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...According to his LinkedIn profile, he previously worked in government affairs for Cheniere Energy and as a senior adviser to the chief of executive of Tellurian Inc, two companies which pioneered the development...
...Oil trading represents about 30 per cent of total revenues, but alongside gas and power trading, the group is also investing in green technologies such as battery storage and biogas....
...Independent traders — a group including privately held Vitol, Trafigura, Gunvor and Mercuria — have been particularly successful, with “five years, back to back, of the best year ever”, said Adam Perkins...
...Groups such as Vitol and Trafigura, which traditionally relied on political connections, handshakes and logistical skill to move natural resources from remote locations to willing buyers, are increasingly...
...The changes will shrink the size of the leadership group from 11 to 10 and will also reduce the number of women on the team from six under Looney to five....
...But investors have long memories, argues Jefferies analyst Mark Wilson....
...Alongside gas and power trading, the group is investing in green technologies such as battery storage and biogas....
...“The group of sceptics plus the group of people who are unwilling to see economic growth being sacrificed for the sake of green transition, these two groups constitute more than 50 per cent in many countries...
...In 2022 the group doubled its shareholder equity to $25.8bn, according to its last set of accounts....
Executives at Vitol, Trafigura and Mercuria say banks and export credit agencies have never been so keen to lend to them
...Until recently, no group had produced more energy from fusion than the reaction consumes — a milestone known as energy gain, or scientific break-even....
...The commodity trading industry made record estimated profits of $104bn last year, a McKinsey report said, even as market volatility decreased and earnings at some of the biggest groups fell....
...Weir has also overseen a period of rapid growth for the company, doubling Trafigura’s group equity in the past three years to $16.5bn....
...As chief executive, he oversaw the $54bn acquisition of BG Group, set Shell’s first climate targets and pushed the FTSE 100 group further into new areas such as biofuels, hydrogen and renewable power....
...The company allegedly violated Swiss rules through its use of subsidiaries abroad, the attorney-general’s office said, declining to identify the group or sector involved....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu and Tom Wilson, with support from the FT’s global team of reporters....
...The group also dropped its 2035 target....
...The UK’s equity market has recently been dealt a series of high-profile blows as companies including building materials group CRH and packaging company Smurfit Kappa have opted to shift their primary listings...
...“As a company Gunvor made mistakes at the time, for which we are sorry and that we have worked diligently to fix,” Gunvor’s co-founder and group chair Torbjörn Törnqvist said....
...All eyes are now on the semi-annual meeting of Opec+ ministers on June 1, where analysts expect the group to align on the production policy for the second half of the year....
...BP board member Tushar Morzaria, who was previously group finance director at Barclays, will take up Reynolds’ role as chair of the remuneration committee on an interim basis....
...Saudi Arabia has transferred a $163bn stake in national oil group Aramco to its sovereign wealth fund as the once conservative state investment group seeks to grow its assets to fund projects to modernise...
...Investors have withdrawn a climate resolution at ExxonMobil after the oil supermajor took legal action against the groups in a development likely to have a chilling effect on shareholder activism....
...Marc Filippino Tom Wilson is the FT’s natural resources editor. Thanks, Tom. Tom Wilson Thanks very much....
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