marco dunand mercuria net worth

It has trading offices in China, palm plantations and chemical plants across Asia, and silos in Brazil. Dunand says he and Jaeggi have no intention of selling the company they have built so swiftly, or launching an initial public share offering (IPO). [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. 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. 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. (Bloomberg) It's "possible" that oil will hit $100 a barrel this winter, but $80 to $90 is the expected range, said Marco Dunand, the chief executive officer of commodities trader Mercuria Energy Group Ltd. With surging energy costs contributing to inflation, as the global economy recovers from the pandemic . They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. 03.10.2014. Independent traders including Mercuria are filling the void. The company has spent six decades trying to keep it that way. It is also the worlds second largest trader of rice after Louis Dreyfus. Some analysts point to risk factors: Olams exposure to natural disasters, such as recent flooding in Australia, and social or political unrest such as that in Ivory Coast. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Mercuria will dramatically reduce it, he said. Yet it took Russias most influential politician almost a decade to publicly address one of the most serious allegations against him. Which may be why Mabanaft wants to expand beyond its northern European heartland. The 2022 report is the fifth annual CSR report prepared by Mercuria and the data and commentary refer to our activities in the 2022 calendar 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. But they have seen interest from potential investors, and have considered a tie-up with a sovereign wealth fund. The godfather of oil trading, Marc Rich, taught one of his most talented apprentices Claude Dauphin almost every trick in the business. But make no mistake, if you perform well at Koch, you are richly rewarded in salary terms, the person added. The CEO sometimes flies to speaking engagements with no entourage. The companies dispute the charges. WHO: Cargill, founded 1865 by William Wallace Cargill at the end of the U.S. Civil War, WHERE: Minneapolis, Minnesota WHAT: Grains, oilseeds, salt, fertilizers, metals, energy, TURNOVER: $108 billion (2010) CEO: Greg Page STAFF: 130,000. Shortly after the material was dumped, thousands of residents of the city of Abidjan complained of illnesses, including breathing problems, skin irritation and related ailments. Its a message that could apply just as well to the Louis Dreyfus group. Fredriksens traders then hurriedly sold the physical crude at a loss, the CFTC lawsuit claims, ending expectations for tight supplies. 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. When spot and futures prices began to converge, Koch would quietly slip crude from the ships into its onshore pipelines. I have known the citizen Timchenko for a very long time, since my work in St Petersburg, Putin told a group of Russian writers. At times Cargills power has got it into trouble. 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. 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. We dont hear much about them yet, but in time we will.. 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. Mabanafts profile is low even by the secretive standards of other independent oil traders. 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. 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. Tornqvist says Gunvors goal is to become a truly global company. Olympique Marseille is at a crossroads, she told supporters in a statement to announce the changes at the club. In addition to proprietary trading curbs, the U.S. regulator voted on October 19 to impose position limits in oil and metals markets. 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. 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. analyse how our Sites are used. 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. Total Applied. Journalists in 50+ countries follow the constant flow of money made and lost in oil & gas while [7] Prior to this, Mercuria was assumed control of J&S Group, which was named after the Polish businessmen Gregory Jankilevitsch and Wiaczeslaw Smolokowski. Wilmars strategy is to have its fingers in every part of the supply chain, from point of origin to destination. That figure is likely to change because of the addition of JPMorgans assets. A large part of Glencores market value comes from its listed stakes in other companies, most notably a 34.5 percent holding in Swiss miner Xstrata. Putin finally broke his silence last month: I assure you, I know that a lot is being written about it, without any participation on my part. They are part of the food chain, yet help shape it, and the personal rewards can be huge. It also has a substantial presence in Asias fuel oil market, the worlds largest. Mercuria is just seven years old, but is already one of the worlds top five energy traders. 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. Switzerland-based Glencore cast aside its famed secrecy earlier this year with a record market debut that turned its executives into paper millionaires and propelled the firm into the headlines. [5], Mercuria was started in 2004 by Marco Dunand and Daniel Jaeggi, then executives at Phibro, the commodities trader sold by Citigroup to Occidental Petroleum in 2009. WHO: Olam, founded 1989 by the Kewalram Chanrai Group, began trading cashews from Nigeria. We went to the Ivory Coast on a mission to help the people of Abidjan, and to find ourselves arrested and in jail as a result has been a terrible ordeal for ourselves and our families, said Dauphin. 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. Roger Jones, the former head of commodities at Barclays Plc (BARC) who has spent more than a quarter-century trading, was hired in 2012 to head its non-oil business and join the board. Shenouda, who joined Mercuria in 2014, had for years been seen as the likely successor to co-founders Marco Dunand and Daniel Jaeggi. With more trading companies trying to gain an edge by owning businesses that produce, store or process commodities, Mercuria followed suit. [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. Trading houses saw the opportunity to leverage metals warehousing after the 2008 financial crisis. In two decades of oil trading, Dunand and Jaeggi built fearsome reputations for seeing profit margins where others could only see potential losses. 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. ADM was fined $100 million by the U.S. government for antitrust violations. 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. The winner? Work Permit Application Outcome. Mercuria traded 182 million metric tons of oil or oil equivalent in 2012, according to its website. 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. Trafigura was also quick to recognize the potential of storage in the industrial metals markets. In some cases it makes up 60-80 percent of what they do, said Carl Holland, a former price risk manager at oil major Chevron Texaco, who now runs energy consultancy Trading Solutions LLC in Connecticut. Jaeggi, the head of trading, operates more in the background, conceiving trading positions. 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 Headquartered in Geneva, Switzerland, and named after Mercury, the god of merchants, Mercurias business straddles global energy markets. Mabanaft sold 20 million tonnes of oil in 2010, up from 18 million tonnes in 2009. 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. 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. Arcadia doesnt make its revenues public. In April Noble appointed Li Rongrong, former chairman of the state-owned assets supervision and administration commission of China, as a non-executive director. When in Wichita, he often dines in the Koch cafeteria. We know how to close the gap (with Vitol and Glencore) and we are actively catching up, Tornqvist said. Trafigura took legal action to keep a report about the Ivory Coast incident out of newspapers, but details were eventually made public. Welcome to the Mercuria 2022 Corporate Social Responsibility (CSR) report. He is flanked in the top investor table by the youthful heads of Glencores major divisions. Marco Dunand CHIEF EXECUTIVE OFFICER. Thats the setting where we learned the trade, Dunand said in an interview with Swiss newspaper Neue Zuercher Zeitung published in January. Its a model it has replicated across various commodities. 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. Along the way it has moved headquarters to Belgium, Argentina, Brazil and then the United States. Sanctions targeted Gaddafi. university Its early dealings with the Libyan rebels may offer the chance of a foothold in Libyas oil and gas territory. 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. 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. 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. Theyve remained successful for decades, he said. 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. Many small producers rely almost entirely on Koch to buy, sell and ship their crude. The company did not comment publicly on this incident. But it was absolutely one of the greatest moves in the business.. Among their campaigns is one to end the U.S. Environmental Protection Agencys mandate for regulating greenhouse gas emissions. Marco Dunand is Chairman/Co-Founder at Mercuria Energy Group Holding SA. Compare Standard and Premium Digital here. But since White Plains, New York-based Bunge set up in China in 1998, many have switched to soy pellets. The trading houses talent and deep pockets translate into incredible power. 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. Verghese, who Forbes says is worth $190 million, believes he can go it alone and aims to quadruple the companys value by 2015. The company lists its trade in paper derivatives as larger still, or about 10 million barrels a day. Founded in 1818 in Amsterdam, the company is the worlds No.1 oilseed processor. From the 43rd floor of a Rotterdam skyscraper, staff members can look out over a network of rivers toward some of Europes biggest refineries. All quotes delayed a minimum of 15 minutes. 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. Risk has often paid off handsomely for Fredriksen. Elman, the companys chairman, holds around 30 percent of the company. You may change or cancel your subscription or trial at any time online. Koch eventually pleaded guilty in 2001 to a felony charge related to its reporting of the benzene emissions. They have the most talent, the deepest pockets, and the best risk management.. "When we founded Mercuria 10 years ago . By and large they move as a team, says one retired wheat trader who did business with Cargill for decades. 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. Van der Velden took the reins of a company on a roll. The companys deal with Libyas rebels was a gamble. 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. The company handles 3 percent of the worlds daily oil consumption. Tornqvist, a former BP trader and keen yachtsman, says he doesnt share the vision of Mark Rich, the father of contemporary trading, that political links are the most prized asset in trading. tracking emerging trends and opportunities in the future of energy. Tea Party movement. Mercuria also differs in tone. On its website Koch said it dismissed several employees of a French subsidiary upon learning of the improper and unauthorized payments. That gives banks who trade futures cause for concern, but since physical players usually receive exemptions to limits -- because they are categorized as bona fide hedgers -- trading firms should go unscathed. It is also the largest producer of consumer pack edible oils with about 45 percent market share. The discussions with SDIC were halted once Mercuria neared the JPMorgan business, one of the people said. How big are the biggest trading houses? 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. The Koch brothers, Chairman and CEO Charles and co-owner David Koch, are high-profile supporters of libertarian and anti-regulation U.S. politics. In a settlement, Trafigura agreed to pay a $5 million fine, but wasnt charged with smuggling and denied wrongdoing. A rare news release announced that Jan-Willem van der Velden, who started as an international trader at the company in 1997, would take over as CEO from January this year. The talks with JPMorgan forced Mercuria to put another deal on hold. But by the end of April, a U.S. Treasury directive authorized the Vitol transactions. In the early 2000s, the Brent crude oil stream -- used as a global price benchmark -- fell to 400,000 barrels per day from more than 1 million in the late 1980s. 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. Revenues for the 10 largest investment-bank commodity businesses fell to $4.5 billion in 2013 from $14 billion in 2008, according to London-based analytics company Coalition. WHO: Trafigura, founded 1993 by former Marc Rich traders Claude Dauphin, Eric de Turkheim and Graham Sharp. Price premiums for immediate supply spiked, sapping margins for refiners worldwide. With global sales of $108 billion in 2010, Cargill would have ranked No. 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. 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. Founded in 2004, Mercuria Energy Trading is one of the world's biggest independent energy traders . Still not entirely comfortable with his public profile, Glasenberg has described his shift into the glare of publicity as crossing the Rubicon. The three former Goldman Sachs Group Inc. executives together own a controlling stake in Mercuria through a Guernsey entity called MDJ Oil Trading Ltd. Decatur, Illinois-based ADM is one of the worlds biggest commodities traders. We have a system that monitors the supply and demand needs, because often times they are working independently. Premium access for businesses and educational institutions. They stayed until 1994, then joined Phibro for a five-year stint when it was controlled by Salomon Brothers. But theres little room for maneuver: the majority stake she inherited is locked up in a trust her husband set up to last for 99 years. In 2001, for instance, it bought storied Swiss company Andre & Cie, once one of the worlds top five grains traders. (Additional reporting by Jean-Francois Rosnoblet), WHO: Bunge, founded 1818 by Johann Peter Gottlieb Bunge in Amsterdam. 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. Mercuria CEO Marco Dunand, President Daniel Jaeggi and global head of trading Magid Shenouda are the firm's biggest shareholders. 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 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. [3] [4] The group operates in 50 different countries. The JPMorgan unit employs about 600 and represents a range of assets assembled over decades by firms including Bear Stearns Cos. and RBS Sempra, which the bank bought during an acquisition binge beginning in 2008. Verghese still plans to cash in. The suit was settled out of court for an undisclosed sum. 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. Its website reveals little more than that it is the trading arm of privately owned oil company Marquard & Bahls. 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. Simply log into Settings & Account and select "Cancel" on the right-hand side. We havent seen this pace of population growth in our living memory, Verghese told a conference in Singapore late last year. Commodity trading is fraught with various types of risk. Fredriksen became a leading oil shipping magnate well before buying Arcadia, in 2006. It was done a long time ago. 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. This gives them a strong opportunity for growth and puts them close to the top players in the league, said Roland Rechtsteiner, a partner at management consultant Oliver Wyman, whos published a series of reports on the industry written with Trafigura co-founder Graham Sharp. They sail as close to the wind as they possibly can legally, said an oil analyst who requested anonymity. Trading houses competed with banks for the spoils -- Glencore, Trafigura and Noble took one warehousing company each, Goldman and JP Morgan the others. 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. See Marco Dunand's compensation, career history, education, & memberships. Co-founders Marco. Theres a great deal of trust between them.. In metals, stock in warehouses can be tied up for years as loan collateral, allowing the same traders who dominate the metals market to control a huge chunk of world supply -- an apparent conflict of interest that has drawn criticism from the UK parliament. 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. Cargill and Louis Dreyfus are the large missing players in the commodity trading space.. His partners seized control of the firm in 1994, renaming it Glencore. The sort of position that has allowed Vitol to do a brisk oil business with the U.S. government, the besieged Syrian regime, and Libyas newly empowered rebels simultaneously over the past few months. Trading houses have huge volumes of proprietary 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. The company now operates in 60 countries. Finding itself with a big client base, but short of the physical supplies it needed to meet demand, Noble built its own processing facilities. But there are people like David Bowie or Paul Weller who sense that the market is moving and change with it. 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. Marco Dunand, our CEO, recently took part in a panel on energy security in a net-zero future, at the World Government Summit. 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. Vitols wealth is spread across only 330 share-holding employees, fewer than Glencores 500. Executives of Illinois-based ADM, formerly Archer Daniels Midland, were jailed for an early 1990s international price-fixing conspiracy for animal feed additive lysine. It helps that the companys CEO Alberto Weisser is a Brazilian, and that Bunge has more than 100 years experience in South America. By Andy Hoffman and Chanyaporn Chanjaroen. But earlier this year the worlds wealthiest oil trader raised that profile, and did its reputation no harm, by becoming the first to deal with Libyas rebels, long before the overthrow of Muammar Gaddafi. No sentimental attachments to any country or location.

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