World News
New Name, Broader Focus for Addax and Oryx Group
Malta-based Addax and Oryx Group is renaming itself to reflect its diversification as it broadens its focus beyond energy into real estate and other capital investments.
Taking the new name AOG, the company said it is continuing to make downstream energy investments in Africa while also seeking growth in other industries.
"We are pursuing our long-standing commitment to respond to the energy needs of sub-Saharan Africa and marking, at the same time, our diversification into other areas of investment in recent years", said AOG founder and chairman Jean Claude Gandur.
"With a broader circle of partners and stakeholders, this called for a repositioning in order to better reflect the evolution of our business and better express the culture and values that are at the heart of our success."
Gandur, a native of Switzerland who landed on the latest Forbes billionaires list with a net worth of $2 billion, told Bloomberg the company is investing $400 million in Africa, including four terminals for liquefied petroleum gas along with lubricants factories and fuel stations across 22 countries.
He said that reflects a move away from oil trading, an area where the company is a small player.
"Either you belong to the three or four very large trading companies and you concentrate on your trading activity, or you better find a new model, and that's what I'm developing today," he said.
"It's more downstream than trading."
The company sold an exploration and production business, Addax Petroleum Corp., to China's Sinopec group in 2009, and it was also pursuing the sale of its Geneva-based oil trading unit and African downstream oil and gas business early last year, but that deal failed to go through.
The 25-year-old company says it now employs about 1,300 people in Europe, Africa, and the Middle East.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 627.00 | 2.00 | 737.00 | 5.00 |
| Rotterdam | 579.00 | 1.50 | 753.50 | 14.00 |
| Houston | 587.50 | 7.50 | 764.50 | 2.50 |
| Fujairah | 622.00 | 6.50 | 881.50 | 3.00 |
| Global 20 Ports Average | 646.00 | 0.50 | 825.50 | 1.50 |
| Global 4 Ports Average | 604.00 | 2.50 | 784.00 | 4.50 |
| Global Average Bunker Price | 700.00 | 3.50 | 883.00 | 3.00 |
Popular Now More
-
May 07The Liberian-flagged dry bulk carrier Alexis had an engine failure at about 5 AM local time on Tuesday while at the southern end of the strait. -
May 07The incident happened about 82 nautical miles south of Aden at 2:05 AM UTC on Tuesday. -
May 06This is the opposite of what the IMO intended, writes Stolt Tankers' Managing Director, Maren Schroeder.