Weekly News Review
ADNOC combines with OCI to form a fertiliser power house; energy trader Gunvor is back on track after a challenging 2018 and Cargill has made one of the most influential decisions in the company in over 154 years after appointing the chief financial officer to chairman of Asia Pacific and head of corporate strategy.
Here is a selection of our top news stories this week:
ADNOC and OCI join together: Abu Dhabi National Oil company ADNOC and Netherland-based OCI are set to combine. The act of joining forces will ensure the pairing become the world’s largest exporter of Nitrogen fertilizer. CEO of OCI stated that this move is in the best interests of both companies in order to receive substantial profits: “We have to do something to improve the returns and one is consolidate our various manufacturing platforms, pool them together and be able to serve our customers along multiple geographic regions”. Please click here to read more
Energy trader Gunvor gets back on track after a rocky 2018: Swiss energy trader Gunvor Group are back in the game after powering through huge losses in 2018 after a complete restructure was carried out. Losses were starting to take effect back in 2017 and forced the company to rethink their strategies. Chief Financial Officer Muriel Schwab said: “We really took advantage of that challenging time to reposition the company, seek cost efficiencies and it proved to be effective”. Please click here to read more
Cargill makes senior appointment for Asia; the biggest shift in the company for 154 years: U.S company Cargill recently appointed a new chairman of Asia Pacific and head of corporate strategy Marcel Smits; from the position of financial officer and a relocation from the headquarters in Minneapolis; making him the very first board-level executive to work outside of the U.S. Smits talks to Forbes.com about his new position. Please click here to read more