Trafigura

Dangote Refinery will establish an oil trading unit that will help source feedstock for its 650,000 barrels per day plant on the outskirts of Lagos, Reuters reported on Tuesday, citing sources. The oil trading arm, likely to be situated in London, takes away the need to hire commodity traders for crude supply and related services, which could help scale back costs. While it could soften spending pressure for a refinery just starting to find its feet in crude oil processing, it is a blow to big names like Vitol…

Even before Trafigura Group said phony nickel shipments could cost it up to $577 million, some people and businesses had decided to steer clear of both Prateek Gupta—the businessman Trafigura says is responsible for the alleged misconduct—and a Swiss firm Mr. Gupta had acquired.Commodity-trading giant Trafigura has accused Mr. Gupta and related companies of committing “systematic fraud.” It says it agreed to buy nickel—a hot commodity, due to the electric-vehicle boom—but instead received other, cheaper cargoes. The Wall…

Commodities trader Trafigura Group struck a deal to exit a major joint-venture with Rosneft Oil Co. in India, unwinding a relationship with Russia’s energy giant that was a decade in the making. Trafigura said Wednesday it had sold its 24.5% take in India’s Nayara Energy Ltd. to Hara Capital Sarl. Hara is a subsidiary of Italy’s Mareterra Group Holding, which used to be known as Genera Group Holding SpA and invests in energy companies. The companies didn’t disclose a price,…