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The Canton of Geneva has still in memory Addax terminated on corruption suspicions in 2017. For the STSA at the intercept of defending its membership interests and explaining the industry in the public, Gunvor has a profound significance on how commodity traders are expected to operate.The question to elucidate is at what time a counterparty becomes an undesirable ? It’s an ungrateful task which seems moreover bound to become drawn out.
In the margins of the UN General Assembly, the French Special Envoy has organized a meeting between the IMF and the President of Congo-Brazzaville.
Debates revolve around country debt how particularly how SNPC has been used to circumvent convenants in oil deals, ( with terms not in favor of the debtor…) that no one really expect them to pay back.
The IMF has urged the authorities to forward the informations related to the pre-financed oil deals with Gunvor (750M), Glencore (X$, Trafigura XX$, provide a breakout of the loans, reflecting the country’s total debt pledged on oil between 2014 and 2017 in Pointe Noire… and how the budget was spent.
The IMF will do analysis and then send a delegation to Brazzaville to work on a restructuring of this debt by december.
[In other words… the original contracts once earning in-and-out “risk-free” money at r*, regardless of the commodity prices are about to take a severe haircut]. Continue reading
Navigating the Commodity Markets with Freight and Spreads 