The world’s largest oil trading firms -the Swiss quartet of Vitol, Glencore, Trafigura and Mercuria and Dutch-based Gunvor -are experiencing a mix of pain and gain from the fall in oil prices. The pain is most acute for those that own assets whose value has fallen as a result of the price slump and that borrowed heavily to acquire them. By far the worst hit has been Glencore, which was feted as a commodities powerhouse after its stock market listing in 2011 and takeover of mining giant Xstrata a year later, only to see its share price plummet as commodity prices collapsed in 2014.
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