Cargill will expand its trading in oil, coal, natural gas and power,
the
Financial Times
reported.
Although the company has been participating in energy markets, it has focused mainly on derivative contracts rather than physical cargo, the report noted.
Other players have been retreating from physical energy markets, the
FT
article said. JPMorgan Chase announced its plans to sell its physical commodities platform and Morgan Stanley had held talks with prospective buyers of its commodities unit. Oil company Hess and trading house Gavilon are also selling their energy trading groups, the report said.
Cargill’s profits for the fiscal year, which ended May 31, almost doubled to $2.31 billion. Revenues were $136.7 billion, the article said. (Source:
Financial Times,
Aug. 8, 2013.)
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