Commodity trader Cargill Inc. completed the sale of its petroleum business to Australian investment bank Macquarie Group Ltd on June 30, a company spokeswoman told Reuters on July 7.
The company will continue to offer financial and price risk management in petroleum markets through its Risk Management business, she said in an email reply.
“That business provides hedging products in more than 70 commodities, including energy, and will continue to do so,” she added.
Cargill’s petroleum business includes crude oil and oil products trading. The company will remain active in edible oils in the food and agriculture space, she said.
The sale of Cargill’s petroleum business, first announced in March, is the latest reshuffling following an almost three-year slump in oil prices.
Macquarie also announced in mid-June that it would acquire Cargill’s North America power and gas business for an undisclosed amount.
It was not immediately clear how many traders had left Cargill’s oil trading team or how many were transferred to Macquarie.
Macquarie declined to provide further details beyond the initial announcement of the sale.
Macquarie, which operates a global oil business active in both financial and physical markets, will see the deal expand its footprint, by adding facilities in Geneva, Switzerland and Minneapolis, Minnesota.
Recommended Reading
OKEA Fast-tracking North Sea’s Brasse Tieback to Brage
2024-04-08 - OKEA expects first production in 2027 and has signed contracts with Aker Solutions, Subsea7 and OneSubsea.
NOD Approves Start-up for Aker BP’s Hanz Project
2024-02-27 - Aker BP expects production on the North Sea subsea tieback to begin production during the first quarter.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
E&P Highlights: March 4, 2024
2024-03-04 - Here’s a roundup of the latest E&P headlines, including a reserves update and new contract awards.
E&P Highlights: March 15, 2024
2024-03-15 - Here’s a roundup of the latest E&P headlines, including a new discovery and offshore contract awards.