marco dunand mercuria net worth

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. 3. Some transgressions make headlines. Cargill hopes to dominate new markets as well. We have to increase food production by 50 percent by 2030, and 80 percent by 2050, with our hands tied behind our back, he said, referring to constraints to boosting output such as the lack of land, water and infrastructure. 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. GENEVA, 3 October 2014 -- Mercuria Energy Group, Ltd ("Mercuria") announced today it has successfully completed the acquisition of J.P. Morgan Chase & Co. ("J.P. Morgan") Physical Commodities Business, following the signing of a definitive Purchase and Sale Agreement in March of 2014. They have some superstars but mostly a lot of team players -- what I would describe as well grounded, fundamental traders.. After a newspaper interview he wrote an open letter in 2008 headlined Gunvor, Putin and me: the truth about a Russian oil trader. You may change or cancel your subscription or trial at any time online. Benoit Lioud, a Mercuria spokesman, declined to comment on talks with JPMorgan. Price premiums for immediate supply spiked, sapping margins for refiners worldwide. That gives its traders the advantage of timely market intelligence. [25][26][27][28], In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. It announced in early October that it may float its storage subsidiary Puma Energy within 18 months. Noble has grown by acquiring troubled competitors. In 2014, Mercuria bought part of JPMorgan's physical commodities trading business for a reported US$3.5 billion. Mercurias corporate strategy and culture have reflected the professional paths of its founders, who spent the bulk of their early careers at investment banks. The warehouses seem to have an infinite capacity to absorb metal, but a very small capacity to release it, said Nick Madden of Novelis, the worlds top rolled aluminum producer. They were early dealers in a range of financial derivatives that are now commonplace and brought a level of sophistication to their trading books that most of their competitors could often only envy. It is also the worlds second largest trader of rice after Louis Dreyfus. [18] The Miami, Florida-based MGM International Group is a developer of international projects to reduce greenhouse gas emissions. In April the company dodged NATO bombs and a naval blockade and sent an oil tanker into the battered Mediterranean port of Tobruk to extract the first cargo of premium crude sold by rebels at the helm of a breakaway Libyan oil company defying Muammar Gaddafi. People forget about it. organisation [8][9] They and their affiliates joined as founders of Mercuria, and they remain as shareholders today. 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. 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. Sometimes you get it wrong, but you have to accept it, he said. Thats equal to the combined oil exports of Saudi Arabia and Venezuela. [1] The firm was founded in 2004 by two former Wall Street oil traders, Marco Dunand and Daniel Jaeggi. What really makes them different is their growth, said Olivier Jakob, managing director of Petromatrix GmbH in Zug, Switzerland. The CEO sometimes flies to speaking engagements with no entourage. 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. The government of Ivory Coast said 16 people died. In the two years since Margarita Louis-Dreyfus inherited control of the worlds top cotton and rice trader following the death of her husband Robert, the woman the French press call the tsarina has been at the center of one of the most intriguing struggles in corporate Europe. Its a message that could apply just as well to the Louis Dreyfus group. We use A small Minnesota linseed crushing business more than a century ago, the firm is now is so big its financial performance is often viewed as a barometer of agribusiness as a whole. A Trafigura-chartered tanker was intercepted in the Caribbean in 2001 on suspicion of carrying illegal volumes of Iraqi crude. The company lists its trade in paper derivatives as larger still, or about 10 million barrels a day. Fred Koch returned to the United States with a visceral hatred for Joseph Stalin and communism. In 1972 Cargill came under attack as it secretly sold millions of tonnes of wheat to Russia, using a U.S. export subsidy program to boot -- and boosting food inflation. [21], In January 2016, Mercuria announced that ChemChina had bought a 12% stake in the company. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while But most analysts think it needs fresh capital to grow, or to buy out minority family shareholders who will have the option to sell their stakes in 2012. personalising content and ads, providing social media features and to As Chinas clout grows, its very likely that Chinese firms will build trading dynasties of their own. While Rich himself fled to Europe in the 1980s to escape possible imprisonment for tax evasion in the United States, Dauphin spent almost six months behind bars in Ivory Coast in 2006-7 in pre-trial detention involving a dispute over toxic waste dumping. One of the things that gives us an advantage is that were working in the physical markets as well so (we can) absorb all that information and make the calls.. I have known the citizen Timchenko for a very long time, since my work in St Petersburg, Putin told a group of Russian writers. We are keen to consolidate our culture before we could think about changing it. 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. 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. [3] In March 2014, the firm purchased JP Morgan 's physical commodities unit for $3.5 billion. Vitols Saddam connection does not seem to have hurt it in Iraq. A row over oil export control could jeopardize its role in selling the nations crude. Together, Glencore employees, including many of its top traders, own just under 80 percent of the company. Hin Leong is joining hands with several Chinese firms to build the proposed Singapore refinery, even as it seeks to build a larger oil storage facility in the South Chinese province of Fujian. Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. Glencores initial public offering was the largest globally this year, attracting huge publicity as well as arguments that it marked the top of the commodities cycle. In May, Argentina kicked Bunge off the countrys exporters register after the government alleged it had evaded $300 million in taxes, an accusation the company denies. Asked to comment, Cargill said the company actively backs free trade to boost agriculture in all countries and is in dialogue with many important audiences, including governments Additionally, we dont believe export bans are the solution to either high grain prices or price volatility. ADM declined to comment and a spokesman for Bunge could not be reached. 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. Marco Dunand is Chairman/Co-Founder at Mercuria Energy Group Holding SA. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. Dont miss our exclusive Founded in 2004, Mercuria Energy Trading is one of the world's biggest independent energy traders . (Additional reporting by Jean-Francois Rosnoblet), WHO: Bunge, founded 1818 by Johann Peter Gottlieb Bunge in Amsterdam. Thats the argument of Sunny Verghese, chief executive of Singapore-based trading firm Olam International. Co-founder and Chief Executive Officer Marco Dunand, co-founder and President Daniel Jaeggi and Mercuria's global head of trading Magid Shenouda control the stake through a Guernsey-registered company called MDJ Oil Trading Ltd. ChemChina Stake That would put them well below the 16 percent stake Glencore CEO Ivan Glasenberg owns in his firm. The winner? Theyve remained successful for decades, he said. 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. China is becoming more like a Glencore, said Hinde. 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. The $5-billion refinery would pit Hin Leong against refineries already operated in Singapore by oil majors Shell, ExxonMobil and a joint venture between Chevron and Chinas PetroChina. Switzerland-based Glencore, whose initial public offering (IPO) in May put trading houses in the spotlight, pays some traders yearly bonuses in the tens of millions. 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. A master of physical markets, it owns a 4,000-mile U.S. pipeline network and three of the countrys most profitable refineries. FIS adds Energy & Commodities to new Value Portfolio business unit for more focus. It buys and sells multiple crops, mills and grinds and processes them into scores of products, both edible and not, and ships them to markets around the world. [15] The company tells Bloomberg half of its portfolio will be in renewables in the next five years, and has already committed to invest over $2 billion into the energy transition.[15]. Mercuria, the former owner of Vesta Terminal, entered into a joint venture with Sinopec by selling 50% of the terminals in 2013. As the company expanded, it has hired traders and investment professionals from Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[16] and Electrabel in London. 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. They include gas and power trading on both sides of the Atlantic, physical assets spanning 40 locations in North America, an oil-trading book with a supply and offtake contract with the largest refinery on the U.S. East Coast, 6 million barrels of storage leases in the Canadian oil sands, and Henry Bath & Sons Ltd., a 220-year-old metal-warehouse operator based in Liverpool, England. The scandal has hardly hampered the firms stellar growth. 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. Welcome to the Mercuria 2022 Corporate Social Responsibility (CSR) report. Verghese still plans to cash in. It helps that the companys CEO Alberto Weisser is a Brazilian, and that Bunge has more than 100 years experience in South America. Koch eventually pleaded guilty in 2001 to a felony charge related to its reporting of the benzene emissions. The company did not comment publicly on this incident. Big trading firms now own a growing number of the mines that produce many of our commodities, the ships and pipelines that carry them, and the warehouses, silos and ports where they are stored. Or this: Glencore in 2010 controlled 55 percent of the worlds traded zinc market, and 36 percent of that for copper. In early 2007, when world grain prices were surging toward all-time highs, it faced a problem in Ukraine. Thanks to a market condition known as contango -- a period when buyers pay more for future delivery than to receive their cargoes promptly -- they could sell futures and lock in profits of $10 a barrel or more. They have grown at a very fast pace in the oil markets, and now they are expanding into other commodities.. The thinking is, why open the books to the world? said a former lobbyist for Koch who requested anonymity. Now in his mid-60s, the reclusive trader is busy with his latest empire-building effort: getting government approval to build the city-states fourth oil refinery. 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. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. Tea Party movement. We have a daily sales report from every corner where we operate and if we see sales slowing over a few weeks, we get to know the changing trend before others, one employee said, on condition of anonymity. The Kochs have denied funding the Tea Party, but their empires far-reaching tentacles in the political arena have spawned a nickname: the Kochtopus. Mercuria also differs in tone. 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. 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. Jaeggi, the head of trading, operates more in the background, conceiving trading positions. 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. From 2011 to 2013, Mercuria hired 570 people, including key executives from investment banks as it expanded beyond energy. There has always been some concern about the trading firms influence, said Craig Pirrong, a finance professor and commodities specialist at the University of Houston, who points out that some firms have been associated with allegations of market manipulation. It doesnt always work. 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. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. In 2001, for instance, it bought storied Swiss company Andre & Cie, once one of the worlds top five grains traders. Louis Dreyfus is a well-honed global operator, marketing agricultural commodities from wheat to orange juice. In two decades of oil trading, Dunand and Jaeggi built fearsome reputations for seeing profit margins where others could only see potential losses. Glencore has long made its fortune by working on the fringes and in areas where few others dared. In a settlement, Trafigura agreed to pay a $5 million fine, but wasnt charged with smuggling and denied wrongdoing. Belgium-born Rich joined Philipp Brothers, subsequently Phibro, aged 20, leaving in 1974 with a fellow graduate of the Phibro mailroom, Pincus Pinky Green, to set up Marc Rich and Co AG in Switzerland. It now has stakes in a coal mine in Indonesia, oil and gas fields in Argentina, oil storage in China and a biodiesel plant in Germany. 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. (Jessica Donati, Christopher Johnson, Ikuko Kurahone, Richard Mably, Dmitry Zhdannikov reported from London, Gus Trompiz from Paris, Caroline Copley from Zurich, Emma Farge from Benghazi, Karl Plume and Christine Stebbins from Chicago, Hugh Bronstein from Buenos Aires, Joshua Schneyer from New York, Luke Pachymuthu, Harry Suhartono and Naveen Thukral from Singapore; Editing by Richard Mably, Simon Robinson and Sara Ledwith), This story October 21 story was corrrected in the 17th paragraph to reflect that Trafigura paid a U.S. Customs fine on an Iraqi crude cargo in 2001, but denied wrongdoing; clarifies language on Trafiguras 2009 legal action to prevent a report on toxic waste dumping in Ivory Coast from being published. Chinese state funds have flowed into Noble and private Asian traders. He competed fiercely with Indonesias Salim group, the business group commanded by his uncle, and won, to dominate the edible oil market in the worlds most populous nation. 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. Vitols early running gave the firm an edge with the countrys new political stewards. Together, they are worth over a trillion dollars in annual revenue and control more than half the worlds freely traded commodities. At times Cargills power has got it into trouble. Like Rich, Dauphin created a leading commodities trading house by applying a knife-edge approach to business. All quotes delayed a minimum of 15 minutes. Scale is going to be more important than ever.. 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. In April Noble appointed Li Rongrong, former chairman of the state-owned assets supervision and administration commission of China, as a non-executive director. Noble is now seeking to spin off its agriculture business with a listing on the Singapore Exchange. Just 10 years old, Mercurias ascent has outpaced its competitors. It owns processing plants, railcars, trucks, river barges and ships. To achieve this, it would be necessary to recruit the (Ukrainian) farmers to take an active role. JPMorgans power-generating assets, which include stakes in three U.S. plants, wont be included in a sale to Mercuria, according to three people close to the talks. Owning businesses that produce, store, transport or process raw materials can provide an advantage in trading at a time when expanding populations have pushed global commodity demand to a record. Several big trading houses are still family-held -- firms like agricultural giant Cargill, the top private U.S. company, or Kansas-based Koch Industries, a close No. Glencore has said publicly it would see good value in a merger with Xstrata, but that has so far been rejected by other, smaller, shareholders. They are part of the food chain, yet help shape it, and the personal rewards can be huge. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for 65 per month. Enuit is an Award-winning provider of ETRM / CTRM solutions worldwide. Glencores flotation has sparked speculation about a possible Vitol initial public offering and what it would be worth. Mercuria was nearing the sale of an equity stake of 10 percent to 20 percent to Chinese sovereign wealth fund State Development & Investment Co., according to two people familiar with the matter. Mercuria, named for the Roman god of trade, is targeting a JPMorgan business that includes energy trading and storage assets in North America, where a boom in shale oil and natural gas has transformed the flow of commodities worldwide. Fredriksens traders then hurriedly sold the physical crude at a loss, the CFTC lawsuit claims, ending expectations for tight supplies. U.S. refiner Tosco sued Arcadia and Glencore for market manipulation; the case was settled out of court. [29][30], In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. That comment didnt help calm rumors and then Timchenko spoke too. Mercuria is just seven years old, but is already one of the worlds top five energy traders. Mabanaft sold 20 million tonnes of oil in 2010, up from 18 million tonnes in 2009. Known as OK Lim, the founder of Singapores Hin Leong Group wants to build the company from oil trader into an integrated company. Put it this way: two of them, Vitol and Trafigura, sold a combined 8.1 million barrels a day of oil last year. But it was absolutely one of the greatest moves in the business.. Compare Standard and Premium Digital here. An array of storage tanks on five continents oils the wheels of its vast trading operation and it has stepped into the gap left by the oil majors as they reduce their downstream presence to focus on upstream exploration and production. A few traders seized the chance to buy what amounted to almost all the available supply. Mercuria specializes in trading and supplying physical commodities, investing in strategic assets, providing financing and logistics services and offering solutions to help clients meet their needs, including their net zero goals. No sentimental attachments to any country or location. Enuit Hiring, Growing, and Focused on Next Version, Energy One Sees Early Success in 24 by 7 Services Market. (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. Certain musicians, they have had a few hits and sort of faded away. That strategy has often succeeded, though last month it found itself at the center of a dispute in the newly minted nation of South Sudan. [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. That took the headcount to 1,200 from about 10 in 2004. Companies like Hong Kong-based Noble and Singapores Olam and Hin Leong are not new, but they are spreading their wings as Chinas influence in commodities markets increases. 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. Margarita Louis-Dreyfus told Les Echos that a listing, merger or the entry of a private investor were all options. Founded in 2004 by Swiss traders Marco Dunand and Daniel Jaeggi. The judge said there was no evidence the waste had caused anything more than flu-like symptoms and said some media had been irresponsible in their reporting. 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. 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. The three top executives at Mercuria have increased their holding in the Swiss-based commodity trader since the start of the year, according to a filing with US regulators. Dunand and Jaeggi are Mercurias largest shareholders but an employee share ownership scheme holds around 40 percent of the company. I never interfered with anything related to his business interests, I hope he will not stick his nose into my business either, Putin said. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. Like rival Vitol, Trafigura has seized the opportunity to get into oil storage as oil majors focus on production. U.S. regulations are now pending to limit banks proprietary trading -- speculating with their own cash.

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