EnergyWatch

Fredriksen's oil trader Arcadia is said to scale back business

Norwegian billionaire John Fredriksen's oil trader Arcadia is in the midst of a significant reduction of its oil trading activities, and the trader is also cutting jobs. Sources say it is unclear whether Arcadia will remain in the crude market.

Arcadia Petroleum Ltd., the commodities house owned by shipping billionaire John Fredriksen, is dramatically scaling back in oil trading and cutting jobs, according to people familiar with the matter.

The trader, which operates from London, Houston, and Singapore, plans to reduce its presence in the crude market – the commodity where it started in 1988 – and refined petroleum products, the people said, asking not to be named because the information is private. 

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Vestas awaits clarity on major US green energy funding

After a second quarter that, to put it mildly, was disappointing on order intake, the Danish wind turbine manufacturer intends to maintain its price strategy. Major green energy funding from the US spells promise, but Vestas is waiting for final clarity.

Media: Russia blocks Western utilities' asset sales

According to Russian media Kommersant, the country’s authorities have frozen divestments of, among others, Enel and Fortum’s power plants and wind farms. The Finnish utility is analyzing the situation, however without confirming implication.

Further reading

Related articles

Latest News

See all jobs