marco dunand mercuria net worth

Global Advisors Newton said Dunand and Jaeggis ability to react to shifting markets means Mercuria will probably thrive in an unpredictable industry littered with failures. Investors say he might already have his sights set on Brazil, to strengthen his position in the global sugar market. Arcadia doesnt make its revenues public. "When we founded Mercuria 10 years ago . Work Permit Application Outcome. With their connections and inside knowledge -- commodities markets are mostly free of insider-trading restrictions -- trading houses have become power brokers, especially in fast-developing Asia, Latin America and Africa. If you have any issue with this post please contact us, News > Commodity Trading > Behind the $100 Billion Commodity Empire That Few Know, CTRM Center To contact the reporters on this story: Andy Hoffman in Geneva at ahoffman31@bloomberg.net; Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net, To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Amanda Jordan He talked about how we are moving into action and investing in. t: +1 832 687 4736 e: info@comtechadvisory.com, 2023 CTRM Center - Privacy Policy | Terms of Service | What is? Jaeggi, the head of trading, operates more in the background, conceiving trading positions. It doesnt look likely anytime soon. The top five piled up $629 billion in revenues last year, just. But in May the U.S. Commodity Futures Trading Commission sued Arcadia and Parnon, both owned by a Norwegian shipping billionaire, for allegedly manipulating U.S. oil prices three years ago, amassing millions of barrels they had no intention of using. The CEO sometimes flies to speaking engagements with no entourage. Along the way it has moved headquarters to Belgium, Argentina, Brazil and then the United States. Tornqvist says Gunvors goal is to become a truly global company. [3] A row over oil export control could jeopardize its role in selling the nations crude. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. It doesnt always work. Certain musicians, they have had a few hits and sort of faded away. Their friendship was galvanized a few years later working for grain trader Cargill Inc. and sharing an apartment while on a training course in Minneapolis. They sail as close to the wind as they possibly can legally, said an oil analyst who requested anonymity. They go where the business is, said an industry insider who asked not to be named. (Bloomberg) 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 grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. Despite a relative lack of regulatory oversight, such reach does attract scrutiny. Total Applied. Mercuria traded 182 million metric tons of oil or oil equivalent in 2012, according to its website. Like Rich, Dauphin created a leading commodities trading house by applying a knife-edge approach to business. 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. 2. That would put them well below the 16 percent stake Glencore CEO Ivan Glasenberg owns in his firm. Enuit is an Award-winning provider of ETRM / CTRM solutions worldwide. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. Lim Oon Kuin arrived in Singapore from China over 50 years ago, and started to deliver diesel by bicycle to boatmen. The French trading giant approached Olam with a merger proposal in 2010, but talks failed earlier this year. "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. WHO: Olam, founded 1989 by the Kewalram Chanrai Group, began trading cashews from Nigeria. The Koch brothers, Chairman and CEO Charles and co-owner David Koch, are high-profile supporters of libertarian and anti-regulation U.S. politics. By and large they move as a team, says one retired wheat trader who did business with Cargill for decades. At its headquarters on Genevas poshest shopping street, traders and executives wear open-collared shirts, sweaters and jeans, a sharp contrast to the shirt-and-tie policies at more established firms. And unlike commodities producers, such as U.S. oil giant Exxon Mobil, trading firms dont just make money when prices go up. Heres a look at the 16 companies, with aggregate revenues of $1.1 trillion, that trade energy, metals and agriculture. tracking emerging trends and opportunities in the future of energy. For Gunvors rivals, too, favoritism is also an overly simple explanation of the companys success. In April, she and Veyrat told business daily Les Echos that the CEO would be stepping down to make way for Serge Schoen, head of Louis Dreyfus Commodities. 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. That helped balance the reputational damage of being fined -- along with many other companies -- for paying surcharges a decade ago to Saddam Husseins Iraqi oil ministry during the U.N. oil-for-food program. ENERGY TURNOVER: $75 billion 2011 company estimate (2010, $47 billion). Arcadias chief executive in Singapore, Stephen Gibbons, denied the contents of the cable and told Reuters the kidnapping allegations were ludicrous. They left Cargill in 1987 for Goldman Sachss J. Aron unit in London. 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. That gives its traders the advantage of timely market intelligence. Just 10 years old, Mercurias ascent has outpaced its competitors. ADMs environmental record has also been questioned by the Environmental Protection Agency, resulting in fines and forced installation of pollution control measures. Koch moved quietly to lead a boom in U.S. offshore crude storage, buying millions of barrels at cheap spot prices, parking them in supertankers near its Gulf Coast pipelines, and simultaneously selling into futures markets. The company has spent six decades trying to keep it that way. Scale is going to be more important than ever.. Mabanafts profile is low even by the secretive standards of other independent oil traders. In 2011 the company will turn over $80 billion, up from just $5 billion in 2004. Geography isnt the sole focus of expansion -- it has moved into naphtha, LPG and wood pellets. Thats the nature of their business., WHO: Glencore, founded 1974 as Marc Rich and Co. renamed Glencore in 1994, WHERE: Baar, Switzerland WHAT: Metals, minerals, energy, agricultural products, REVENUE: $145 billion in 2010 CEO: Ivan Glasenberg, STAFF: 2,800 people directly; 55,000 at Glencores industrial assets. With Kochs easy access to tankers and pipelines, the strategy locked in profits of up to $10 a barrel with virtually no risk, traders said. No suggestions of wrong-doing were leveled against Dunand or Jaeggi. Nigerias Petroleum Product Pricing Regulatory Agency (PPPRA) said that in one transaction the amount of fuel submitted for subsidies did not match the actual quantity delivered. Dunand is the more outgoing of the two founders and often serves as the firms public face, dealing with customers and developing corporate strategy. We havent seen this pace of population growth in our living memory, Verghese told a conference in Singapore late last year. Marco Dunand and Daniel Jaeggi, both Swiss, have worked together closely for more than 25 years in a string of commodities companies, buying and selling crude and oil products in many of the hottest oil trading outfits: Cargill, Goldman Sachs J.Aron, Salomon Brothers Phibro and Sempra. [17] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. Dunand, chairman and chief executive, and Jaeggi, head of global trading, used Mercuria to expand their trading base from crude and oil products. Lawyers said doing business with the rebels still required great care. A profile in the New Yorker magazine last year identified the brothers as behind-the-scenes operators who bankroll the U.S. But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. But Cargill is anything but public. There is no ideal solution. We also believe that nature is going to have to play its role in the transition, because when the world talks about net zero, it doesn't mean absolute zero. 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. Or this: Glencore in 2010 controlled 55 percent of the worlds traded zinc market, and 36 percent of that for copper. In 2006 a tanker it chartered dumped toxic waste in Ivory Coast, allegedly making thousands ill and killing up to 16. Youve always had grain going down the river and going through the Gulf and being exported. And it sounded a rare retreat this week when sources close to the company said it had shut its European coal trading operations to focus on Asia and trading. These days, Olam has upstream operations in everything from a coffee plantation in Laos to a rice business in Thailand, from almonds in Australia to cashews in Africa. Fred Koch returned to the United States with a visceral hatred for Joseph Stalin and communism. And his silence helped feed rumors about Gunvors remarkable growth. analyse how our Sites are used. While its savvy traders were doing deals in eastern Libya, Vitol, along with rival Trafigura, kept refined product supplies flowing to the besieged government of Bashar al-Assad in Syria as his troops attacked civilians. You were always a little worried, taking the other side of their trades, said one European oil product trader, who declined to be identified. The award-winning provider of Commodity Management solutions worldwide. Founded 25 years ago by Briton Richard Elman, the Hong Kong-based, Singapore-listed Noble Group buys and sells everything from Brazilian sugar to Australian coal. Marco Dunand is Chairman/Co-Founder at Mercuria Energy Group Holding SA. Former Koch employees were implicated in improper payments to secure contracts in six foreign countries between 2002 and 2008, and the companys officers admitted in a letter made public by a French court last year that those activities constitute violations of criminal law, according to a report in Bloomberg Markets Magazine this month. In a move borrowed from the playbooks of western rivals, state-run oil firm PetroChina has set up a Houston oil trading desk and leased massive oil storage tanks in the Caribbean. Mercuria also differs in tone. The discussions with SDIC were halted once Mercuria neared the JPMorgan business, one of the people said. Thats the argument of Sunny Verghese, chief executive of Singapore-based trading firm Olam International. It has grown into the worlds third-largest independent oil trader and second-largest industrial metals trader in less than 20 years, since it was set up in the early 1990s by Dauphin and fellow traders Eric de Turckheim and Graham Sharp. Investors can forget about buying shares in the wildly profitable, family-run firm any time soon. Mercuria's Marco Dunand talked to S&P Global Platts about the challenges, implications, and opportunities that the coronavirus pandemic presents across all the key commodity classes in a time of unprecedented volatility in the global markets. But there was one lesson that Rich must have cut short: how to avoid jail. Founded in 1818 in Amsterdam, the company is the worlds No.1 oilseed processor. offers FT membership to read for free. A lysine price-fixing scandal in 1993 tarred its name after three top executives were indicted and imprisoned. [29][30], In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. Hin Leong made its name in the hard-fought Asia fuel oil and distillates market over 20 years ago, and is arguably the largest independent distillates trader in Asia, regularly mounting successful trading plays in the Singapore market. 03.10.2014. 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. News carefully selected news stories from around the industry. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The three former Goldman Sachs Group Inc. executives together own a controlling stake in Mercuria through a Guernsey entity called MDJ Oil Trading Ltd. 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. At times Cargills power has got it into trouble. 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. Despite a concerted campaign in recent years to put forth a friendlier face and personality through advertising and more appearances by its executives in public forums, Cargill is bound together by a culture of confidentiality, aggressiveness -- and winning. WHO: Hin Leong, founded 1963 supplying diesel to fishing boats. It also has a substantial presence in Asias fuel oil market, the worlds largest. 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. Cargill hopes to dominate new markets as well. They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. That experience defined the trading strategies of Dunand and Jaeggi who moved from Phibro to start Sempras European and Asian trading business in 1999 before founding Mercuria in 2004. Tucked away in a private forest an hours drive from the downtown high rises of mid-western Minnesota stands a brick mansion that strikes most visitors the same way: isolated, solid, regal, powerful. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. 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. 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. 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. Premium access for businesses and educational institutions. Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. Wilmars strategy is to have its fingers in every part of the supply chain, from point of origin to destination. It has trading offices in China, palm plantations and chemical plants across Asia, and silos in Brazil. The shares listed at 530 pence in May but have since traded below that, dropping almost a quarter in three months. Its a message that could apply just as well to the Louis Dreyfus group. It helps that the companys CEO Alberto Weisser is a Brazilian, and that Bunge has more than 100 years experience in South America. Louis Dreyfus is a well-honed global operator, marketing agricultural commodities from wheat to orange juice. A Trafigura-chartered tanker was intercepted in the Caribbean in 2001 on suspicion of carrying illegal volumes of Iraqi crude. Belgium-born Rich sold his stake in 1994. Marco Dunand, who has helped build Mercuria into one of the world's biggest independent energy traders, said the crash in US crude prices into negative territory in April served as a wake-up. We are keen to consolidate our culture before we could think about changing it. Without a commanding position in any region or commodity, the firm has sought out bottlenecks and imbalances in niche markets and positioned itself to make money trading derivatives using insights gained from its physical trading. WHO: Koch Industries, founded 1920s by Fred Koch. Co-founders Marco. 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. Trafigura was also quick to recognize the potential of storage in the industrial metals markets. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. [3] The company is one of the world's five largest independent energy traders and asset operators and is based in Geneva, Switzerland, with 37 additional offices worldwide. It hasnt been determined whether Blythe Masters, who has led the JPMorgan unit since 2006 and orchestrated the buying spree, would join Mercuria, a senior executive at Mercuria said. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. The talks with JPMorgan forced Mercuria to put another deal on hold. The payout percentage of profits at the commodities houses can be double what Wall Street banks pay, says George Stein of New York headhunting firm Commodity Talent. 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. Its one of the largest physical suppliers of metals including zinc, lead and nickel, and a leading grain exporter from Europe, the former Soviet Union and Australia. Still not entirely comfortable with his public profile, Glasenberg has described his shift into the glare of publicity as crossing the Rubicon. Glencore has long made its fortune by working on the fringes and in areas where few others dared. 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. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while Public and regulatory attention usually rises with prices. What matters is that the group and its name survive, she said. Asian demand for South American soybeans has exploded over the last five years and Bunge is arguably the best positioned company in the world as it relates to servicing and profiting from the Asian demand trend, said Jeff Farmer, an analyst who follows the company for Jefferies & Company in Boston. Thats the setting where we learned the trade, Dunand said in an interview with Swiss newspaper Neue Zuercher Zeitung published in January. WHO: Vitol, founded 1966 in Rotterdam by Henk Vietor and Jacques Detiger, WHERE: Geneva and Rotterdam WHAT: Oil, gas, power, coal, industrial metals, sugar, TURNOVER: $195 billion (2010) CEO: Ian Taylor STAFF: 2,700. For cost savings, you can change your plan at any time online in the Settings & Account section. Together with Glencore, it pre-qualified to bid for exploration rights in Iraq in a licensing round next year that that could add the Iraqi upstream to its offshore West Africa operations. When out-of-town employees visit, he has taken them to dinner at seafood chain Red Lobster, a former Koch employee said. Fredriksens traders then hurriedly sold the physical crude at a loss, the CFTC lawsuit claims, ending expectations for tight supplies. The Chinese state is funding nimble trading firms to do its bidding. Vitols early running gave the firm an edge with the countrys new political stewards. In early 2007, when world grain prices were surging toward all-time highs, it faced a problem in Ukraine. That is as far as it goes -- yet time and again, the media wrongly jump to the conclusion that the judo club connection means that Mr Putin and I are close, then leap into conspiracy-theory mode.. While pursuing Robert Louis-Dreyfus passion for the club, which drained millions from his fortune, she has placed strict conditions on new investment. Compare Standard and Premium Digital here. But they have seen interest from potential investors, and have considered a tie-up with a sovereign wealth fund. Thats still a lot less than the billions the biggest independent oil traders make and a long way off the revenue of Marquard & Bahls oil tanking division, the second largest in the world after Vopak. Mabanaft is aiming to further diversify its product portfolio by pursuing a controlled geographic growth strategy, is all communications manager Maren Mertens is able to offer on the subject. They see a business opportunity and they grab it with both hands without making a song and dance about it, said Russell Newton, a partner with St. Helier-based hedge fund Global Advisors (Jersey) Ltd., who has known Dunand and Jaeggi for about 25 years. Koch benefits from privacy, and its astonishingly agile and profitable as is., The old guard now faces a challenge from a new breed of Asian competitors. 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 world's fourth-largest commodity trader with revenue topping $100 billion last year. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. 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. 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. Thats what Koch, Vitol and others did in 2009 when they parked 100 million barrels of oil in seaborne tankers. . 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. A fleet of tankers and Asias largest commercial storage facility are among the companys assets. 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. Risk has often paid off handsomely for Fredriksen. His 28-year-old twins Kathrine and Cecilie play a growing role in his sprawling business empire, according to press reports. Most rely on arbitrage -- playing the divergence in prices at different locations, between different future delivery dates, or between a commoditys quality in different places. 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. In its early days it profited by opening a trade route shipping Russian crude to China from Gdansk, Poland. Among their campaigns is one to end the U.S. Environmental Protection Agencys mandate for regulating greenhouse gas emissions. Like rival Vitol, Trafigura has seized the opportunity to get into oil storage as oil majors focus on production. In addition to proprietary trading curbs, the U.S. regulator voted on October 19 to impose position limits in oil and metals markets. Was Vitol in violation? Since co-founding Mercuria with partner Marco Dunand in 2004, the company has ballooned into one of the top four commodity trading houses in the world, turning over more than $100 billion in. Now Dunand, 52, and Jaeggi, 53, are executing a plan to propel Geneva-based Mercuria Energy Group Ltd. nearer to the top independent traders, Glencore Xstrata Plc (GLEN), Trafigura Beheer BV and Vitol Group. 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. On its website Koch said it dismissed several employees of a French subsidiary upon learning of the improper and unauthorized payments. 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. It focused initially on shipping fuel oil cargoes to the mainland, a relationship that has since deepened. organisation 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. Elman, the companys chairman, holds around 30 percent of the company. That took the headcount to 1,200 from about 10 in 2004. 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. It has also dipped a toe in the upstream business. We are not thinking about an IPO -- but that doesnt mean we dont have an open mind, Dunand told Reuters in June. Founded in 1974 by Marc Rich, who fell foul of U.S. authorities but was later pardoned by President Bill Clinton, Glencore has assets spanning the globe and an oil division with more ships than Britains Royal Navy. Simply log into Settings & Account and select "Cancel" on the right-hand side. The firm is now the worlds largest shipper of Robusta coffee and counts Nestle, Hershey, General Mills and Sara Lee as clients. It was done a long time ago. Chinese state funds have flowed into Noble and private Asian traders. It also said its foreign units had ended sales to Iran years ago, and did not violate U.S. law by conducting business with Iran earlier. Two examples: it makes biodegradable and recyclable plastics out of corn at its $1 billion complex at Blair, Nebraska, and is creating new low-calorie food ingredients for such multinationals as Kraft, Nestle and Coca Cola. newsletter, Energy Source. Koch eventually pleaded guilty in 2001 to a felony charge related to its reporting of the benzene emissions. 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. Dunand and Jaeggi first met studying economics at the University of Geneva in the late 1970s. It announced in early October that it may float its storage subsidiary Puma Energy within 18 months. Lims biggest bet may have been an unprecedented 1997 spree in which Hin Leong bought 30 million barrels of jet fuel and diesel in the key Singapore market -- worth nearly US$800 million over a three-month span. The godfather of oil trading, Marc Rich, taught one of his most talented apprentices Claude Dauphin almost every trick in the business. 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. With 800,000 barrels a day to market, a volume similar to OPEC country Qatar, Arcadias annual gross revenue from oil could be around $29 billion based on current prices. They have some superstars but mostly a lot of team players -- what I would describe as well grounded, fundamental traders.. U.S. regulations are now pending to limit banks proprietary trading -- speculating with their own cash. Their move to run their own empire came in 2004 when they founded Mercuria, raising capital from two Polish businessmen, Grzegorz Jankielewicz and Slawomir Smolokowski.

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