Oil · Gas
Glencore and its subsidiaries market Crude Oil and Oil Products globally, and market Natural Gas primarily in Europe and the United States. Glencore is a large integrated oil supplier and handles the physical supply of some 3% of the world’s daily oil consumption.
Glencore's and its subsidiaries' supplies are acquired in part through long-term contracts from key-producing countries, as well as by traditional short and medium-term purchase agreements. Glencore and its subsidiaries deliver to a variety of customers, including the major oil companies, Government purchasing agencies and industrial end-users.
Oil and Gas activities are handled primarily by Glencore's offices in London, Stamford and Singapore.
Production assets
- A subsidiary of Glencore owns between 40%-49% in various oil production subsidiaries of Russneft.
- A subsidiary of Glencore owns 89% of Chemoil Energy Limited, a listed global supplier of marine fuels with ownership interest in a number of key storage terminals.
- Glencore and its partners have secured access to exploration acreage onshore and offshore of West Africa (E&P), where significant oil and gas reserves were discovered during 2008 following initial discoveries made in 2007. Having received approval in May 2009, Glencore and its partners have now entered into the development phase on one of the discoveries with first production starting in November 2011. This development will provide facilities that will allow enhanced economic development for other discoveries in the vicinity.
