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Why Is This Little-Known Element Up Over 300%

Why Is This Little-Known Element Up Over 300%

Element ‘’V’’, better known as…

Glencore Seeks To Sell Stakes In Oil Storage Ventures

Oil Barrels

Commodity trading and mining giant Glencore is in advanced negotiations to sell a package of stakes that it holds in various global oil storage companies, Reuters reported on Friday, quoting sources familiar with the talks.  

Glencore, which holds many of the stakes in storage terminals through joint ventures, will probably continue to hold minority stakes in the oil storage assets should the sale be finalized, according to Reuters’ sources. The Switzerland-based company is said to be selling half of those stakes in joint ventures bundled in one package.

The oil storage assets subject to discussions include facilities in Argentina, Belgium, and Madagascar, one source told Reuters, adding that “it’s most, if not all, of Glencore's global liquid storage”.

“As a bundle it would appeal to someone looking for an entry point to certain countries,” the source noted.

Last year, Glencore sold 911 million barrels of crude oil marketing volumes, a surge by 61 percent compared to the 566 million barrels of crude sold in 2015, according to the company’s preliminary results for 2016. Glencore sold another 844 million barrels of oil products marketing volumes last year, up by 33 percent compared to 2015.

Over the past few months, Glencore has made headlines with a deal to buy 19.5 percent in Russia’s oil behemoth Rosneft, together with Qatar’s sovereign wealth fund.

Related: Trump Can’t Save Coal

Earlier this month, Italy’s Financial Security Committee approved a $5.6-billion (5.2-billion-euro) loan from Intesa Sanpaolo to Glencore and the Qatar Investment Authority for the acquisition of the 19.5-percent stake in Rosneft.

The deal was valued at $11.3 billion (10.5 billion euros), of which Glencore agreed to contribute some $324 million, and the rest was forked out by the Qatar partner through loans. The loan from Intesa Sanpaolo was reviewed by the Financial Security Committee for possible violations of the European Union sanctions against Russia, and no violations were found.

By Tsvetana Paraskova for Oilprice.com

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