A base metal is a common and inexpensive metal , as opposed to a precious metal such as gold or silver . In numismatics , coins often derived their value from the precious metal content; however, base metals have also been used in coins in the past and today.
79-516: Trafigura Group Pte. Ltd. is a multinational commodities company domiciled in Singapore, with major regional hubs in Geneva, Houston, Montevideo and Mumbai, founded in 1993. The company trades in base metals and energy. It is the world's largest private metals trader and second-largest oil trader having built or purchased stakes in pipelines, mines, smelters, ports and storage terminals. Trafigura
158-515: A photovoltaic power plant in Lubango , with Sonangol possessing a 30% stake and Total Eren with a 51% majority. Sonangalp Limitada is a fuel and lubricant distribution company formed in 1994 in partnership with Petrogal. It is one of the three main subsidiary companies through which Galp Energia operates in Angola. Sonangalp owns 54 filling stations in Angola. Sonangol owns a 30% stake which
237-618: A 30% equity stake in the Jinchuan Group 's newly established 400,000 tonnes-per-year copper smelter in Fangchengang, China. In July, Trafigura launched Lykos, an online platform in India to sell metals to small and medium-sized manufacturers in the country. In September, Trafigura completed the $ 860 million sale of an 80% stake in a Corpus Christi Texas oil storage terminal to Buckeye Partners LP. In June 2015, Trafigura announced
316-600: A 33.45% share in Galp, and Esperaza, which holds a 45% stake in Amorim. Exem Energy BV was controlled and 40% owned by Sindika Dokolo , who was the husband of President dos Santos's daughter Isabel dos Santos . This move was later described in 2020 as "tainted by illegality" by a Dutch international arbitration tribunal in Amsterdam , "to reap an extraordinary financial gain to the detriment of Sonangol and, consequently, of
395-554: A 49% interest. Trafigura is involved in paper trading through its subsidiary Galena Asset Management, which was set up in 2003 to invest in commodity funds. The company was named in the Iraq Oil-for-Food Scandal in connection with a Liberian-registered turbine tanker , Essex , that had UN approval to load Iraqi crude at Iraq’s main export terminal at Mina al-Bakr . The tanker was chartered by Trafigura Beheer BV. According to her captain, Theofanis Chiladakis,
474-406: A 50:50 joint venture with Abu Dhabi investment company Mubadala Development Company —to invest in base metals mining. As part of the agreement Mubadala also acquired 50% of Trafigura's Minas de Aguas Teñidas [ es ] (Matsa) mining operation, which owns three mines in southern Spain that produce copper, zinc and lead concentrate ores. This followed a doubling of processing capacity at
553-460: A day in 2016, up 42% from 3 million barrels a day in 2015. In October 2016 Trafigura sold five medium-range tankers to China’s Bank of Communications Financial Leasing Co, marking its exit from owning product tankers. In support of its arbitrage -based business model , Trafigura ensures a degree of control over supply, storage and logistics through industrial subsidiaries: oil storage and distribution business Puma Energy , in which Trafigura holds
632-592: A fine of about $ 127 million to resolve charges of bribery of government officials in Brazil by former employees or agents during previous decades, after a series of DOJ probes into oil industry practices. In April 2023, the Washington Examiner claimed that the American government is enabling the commodity trader to funnel money back to Vladimir Putin's inner circle. In June 2024, Trafigura agreed to pay
711-651: A fleet of tankers bearing the Sonangol name, which transport both crude and refined oil to destinations worldwide. The company is registered in Nissau, Bahamas, though the subsidiaries running the individual ships are all registered in Malta . Sonasing was founded in 1999 as a 50-50 joint venture between Sonangol and SBM Production . Its mission is to acquire FPSOs and FSOs for use by the Angolan oil industry. Sonasing owns
790-457: A later date. According to the judgement of a Swiss court in 2020, Didier Kelley paid key Sonangol officials a total of US$ 6.8 million in bribes between 2005 and 2008 while CEO of SBM Offshore . Kelley was fined over US$ half a million. At the time the bribery took place, the chairman of the board of directors of Sonangol was Manuel Vicente , who was also Vice President of Angola under President José Eduardo dos Santos . Though Vicente
869-624: A majority stake of the company and, through its subsidiary SonaGás , is its primary supplier of fuel and its sole supplier of butane and liquefied natural gas . Pumangol is a network of gas stations and airport and marine fuel terminals formerly belonging to Swiss oil company Puma Energy . Sonangol acquired Pumangol and other assets in April 2021 when it sold its stake in Puma Energy to Trafigura in April 2021 for US$ 600 million, then purchased Puma's assets in Angola, including Pumangol, for
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#1732775705639948-603: A network of 2,700 filling stations. Trafigura was criticised in December 2022 for handing out "more than $ 1.7bn (£1.4bn) to its top traders and shareholders after the energy crisis, fuelled by the war in Ukraine". In 2022, the Lobito Atlantic Railway (LAR), a joint venture between Trafigura, Mota-Engil of Portugal , and independent Belgian rail operator Vecturis, secured a 30-year concession to operate
1027-567: A primary client, along with other corporate, commercial, and individual clients. In 2023, Sonangol produced 202,000 barrels of oil with an income of US$ 10.9 billion. On the eve of Portuguese Angola 's independence from Portugal following the Carnation Revolution and the election of a democratic government in Portugal in 1976, the company ANGOL (ANGOL Sociedade de Lubrificantes e Combustíveis SARL), founded in 1953 as
1106-440: A settlement of £30 million (US$ 42.4 million) to settle the suit. In 2010 a Dutch court found Trafigura guilty of illegally exporting toxic waste from Amsterdam. Base metal In contrast to noble metals , base metals may be distinguished by oxidizing or corroding relatively easily and reacting variably with diluted hydrochloric acid (HCl) to form hydrogen . Examples include iron , nickel , lead and zinc . Copper
1185-450: A subsidiary of Portuguese company SACOR ) was nationalized and split in two, forming Sonangol U.E.E. and Direcção Nacional de Petróleos . Directive 52/76 instituted Sonangol as a state-owned company with a mandate to manage the country's substantial petroleum industry . Using the extant remains of Texaco , Total , Shell and Mobil 's oil works, Sonangol obtained the assistance of Algerian Sonatrach and of Italian Eni . As
1264-798: Is also considered a base metal because it oxidizes relatively easily, although it does not react with HCl. In mining and economics , the term base metals refers to industrial non-ferrous metals excluding precious metals . These include copper , lead , nickel and zinc . The U.S. Customs and Border Protection agency is more inclusive in its definition of commercial base metals. Its list includes—in addition to copper, lead, nickel, and zinc—the following metals: iron and steel (an alloy), aluminium , tin , tungsten , molybdenum , tantalum , cobalt , bismuth , cadmium , titanium , zirconium , antimony , manganese , beryllium , chromium , germanium , vanadium , gallium , hafnium , indium , niobium , rhenium , and thallium , and their alloys. In
1343-668: Is an oil exploration and production arm of the Sonangol group. In addition to its activities in Angola, it also operates the Najmah and Qayara oil fields in Iraq through its subsidiary, Sonangol P & P Iraq. Sonangol (through holding company subsidiary Sonangol Holdings) holds a 30% stake in the operating company of a logistics base for the petroleum industry on Kwanda Island in Soyo, alongside Italy's Saipem (49%) and fellow Angolan companies Casoy (11%) and Sangemental (10%). The base
1422-558: Is located strategically to provide services both to the Port of Soyo and to nearby oil blocks. The facilities at the base include three quays for oil and gas ships to dock, with storage, catering, housing, and medical services on shore. Kwanda has over 700 employees. OPS Servicos de Producao de Petroleos Ltd is a joint venture between Sonangol and SBM Offshore that operates and manages a fleet of five FPSOs owned by Sonasing : Kuito, Mondo, Sanha, and Saxi Batuque, as well as N’Goma, which
1501-402: Is slated for divestment. Sonangol Distribuidora is a downstream petroleum product distribution subsidiary of Sonangol. It operates numerous retail gasoline stations. In 2018, Sonangol Distribuidora employed 910 workers. In 2021, an unnamed former Sonangol Distribuidora CEO was charged with taking bribes from Trafigura and its CEO Mike Wainwright during the dos Santos presidency, gaining
1580-599: Is vast and complex, described as "an economic octopus". It operates in offices around the world, and owns, owned, or shared dozens of subsidiary and joined venture companies upstream , midstream , downstream , and outside of the petroleum industry, not only in Africa , but North America , Latin America , Europe , and Asia as well. As of 2024, the company is currently in the process of divesting of many of its non-core assets. Sonangol's main corporate headquarters are in
1659-418: Is wholly owned by about 1,400 of its employees. In October 2024, the company reported that individuals in its Mongolian petroleum products supply business had, over a five year period, concealed overdue debts and manipulated data, resulting in inflated sums paid by the company. Local regulations require international fuel supplier deliveries to stop at the border, necessitating local operatives for deliveries to
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#17327757056391738-684: The Centennial Tower in Singapore's Downtown Core . Sonangol Limited is Sonangol's European trading subsidiary in the United Kingdom . Its 9,000 square foot head office is located on Brompton Road in the Knightsbridge district of London. Sonangol USA, or Sonusa, is Sonangol's trading company in the United States . since November 12th, 1997. Its 40,000 square foot headquarters are on Enclave Parkway in
1817-539: The Côte d'Ivoire incident . Executive chairman Claude Dauphin , the last remaining founder in an executive position, owned less than 20 per cent of the group’s equity at his death in September 2015, while more than 700 senior managers controlled the rest. Dauphin was succeeded by Jeremy Weir, who, in 2025, will assume the role of Group Chairman, while Richard Holtum will take the helm as CEO as of January 2025, according to
1896-858: The Energy Corridor of Houston , Texas . Sonamer is an oil and natural gas well drilling company established in 1998 between Sonangol (49%) and Pride International (51%), specializing in deep and ultra-deep waters. It operates a fleet of drillships including the Pride Africa and Pride Angola. The company is registered to a post office box in Nassau , Bahamas . Sonangol Hidrocarbonetos Brazil Ltda, formerly Sonangol Starfish Oil & Gas SA, formed in 2010 after Sonangol purchased Starfish Oil and Gas. It produces and explores for oil in Brazil . Sonangol Pesquisa e Produção (Sonangol P&P)
1975-497: The Ministry of Finance inject three billion US$ into the company, claiming it was necessary to rescue Sonangol from immediate bankruptcy , though this was not granted. Isabel and her inner circle were paid salaries , described in one indictment as "exorbidant renumerations," that cost Sonangol over US$ 13 million in 14 months between 2016 and 2017, with her own monthly salary set at more than US$ 50,000. In November 15, 2017,
2054-777: The Norwegian Broadcasting Corporation , Vest Tank was trying to neutralize chemical waste when the explosion occurred, and the owner of the waste was Trafigura, on whose behalf Vest Tank was working. Trafigura was not accused of direct responsibility, and refused requests by the Norwegian police to interview employees. In February 2013, Trafigura invested $ 800 million in the Australian energy market, acquiring more than 250 petrol stations, two oil import terminals and five fuel depots in three separate acquisitions by its subsidiary Puma Energy . At
2133-689: The Port of Lobito launched the venture's port operations in Angola with the docking of the MV Lindsaylou on July 12, 2024, with sulphur on board to be transferred to LAR cargo trains for shipment to the DRC for use in refined copper production in the Katanga region. On January 11, 2023, the company sold its 24.5% stake in the Indian company Nayara Energy , which was a joint venture with Rosneft . The share
2212-501: The Singapore Exchange (SGX) at a fixed rate of 7.625%. The issuance raised $ 500m in long-term capital that is treated as equity by international accounting rules, leaving existing shareholders undiluted. By 2011, its revenue had increased to $ 121.5 billion and its profits to $ 1.11 billion, with profits falling 11% in 2012. In 2013, as a consequence of the Singapore listing, Trafigura released financial statements for
2291-629: The tendering process at the Enemalta oil purchasing board. Between 1999 and 2012, Enemalta paid the two companies $ 3.2 billion for oil, accounting for 70% of the oil purchased by Enemalta in that time period. In May 2015, the Financial Times reported that Trafigura has become a major exporter of Rosneft crude oil from Russia despite sanctions. The company has seen a surge in such exports, almost 9 million barrels of crude in April 2015, mostly for Asian markets, financed by pre-pay oil deals in
2370-516: The Atlantic coast, will allow transportation of crude oil and petroleum products, dry bulk, containerised and general cargo to and from inland Colombia. In October 2016, it was announced that Trafigura and Russian investment group United Capital Partners would each take a 24 per cent stake in Essar Oil, which owns India’s second-biggest private refinery in the western state of Gujarat as well as
2449-598: The Brazilian Operation Car Wash scandal and three oil trading companies, one of which was Trafigura. Trafigura is keeping the allegations "under review" and affirms that it "is taking the allegations ... seriously", but has denied that its management knew that payments would be used to make improper payments to employees of Petrobras. Some 18 months later, in May 2020, the Guardian reported Trafigura
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2528-637: The DRC, and any potential service extensions in Zambia. The three countries signed an agreement to accelerate growth in domestic and cross-border trade along the corridor. The new company committed to upgrading infrastructure and services, investing US$ 455,000,000 in Angola and up to US$ 100,000,000 in the DRC. The Lobito Corridor project is considered a G7 Partnership for Global Infrastructure and Investment (PGI) flagship investment in Africa. LAR’s mineral terminal at
2607-739: The Essex was 'topped off' at least twice, with a total of 272,000 barrels of crude, after UN monitors had signed off the cargo. This was on 13 May and 27 August 2001. Elf Aquitaine employees had first talked about this scheme in February 1998. In February 2013, Trafigura Maritime Ventures Limited—the Malta-based subsidiary of Trafigura Maritime Logistics PTE Limited based in Singapore—and the oil trading arm of Total became involved in an oil price fixing controversy that led them to both be barred from
2686-605: The Lobito rail corridor, which runs across Angola to the Democratic Republic of the Congo (DRC). To mark the transfer of the concession, a ceremony was held on 4 July 2023 in Lobito, with Presidents João Lourenço of Angola , Félix Tshisekedi of the DRC, and Hakainde Hichilema of Zambia in attendance. The concession encompassed the 1,300-kilometre Benguela railway corridor in Angola, extending it 400 kilometres into
2765-513: The Netherlands, became the first company to obtain a contract to sell Sudan's oil internationally. In November 2013, it was announced that Tory peer and former leader of the House of Lords Baron Strathclyde , Thomas Galbraith would be joining Trafigura as a non-executive director. He had previously stood down from the board of the group’s hedge fund arm following the 2009 controversy over
2844-696: The Netherlands. The local contractor, Tommy, improperly dumped the waste materials at as many as 12 sites in and around the city of Abidjan in August 2006. The gas caused by the release of these chemicals is blamed by the UN and the government of Ivory Coast for the deaths of 17 and the injury of over 30,000 Ivorians, with injuries that ranged from mild headaches to severe burns of skin and lungs. Almost 100,000 Ivorians sought medical attention after Prime Minister Charles Konan Banny offered free medical care in Abidjan’s hospitals to
2923-670: The Sonangol Building located on Rua Rainha Ginga, No 29-31 in the commercial Baixo neighborhood of the Ingombota district in Luanda. The Sonangol Building was built in 2005, designed by Chinese architect Sung-ho Hang. 2,000 people are employed in the building. Sonangol Asia Limited (Sonasia) is a subsidiary trading company headquartered in Singapore which has been in operation since 2005. Its head offices are located in
3002-579: The State of Angola," which froze Exem's assets, ruling in favor of a legal complaint by Sonangol that Exem owes them the shares back because of the corrupt way in which they were acquired. In December 2011, Human Rights Watch said that the government of Angola should explain the whereabouts of US$ 32 billion missing from government funds linked to Sonangol. A December 2011 report by the International Monetary Fund (IMF) said that
3081-746: The US Commodity Futures Trading Commission $ 55 million to settle allegations of fraud, manipulation and impeding whistleblowers. As part of the agreement, Trafigura neither admitted nor denied the CFTC's charges, which dated back to 2014. Two CFTC commissioners took issue with the whistleblower component of the settlement. On November 18, 2024, an indictment by the Office of the Attorney General in Switzerland
3160-422: The board of directors of Sonangol; Francisco Maria de Lemos, financial director of Sonangol; and Orlando Veloso, director of the engineering department. The terms of this contract stipulated that Sonangol would compensate Dream's Leisure for any net losses incurred through management of the hotel . Furthermore, the contract forbade Sonangol to transfer any third-party rights without approval from Dream's Leisure. In
3239-525: The city’s residents. Trafigura maintains that the substance dumped consisted of "slops", or waste water from washing the Probo Koala's tanks. An inquiry in the Netherlands, in late 2006, confirmed the substance to consist of more than 500 tonnes of a mix of fuel, hydrogen sulfide and sodium hydroxide , known as caustic soda. After the start of the health crisis in Abidjan, the Probo Koala arrived at
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3318-508: The cleanup effort but were arrested and imprisoned by the Ivorian government. While its executives were being held, the company agreed to pay US$ 198 million for cleanup to the Ivorian government without admitting wrongdoing, and the Ivorian government pledged not to prosecute the company. Dauphin and his fellow executives were released following the settlement. In 2008 a civil lawsuit in London
3397-533: The company grew it had a need to obtain services, such as telecommunications services , retail network support, trucking , shipping , data management , scientific , engineering , seismic , and others. The company created subsidiaries to meet these needs. Sonangol and its many subsidiaries have continued to expand into other lines of business. In 1983, Sonangol opened its first international subsidiary, Sonangol Limited , in London . In 1992, Sonangol P & P
3476-551: The company's MATSA mining operation in Andalusia , Spain, where two new satellite mines are also being developed. In August 2015, it was reported that Trafigura subsidiary Impala Terminals is investing USD1 billion in Colombia to develop a new inland road, rail and river network connecting major coastal ports with Colombia's industrial heartland. The Magdalena River, which runs between Barrancabermeja inland and Barranquilla on
3555-581: The company's succession plan. Holtum is a 10-year veteran of the firm, and its global head of gas, power and renewables, who will join Trafigura's board of directors in October 2024. Trafigura operated in 65 offices from 36 countries as of 2015. In 2023, revenue was $ 244.3 billion, net income was $ 7.4 billion, assets were $ 90.5 billion, and equity was $ 16.5 billion. In 2024, the company had around 12,000 employees operating in 150 countries, with 50 offices, and
3634-600: The context of plated metal products, the base metal underlies the plating metal, as copper underlies silver in Sheffield plate . Sonangol Group Group Sonangol ( Portuguese : Grupo Sonangol ) is a parastatal that formerly oversaw petroleum and natural gas production in Angola . The group consisted of Sonangol E.P. ( Portuguese : Sociedade Nacional de Combustíveis de Angola, E.P. ) and its many subsidiaries . The subsidiaries generally had Sonangol E.P. as
3713-562: The domestic market. The trader is recording a provision of $ 1.1 billion resulting from the misconduct by staff in its Mongolian office. In 2003, the group established its fund management subsidiary, Galena Asset Management. In 2010, Trafigura bought 8% of Norilsk Nickel . In 2007, an explosion in Sløvåg Gulen , Sogn og Fjordane , Norway in a tank owned by the company Vest Tank [ no ] had severe environmental and health consequences for people living nearby. According to
3792-406: The first time, reporting Q1 profits of $ 216.1 million – up 3.2 per cent on the previous year. Revenue grew 7.9 per cent to USD 31.2 billion. In March 2016, Trafigura closed a 46 million yen ($ 413 million) three-year loan, doubling the size of its 2014 Samurai loan. In 2024, Trafigura operated in 150 countries and had 50 offices. Trafigura is the third-largest physical commodities trading group in
3871-737: The form of short-term loans that are not subject to sanctions. While some commodity traders have been cautious dealing with sanctioned companies, Trafigura, which works with a number of global banks financing the oil deals, has found a reliable partner in Rosneft for global business. In 2016, the Swiss non-governmental organisation Public Eye published the results of its investigation showing how traders – especially Trafigura – prepare and sell "African quality" toxic fuel to Africa, containing high levels of sulphur that causes particulate matter pollution, damaging human health. Subsequently, Ghana reduced
3950-609: The government funds were spent or transferred from 2007 through 2010 without being properly documented in the budget. The IMF was assured that most of $ 32 billion was being used for "legitimate government reasons" and considered to be "found". In June 2016, President dos Santos removed the entire board of Sonangol, and installed his daughter Isabel as chairwoman of the company, to "ensure transparency and apply global corporate-governance standards". This led to many accusations of corruption and nepotism . One year later, Maka Angola reported that Isabel dos Santos demanded, with threat, that
4029-405: The iron ore and coal trading books – made up 13% of Trafigura’s overall trading turnover in 2016. The group traded 8.2 million tonnes of non-ferrous metal concentrates and 6.6 million tonnes of non-ferrous refined metal during the year. Overall volume across metals and minerals increased by 13% from 2015 to 59 million tonnes. Trading volumes in oil and petroleum products totalled 4.3 million barrels
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#17327757056394108-500: The latter profits of profits of US$ 143.7 million between 2009 and 2011. Sonangol Gás Natural (SonaGás) develops and distributes natural gas. SonaGás has a 22.8% stake in Angola LNG , a major liquefied natural gas (LNG) plant near Soyo , along with its partners Cabinda Gulf Oil Company (a subsidiary of Chevron), BP , Eni, and Total. In 2017, SonaGás became the exclusive supplier of butane and liquid natural gas to ENCO ,
4187-583: The maximum limit of sulphur in imported diesel fuel from 3000 to 50 parts per million , from March 2017 (the European limit is 10 parts per million). Trafigura stated that the report was "misconceived" as they only supply legal fuel and that it is up to governments to set fuel specifications. In November 2018 Global Witness asked the UK's Serious Fraud Office and the US authorities to investigate alleged ties between
4266-413: The national gas company of São Tomé and Príncipe . In July 2024, Afreximbank announced plans to open a fertilizer factory called AMUFERT in Soyo, with SonaGás owning a 10% stake and responsibilities for supply of gas to the factory. In 1998, Sonangol incorporated a subsidiary in Kinshasa in the Democratic Republic of the Congo as a 60-40 joint venture with Zimbabwean company COMIEX , with
4345-406: The new President of Angola, João Manuel Gonçalves Lourenço , dismissed both Isabel and the entire board of directors under her and named Carlos Saturnino Guerra Sousa e Oliveira as the Sonangol chairman. An internal audit later revealed that after she had been dismissed, Isabel had transferred US $ 38 million of the company's funds to the Dubai based company Ironsea (later renamed Matter), which
4424-526: The opinion of Rui Verde, a lawyer and legal expert of anti-corruption watchdog Maka Angola , "the contract clearly encourages Dream's Leisure to inflate costs and declare losses, in order to plunder the State as much as possible." In 2006, a company named Exem Energy BV acquired, in exchange for a US $ 11 million loan from Sonangol, a 6% stake in multibillion dollar Portuguese international energy company Galp Energia worth US$ 750 million through shares in holding companies Amorim Energia , which holds
4503-461: The port of Paldiski in Estonia where Trafigura permitted Dutch police onboard to conduct an investigation. Trafigura denied any waste was transported from the Netherlands, saying that the substances contained only tiny amounts of hydrogen sulfide, and that the company did not know the substance was to be disposed of improperly. Trafigura officials, including Claude Dauphin and the company’s West Africa regional director, travelled to Abidjan to assist in
4582-459: The regime of the dos Santos family. Sonangol will refocus on its core business: the petroleum industry. Finally, Sonangol itself is to undergo a partial privatization , making 30% of shares of itself available for purchase by 2027. These reforms are aimed at transforming Sonangol from being both regulating body and oil producer into a corporate entity overseen by a separate state entity, though it will remain majority state owned. The Sonangol Group
4661-431: The same amount. Pumangol owns 81 fuel stations, fuel terminals in four airports, and the Terminal de Combustíveis da Pumangol em Luanda (TCPL) in Luanda Bay , with its 81st fuel station opened on January 27, 2024 in Luanda. Ivanilson Machando is CEO. In 2021, Sonangol joined forces with French company Total Eren (a Total Energy subsidiary) and Angolan company Greentech-Angola Environment Technology to begin building
4740-454: The ships OPS manages and operates. Empresa Nacional de Combustíveis, SARL (ENACOL) is owned by Sonangal (32.5%), Petrogal (32.5%), the government of Cape Verde (29.3%), and other minor partners. It markets, stores, and distributes petrochemicals in Cape Verde. It is headquartered in Mindelo , São Vicente . Empresa Nacional de Combustíveis e Óleos, SARL (ENCO) is the national fuel and gas company of São Tomé and Príncipe . Sonangol owns
4819-555: The sole financier, Sonangol only held a 30% stake in the CCTA, which was majority held by Simaroco and also partially by Oil International Supply Services S.A. (OISS) and a Chinese investor. Simaroco was founded in 2005 by José Carlos de Castro Paiva, then chairman of Sonangol Limited and Sonangol's representative on the board of directors of the Banco Africano de Investimentos . OISS was owned in part by Alberto Cardoso Severino Pereira, Sonangol's former financial director , and lawyer Domingos de Assunção de Sousa de Lima Viegas, who
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#17327757056394898-497: The time, there was interest in Australia among energy traders due to a combination of rising demand and the closure of outdated, high-cost refineries. The same month, Trafigura joint venture DT Group partnered with Angola’s state oil firm Sonangol to form a new company, Sonaci DT Pte Ltd, to market Angola’s new liquefied natural gas (LNG) exports. In March 2013, Trafigura announced a deal with South Sudan to export Dar Blend crude oil from Port Sudan . The agreement with South Sudan
4977-428: The world behind Vitol and Glencore . Trafigura sources, stores, blends and transports raw materials including oil, refined petroleum products and non-ferrous metals, iron ore, and coal. It more recently added a third division, focused on gas, power, and renewables. Trade in non-ferrous and bulk commodities – mainly copper, lead and zinc concentrate, alumina, refined metals of copper, lead, zinc and aluminium as well as
5056-441: Was a continuation of Trafigura's longtime presence in the Sudanese oil market and followed the resolution of a legal dispute between Sudan and South Sudan over transit fees and oil revenues. In October 2013 Trafigura secured USD 1.5 billion in financing for an upfront loan to Russian oil producer OAO Rosneft . The prepayment facility, which provided a loan for advance payment for more than 10 million tons of products over five years,
5135-447: Was also employed by Sonangol and was Sonangol’s representative on the auditing committee of the BAI. In effect, this transferred millions of dollars worth of assets held by a state entity into private hands. A ten-year, a US$ 12 million contract for management of the HCTA was then awarded to Dream's Leisure, a company created thirteen days prior to the issuing of the contract, which was owned by Manuel Vicente , then chairman of
5214-491: Was bought by Hara Capital Sarl, a subsidiary of Mareterra Group Holding. In May 2024, it was announced that Trafigura was investing in the company Greenergy . In 2008, the company had equity of more than $ 2 billion and a turnover of $ 73 billion that generated $ 440 million of profit. In March 2010, Trafigura made its first venture into capital markets, issuing Euro 400m ($ 539m) in five-year Eurobonds. The following month Trafigura listed its first perpetual subordinated bond on
5293-550: Was convicted of embezzling € 52.6 million from Sonangol in June 2023. In February 2019, the Angolan government began its Propriv privatization program, and created the National Oil, Gas and Biofuel Agency (ANPG) to take over regulation and promotion of the Angolan petroleum industry from Sonangol. ANPG was given the power to supervise Sonangol, and became the new national concessionaire . In this regard, ANPG now controls who wins licenses to explore for petroleum, and awards contracts for production. In May 2019, Carlos e Oliveira
5372-415: Was designed in 1993, inaugurated in 1995, and expanded in 1998, 2004, and 2008, then given a new dock extension in 2012. Sonangol Logística is a liquid fuel storage subsidiary of Sonangol. In 2020, Sonangol Logística possessed 358,511 cubic meters of total fuel storage, representing over half the country's total capacity. Sonangol Shipping Holdings Limited and its subsidiary, Sonangol Shipping Angola, own
5451-437: Was established as a private group of companies in 1993 by six founding partners: Claude Dauphin, Eric de Turckheim, Graham Sharp, Antonio Cometti, Daniel Posen and Mark Crandall. Initially focused on three regional markets – South America (oil and minerals), Eastern Europe (metals) and Africa (oil) – Trafigura has since diversified and expanded globally. In 1999, the Trafigura unit Trafigura Beheer BV, based in
5530-420: Was formed by Claude Dauphin and Eric de Turckheim in 1993 but quickly split off from a group of companies managed by Marc Rich . Trafigura has been named or involved in several scandals, particularly the 2006 Ivory Coast toxic waste dump , which left up to 100,000 people with skin rashes, headaches and respiratory problems. The company was also involved in the Iraq Oil-for-Food Scandal . Trafigura Beheer BV
5609-412: Was founded as a prospection and production subsidiary. In 1999, Sonangol U.E.E. became Sonangol E.P. Oil giant Marathon Oil announced in September 2013 that it had agreed a deal in principle to sell a 10% stake in its offshore Angolan oilfield to Sonangol. In December 2013, Sonangol acquired the exploration rights to five onshore oil blocks in Angola , which could be tendered for development at
5688-476: Was launched by almost 30,000 Ivorians against Trafigura. In May 2009 Trafigura announced it would sue the BBC for libel after its Newsnight program alleged the company had knowingly sought to cover up its role in the incident. In September 2009 The Guardian obtained and published internal Trafigura emails showing that the traders responsible knew how dangerous the chemicals were. Shortly afterward Trafigura agreed to
5767-505: Was not accused of accepting these bribes directly, in the opinion of the Swiss authorities, he would have been aware of them. Starting in 2006, Sonangol financed the construction of the Centro de Convenções de Talatona (CCTA), a convention center which was opened in December 2009 by President dos Santos. The CCTA included the five-star Hotel de Convenções de Talatona (HCTA), and in total cost Sonangol over US$ 200 million. Despite being
5846-440: Was only created by herself and her friend, Mário Leite da Silva, earlier that year. In total, Ironsea/Matter charged Sonangol more than US$ 130 million. Isabel fled to Dubai to avoid arrest in Angola, and in 2022 Interpol issued a red notice towards her. She is accused of crimes including abuse of power , abuse of trust , embezzlement , forgery of documents, influence peddling , money laundering , and tax fraud . She
5925-532: Was previously named Xikomba prior to a major refit. Sonangol Integrated Logistics Services operates a two-million square meter petroleum industry onshore supply base in Luanda Bay with a 2 kilometer long quay, equipment rentals, cargo facilities, warehouses, medical facilities, and other support services for ships. Over 3,000 people work at the Luanda facility, over half of whom are Angolan nationals. 65% of Angola's oil goes through SONILS. The SONILS base
6004-671: Was released, showing that the company had been charged with failing to prevent unlawful payments during 2009 to 2011. A trial is scheduled to commence December 2. The 2006 Ivory Coast toxic waste dump was a health crisis in Ivory Coast in which the Probo Koala , a ship registered in Panama and chartered by Trafigura, hired a local contractor to offload waste in Abidjan after refusing to pay a €1,000 per cubic metre surcharge imposed by Amsterdam Port Services to discourage waste disposal in
6083-624: Was sacked and replaced by Sebastião Gaspar Martins as head of the company. In July 2019, President Lourenço canceled the Dream's Leisure contract, returning control of the Talatona hotel to the state. In April 2020, the Ministry of Finance began conducting a pruning of Sonangol's other functions, including a selling of its peripheral businesses such as its ventures in aviation , banking , hotels, and real estate , many of which were built during
6162-624: Was the largest such deal ever completed by Trafigura. A month later Trafigura signed an agreement with Dallas-based pipeline operator Energy Transfer Partners to transport crude oil and condensate via a partially converted 82-mile pipeline from the Eagle Ford oil field in McMullen County, Texas , to Trafigura’s deep-water terminal at Corpus Christi Bay , near the Gulf of Mexico. In February 2014, Trafigura signed an agreement to acquire
6241-423: Was under investigation by the US Commodity Futures Trading Commission (CFTC) for alleged corruption and market manipulation relating to oil trading. Subpoenas demand information going back at least four years relating to "manipulation and corruption involving oil products and trading". It was unclear if the CFTC investigation was related to Operation Car Wash. In March 2024, Trafigura agreed to plead guilty and pay
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