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Commodities Briefing - Categorized | Performance, Trading more

Commodities: Tougher times for trading titans

Posted on 15 April 2013

If you want to raise $10bn quickly, you need to know who to call. When Igor Sechin, chairman of Rosneft, decided to buy TNK-BP and create the world’s biggest listed oil producer, he faced a problem: banks would not be able to provide the full $55bn required.
So Mr Sechin went elsewhere. Late last year, he phoned two of the world’s trading titans: Ian Taylor and Ivan Glasenberg, the chief executives of Vitol and Glencore. In a matter of weeks, the trading houses offered a $10bn loan that the state-owned Russian company guaranteed with future supplies of crude………………………………………..Full Article: Source


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VRS - who has written 36199 posts on Opalesque Commodities Briefing.


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