Glencore Shipping Arm Charters VLCC to Ship Asian Gasoil

By Jessica Jaganathan and Keith Wallis SINGAPORE, Oct 12 (Reuters) - Glencore's shipping unit ST Shipping has chartered a newly built very large crude carrier (VLCC) to ship gasoil from South Korea possibly to Africa in a rare move, shipbrokers and traders said on Wednesday. Gasoil is usually shipped on medium and long-range sized vessels carrying up to 700,000 barrels. … [Read more...]

Nigerian Trader Sues Glencore Over Failed Payments for Sailors’ Release

  By Javier Blas and Jesse Riseborough (Bloomberg) -- Glencore Plc is being sued by a former representative in Nigeria who says the commodities trader promised him $5 million to help free 15 Russian sailors detained on suspicion of smuggling guns. Og Amazu, owner of trader Amazoil Nigeria Ltd., says in a London lawsuit that Alex Beard, Glencore’s head of oil, … [Read more...]

Glencore Ordered to Pay Millions Over Decades-Old Oil Fraud

By Kit Chellel (Bloomberg) -- Glencore Plc was ordered to pay just over $40 million to OMV Petrom SA by a U.K. court for fraudulently shipping oil of a lower-than-purported quality to Romania in the 1990s. Marc Rich & Co., later to become Glencore International AG, sold about 32 shipments to Romanian state firms from 1993 to 1996 made up of cheaper crude blends than … [Read more...]

Glencore Starts $1 Billion Buyback as CEO Says Commodities Boom Isn’t Over

By Jesse Riseborough Aug. 20 (Bloomberg) -- Glencore Plc’s billionaire Chief Executive Officer, Ivan Glasenberg, underscored his belief in the longevity of the global commodities boom by beating his biggest rivals in handing out surplus cash to investors. Glencore, the third-largest miner by market value, today announced a $1 billion share buyback after first-half profit … [Read more...]

Glencore Names Ex-BP CEO Tony Hayward Chairman as Oil Assets Grow

May 8 (Bloomberg) -- Glencore Xstrata Plc appointed former BP Plc Chief Executive Officer Tony Hayward chairman as the mining company run by billionaire Ivan Glasenberg adds to its oil assets. Hayward, 56, became interim chairman last year as the Baar, Switzerland-based company completed a $29 billion acquisition of Xstrata Plc and shareholders ousted then-interim Chairman … [Read more...]