World News
Glencore-Xstrata Merger Moving Forward
A merger between major crude oil player Glencore International PLC [LON:GLEN] (Glencore), who is a parent company of Chemoil Energy Limited, and mining firm Xstrata PLC [LON:XTA] (Xstrata) is poised for completion, the Wall Street Journal reports.
On Tuesday shareholders from both companies voted to approve the merger.
European Union (EU) regulators are now set to approve the deal, which would create a natural resources company with a market capitalisation of around $70 billion.
The combined company would be the world's largest zinc miner, ferrochrome producer, and thermal coal exporter, as well as a major player in many other commodity markets.
Over the past few weeks, Glencore has moved to address European regulators' concerns around competition, particularly in the zinc industry.
Glencore handles the physical supply of about 3 percent of the world's oil consumption, according to its website.
One of Glencore's subsidiaries owns 89 percent of Chemoil Energy Limited, and a subsidiary also owns 40 to 49 percent of various oil production subsidiaries of Russian oil firm Russneft.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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