Oil traders increase risky lending even as some deals go bad
Trading houses' lending to distressed producers and refiners is booming and cheaper than ever even though many are owed hundreds of millions of dollars after the collapse of some risky pre-financing deals.
The suspension of production at Morocco's oil refinery Samir last year cost a string of trading firms and oil majors a total estimated at close to $1 billion (£0.82 billion), and similar arrangements this year have come under stress in Nigeria.
But executives from trading houses speaking at the Reuters Commodities Summit this week said appetite for such deals was rising as the levels of... read more
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