
19. Harvey, Robert (24 September 2024). "Trafigura names Richard Holtum as new CEO". Reuters. Retrieved 26 September 2024.
20. "Trafigura 2014 Annual Report" (PDF). Irish Stock Exchange. 2014. Archived (PDF) from the original on 30 September 2015. Retrieved 29 September 2015.
21. ^ Locations, Trafigura, 2024
22. ^ Bloomberg Trafigura Faces $1.1 Billion Hit After Mongolia Fraud Probe October 30, 2024.
23. ^ Financial Times Trafigura warns of up to $1.1bn loss over Mongolian oil scandal, October 30, 2024.
24. Blas, Javier (3 June 2011). "Big traders emerge from the shadows as demand grows". Financial Times. Archived from the original on 6 February 2014. Retrieved 28 May 2013.
25. "Mining Journal - Trader Trafigura buys 8% of Norilsk". Archived from the original on 28 January 2013. Retrieved 21 December 2010.
26. "Vest Tank sweetened coker gasoline". NRK. 24 June 2008. Archived from the original on 27 October 2008. Retrieved 5 September 2008.
27. "A small pawn in the game". NRK. 24 June 2008. Archived from the original on 26 October 2008. Retrieved 5 September 2008.
28. "Coker gasoline – low quality". NRK. 24 June 2008. Archived from the original on 18 February 2009. Retrieved 5 September 2008.
29. "Trafigura refuses to aid fire inquiry". The Independent. 26 September 2009. Archived from the original on 2 December 2016. Retrieved 1 December 2016.
30. "Trafigura to Spend $68 Million on Australian Import Terminal". Hellenic Shipping News. 5 February 2013. Archived from the original on 3 July 2013. Retrieved 28 May 2013.
31. Shumsky, Tatyana (28 February 2013). "Trafigura's Puma Energy Snaps Up Central Combined Group". Wall Street Journal. Archived from the original on 19 May 2013. Retrieved 28 May 2013.
32. Blas, Javier (3 February 2013). "Trafigura bets $800m on Australia energy". Financial Times. Archived from the original on 24 December 2013. Retrieved 28 May 2013.
33. Farge, Emma (28 February 2013). "Angola, Trafigura JV form LNG trading group". Reuters. Archived from the original on 22 February 2014. Retrieved 20 November 2013.
34. Farge, Emma (27 March 2013). "Trafigura signs oil export deal with South Sudan". Reuters. Archived from the original on 22 February 2014. Retrieved 20 November 2013.
35. "UPDATE 2-Trafigura signs oil export deal with South Sudan". Reuters UK. Archived from the original on 15 September 2016. Retrieved 1 December 2016.
36. Kent, Sarah (4 October 2013). "Trafigura Signs $1.5B Prepayment Deal For Rosneft Supply". Wall Street Journal. Archived from the original on 7 October 2013. Retrieved 1 December 2013.
37. Murtaugh, Dan (7 November 2013). "Energy Transfer to Covert Texas Gas Pipeline to Carry Crude". Bloomberg Businessweek. Archived from the original on 9 February 2014. Retrieved 1 December 2013.
38. Pickrell, Emily (7 November 2013). "New crude pipeline provides more access to Gulf Coast for Eagle Ford". Fuel Fix. Archived from the original on 4 December 2013. Retrieved 1 December 2013.
39. "Trafigura to buy 30 pct of Jinchuan copper smelter in China". Reuters. 21 February 2014. Archived from the original on 30 September 2015. Retrieved 7 August 2015.
40. "Trafigura targets $8 bln India metals market with online store". The Financial Express. 16 July 2014. Archived from the original on 1 October 2015. Retrieved 7 August 2015.
41. Zhdannikov, Dmitry (29 June 2015). "Abu Dhabi buys into Trafigura's Spanish mines as part of new venture". Reuters. Archived from the original on 30 July 2015. Retrieved 7 August 2015.
42. "Trafigura announces strong 2014 results; confident future outlook". Commodities Now. 8 December 2014. Archived from the original on 1 October 2015. Retrieved 7 August 2015.
43. Place, Michael (10 August 2015). "Colombia's river of dreams". Business News Americas. Archived from the original on 23 August 2015. Retrieved 7 August 2015.
44. Mundy, Simon (16 October 2016). "Rosneft leads $13bn purchase of Essar Oil". Financial Times. Archived from the original on 30 January 2017. Retrieved 26 January 2017.
45. Lawson, Alex (8 December 2022). "Trafigura hands out $1.7bn in dividends on profits fuelled by Ukraine war". The Guardian. Retrieved 8 December 2022.
46. Boechat, Geraldine (4 July 2023). "Presidents of Angola, Zambia and DRC get together to launch Lobito corridor". Medafrica Times. Retrieved 14 February 2024.
47. "Transfer Commences Of The Concession Of Railway Services And Support Logistics Of The Lobito Corridor In Angola To The Lobito Atlantic Railway". Railways Africa. 10 July 2023. Retrieved 14 February 2024.
48. China has Belt and Road, now the US has the Lobito Corridor from Angola to Zambia News 24. Access date: 2024-08-23
49. Consortium receives maiden vessel at Port of Lobito as concession takes shape Mining Weekly. Access date: 2024-08-23
50. Verma, Nidhi (11 January 2023). "Trafigura sells out of Russia-backed Indian refiner Nayara Energy". Reuters. Archived from the original on 11 January 2023. Retrieved 11 January 2023.
51. Trafigura to buy more of Greenergy in renewable portfolio boost Reuters. Access date: 2024-08-23
52. Blas, Javier; Pearson, Samantha (31 March 2010). "Trafigura to sell €400m in Eurobonds". Financial Times. Archived from the original on 20 May 2013. Retrieved 28 May 2013.
53. Peaple, Andrew (12 April 2013). "Trafigura Bond Opens Up Traders' World". Wall Street Journal. Archived from the original on 22 February 2014. Retrieved 20 November 2013.
54. Pierre Lorinet, CFO Trafigura and Javier Blas, FT commodities editor (16 April 2013). Bond markets lure trading houses. Financial Times. Archived from the original on 22 February 2014. Retrieved 28 May 2013.
55. Blas, Javier; Farchy, Jack (10 April 2013). "Trafigura raises $500m with perpetual bond". Financial Times. Retrieved 20 November 2013.
56. "2014 Trafigura Financials" (Press release). Archived from the original on 2 April 2015. Retrieved 14 February 2024.
57. Blas, Javier (20 December 2012). "Trafigura earns nearly $1bn twice in a row". Financial Times. Archived from the original on 24 September 2015. Retrieved 28 May 2013.
58. Narayanan, Pratish (23 April 2013). "Trafigura Profit Rises as Increased Oil Volumes Boost Revenue". Bloomberg. Archived from the original on 18 September 2013. Retrieved 28 November 2013.
59. "Trafigura clinches $5.1 billion loan as trading grows". Reuters. 24 March 2016. Archived from the original on 25 March 2016. Retrieved 25 January 2017.
60. Geoff, Hiscock (14 April 2014). "Global commodity traders get deal fever". The Australian. Archived from the original on 11 October 2014. Retrieved 7 June 2014.
61. Blas, Javier (20 April 2010). "Rare glimpse as Trafigura debuts". Financial Times. Retrieved 7 June 2014.
62. Trafigura opens renewables division in energy transition push, Reuters, 1 November 2019
63. Teo, Vivian (7 December 2016). "Trafigura's metals trading volume up 13%, but gross profit down in 2016 financial year". Metal Bulletin. Archived from the original on 2 February 2017. Retrieved 25 January 2017.
64. "Commodities trader Trafigura earnings fall, sees challenging conditions". Business Times. 7 December 2016. Archived from the original on 21 December 2016. Retrieved 25 January 2017.
65. Paraskova, Tsvetana (7 December 2016). "Trafigura's Profit Dips, Oil Trade Volumes Jump". Oilprice.com. Archived from the original on 3 February 2017. Retrieved 25 January 2017.
66. Hoffman, Andy (7 October 2016). "Commodity Trader Trafigura Sells Oil Tankers to Chinese Bank". Bloomberg. Archived from the original on 10 October 2016. Retrieved 25 January 2017.
67. Hume, Neil (8 December 2014). "Trafigura hands $885m to Top Executives via buyback". Financial Times. Archived from the original on 30 September 2015. Retrieved 29 September 2015.
68. Sormani, Angela (10 January 2013). "Galena Closes First Tranche of Resource Fund". PE Hub. Archived from the original on 8 October 2014. Retrieved 17 June 2013.
69. Kuchinsky, Valery (31 December 2001). "Letter from the Acting Chairman of the Security Council Committee (sic) concerning the situation between Iraq and Kuwait" (PDF). United Nations, New York, USA: United Nations Security Council. p. 26. Archived (PDF) from the original on 4 November 2013. Retrieved 25 July 2010. Permanent Mission of the Netherlands to take the same measure with regard to the company Trafigura Beheer B.V. On 23 November, the Office of the Iraq Programme provided the Committee with proposals for additional operating procedures for crude oil monitoring.
70. Hoyos, Carola (28 October 2005). "Big oil groups implicated in oil-for-food scandal". Financial Times. Retrieved 18 May 2007.
71. Micallef, Mark (21 February 2013). "Trafigura and Total are barred from fuel tenders". Times of Malta. Archived from the original on 24 February 2013. Retrieved 4 June 2013.
72. Balzan, Saviour (11 March 2015). "Trafigura, TOTSA paid $3.2 billion for fuel oil in 13 years". Malta Today. Archived from the original on 2 December 2016. Retrieved 1 December 2016.
73. "Swiss Trafigura now largest exporter of Russian oil amid sanctions regime". Unian. Archived from the original on 12 June 2018. Retrieved 14 February 2024.
74. "Dirty Diesel: Return to Sender" Archived 26 October 2016 at the Wayback Machine, campaign of Public Eye, including the report Dirty Diesel - How Swiss Traders Flood Africa with Toxic Fuels (page visited on 25 October 2016). The results of the investigation of Public Eye was relayed by media such as The Guardian, The New York Times, Le Monde, Le temps, Al Jazeera, the Swiss Broadcasting Corporation, Le Journal du Mali, the Financial Times and the British Broadcasting Corporation.
75. ^ "Fuel 'too dirty' for Europe sold to Africa". BBC News. 15 September 2016. Retrieved 14 February 2024.
76. ^ Dubas, Sébastie (7 November 2016). "Dans certains pays d'Afrique, la pollution tue davantage que les principales maladies" [In some African countries, pollution kills more than major diseases]. Le Temps (in French). Archived from the original on 8 November 2016. Retrieved 14 February 2024.
77. (in French) Marc Guéniat, "Marée noire sur le négoce de carburants", Public Eye – Le magazine, number 2, November 2016, pages 15-17.
78. "De l'air pollué livré à un négociant en carburant" [Polluted air delivered to a fuel trader]. 20 minutes (in French). 7 November 2016. Archived from the original on 10 November 2016. Retrieved 17 November 2016.
79. Davies, Rob (8 November 2018). "Oil trading firms linked to Brazil's Car Wash corruption scandal". The Guardian. Archived from the original on 8 November 2018. Retrieved 14 February 2024.
80. ^ "Updated Trafigura statement on Operation Car Wash" (Press release). Brazil. 21 November 2019. Retrieved 26 April 2020.
81. Davies, Rob (31 May 2020). "Trafigura investigated for alleged corruption, market manipulation". The Guardian. Retrieved 1 June 2020.
82. "Trafigura pleads guilty, agrees to pay about $127 million to settle US probe". Reuters. 28 March 2024.
83. Rogan, Tom (18 April 2023). "Why is the Biden administration helping Trafigura make money for a Kremlin kingpin?". Washington Examiner. Retrieved 14 February 2024.
84. Smagalla, David (17 June 2024), Trafigura Subsidiary Settles With CFTC in First-Ever Action Over Impeding Whistleblowers, Wall Street Journal
85. Trafigura Paid Bribes Via 'Mr. Non-Compliant,' Swiss Prosecutors Say, Bloomberg News, retrieved 20 November 2024
86. ^ Knauer, Sebastian; Thielke, Thilo; Traufetter, Gerald (18 September 2016). "Profits for Europe, Industrial Slop for Africa". Spiegel International. Retrieved 14 February 2024.
87. "Ivory Coast Government Panel Releases Toxic Waste Findings". Voice of America. 23 November 2006. Archived from the original on 1 October 2011. Retrieved 27 July 2010.
88. Leigh, David; Hirsch, Afua (13 May 2009). "Papers prove Trafigura ship dumped toxic waste in Ivory Coast". The Guardian. Archived from the original on 4 December 2016. Retrieved 14 February 2024.
89. "In pictures: Ivorian toxic waste". BBC News. 7 September 2006. Archived from the original on 6 October 2014. Retrieved 14 February 2024.
90. Murphy, Peter (9 August 2007). "Trafigura to pay $198 mln settlement to Ivory Coast". Reuters. Retrieved 14 February 2024.
91. Murphy, Peter (9 August 2007). "Trafigura execs released after Ivory Coast deal". Reuters. Archived from the original on 2 December 2016. Retrieved 1 December 2016.
92. Leigh, David (16 September 2009). "How UK oil company Trafigura tried to cover up African pollution disaster". The Guardian. Archived from the original on 2 February 2017.
93. "Trafigura found guilty of exporting toxic waste". BBC News. 23 July 2010. Archived from the original on 17 April 2016. Retrieved 5 June 2016.
94. Wallace, Joe. "Switzerland Charges Trafigura and a Former Top Executive With Bribery". Wall Street Journal. Retrieved 20 August 2024.
95. "Trafigura targeted by US and Swiss over corruption". Mining.com. Retrieved 20 August 2024.
96. https://www.ft.com/content/36ded489-bafe-42b4-bdbc-9b0ede7a0b66
97. https://complianceconcourse.willkie.com/articles/doj-reaches-settlement-with-trafigura-to-resolve-fcpa-anti-bribery-allegations/
98. https://www.reuters.com/markets/commodities/trafigura-pay-127-million-over-us-doj-probe-2024-03-28/
99. https://vinciworks.com/resources-files/Anti_bribery/case-study-trafigura.pdf
100. https://vinciworks.com/blog/trafigura-pleads-guilty-to-a-decade-of-bribery-in-126m-deal/
101. https://www.reuters.com/business/swiss-court-denies-trafigura-bid-dismiss-corruption-case-2024-12-03/
102. Segman, Jacob I. (7 May 2012). "KenolKobil - Cautionary Statement" (Press release). KenolKobil. Archived from the original on 3 November 2013. Retrieved 17 August 2015.
103. "$800m KenolKobil price tag 'too high for Puma'". The EastAfrican. Nation Media Group. 9 March 2013. Archived from the original on 14 March 2013. Retrieved 17 August 2015.
104. Juma, Victor (1 March 2013). "Puma drops bid to acquire KenolKobil". Business Daily Africa. Nation Media Group. Archived from the original on 23 September 2015. Retrieved 17 August 2015.
105. "Mawson West Announces Notice of Compulsory Acquisition by Galena Private Equity Resources Fund and Notice of TSX Delisting". Market Wired (Press release). 20 October 2016. Archived from the original on 18 September 2017. Retrieved 25 January 2017.
106. Farchy, Jack; Blas, Javier (14 April 2013). "Trafigura adds Lord Strathclyde to board". Financial Times. Archived from the original on 28 July 2019. Retrieved 1 February 2017.

Literature

• Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin‘s Press. ISBN 978-0-312-57074-3.

External links

• Official website
• Trafigura companies grouped at OpenCorporates
• Trafigura press releases regarding the Côte d'Ivoire waste dumping incident
• NRK Brennpunkt Trafigura and the Minton report
• Leigh, David. "The Trafigura files and how to read them". The Guardian, 16 September 2009. This introduces: Internal Trafigura emails and letters regarding the Côte d'Ivoire waste dumping incident (PDF file, 7.9 MiB). The Guardian.

• Singapore
• Switzerland
• Netherlands
• Companies
• Energy

• Oil and gas companies of Singapore
• Oil and gas companies of Switzerland
• Oil companies of the Netherlands
• Oil traders
• Swiss companies established in 1993
• Non-renewable resource companies established in 1993
• Singaporean companies established in 1993
• Multinational companies headquartered in Singapore