石油圈中国石化新闻网讯 据路透社伦敦报道，全球最大的石油交易商之一摩科瑞表示，随着利率的上升和油价的上涨，全球能源交易业务将迎来一波新的整合浪潮。 摩科瑞首席执行官Marco Dunand在全球大宗商品峰会上表示：“整个行业规模过大。在交易领域，如果你看看过去几年的典型情况，你会发现股票的回报率是多少，也没有那么糟糕了。但如果你看利润与营业额的比较，就会发现它是非常小的。该行业的净利润率通常在1%以下，在贫困年代接近0.5%，这几乎没有留下任何出错的余地。与营业额相比，净利润率可能是市场上最低的，我们认为，行业内部应该进行整合。” 近年来，摩科瑞通过收购竞争对手的业务，而得到迅速增长，如摩根大通部分业务（各银行退出大宗商品交易）以及陷入困境的竞争对手来宝集团(Noble Group)的部分业务。 Dunand表示，推动整合的另一个因素可能是油价上涨，需要更多的流动资金来为交易业务提供资金，以及全球利率的上升。 Dunand表示，摩科瑞仍在寻找进入LNG市场的机会，在这个市场上，它的竞争对手如贡沃集团和托克集团已经在流动性日益增强的市场上占据了很大的份额。 该公司试图在今年早些时候获得LNG的敞口，当时该公司是海港能源公司收购澳大利亚天然气生产商桑托斯的失败竞标的一部分。 这家总部位于瑞士的公司报告称，其2017年的毛利润为6.74亿美元，低于2016年的7.16亿美元，而原油和精炼产品交易量从1.05亿吨上升到1.21亿吨。 Dunand说，该公司交易量在2018年会略有上升，其中天然气、电力、煤炭和金属交易将占50%以上，而石油和产品交易业务比例将低于50%。 詹晓晶摘自路透社 原文如下： Mercuria predicts new wave of consolidation in global oil trading Global energy trading businesses are set for a new wave of consolidation as rising interest rates and high oil prices compress already thin profit margins, said Mercuria, one of the world’s biggest oil traders. “The overall industry is oversized,” chief executive Marco Dunand told the Reuters Global Commodities Summit. “In the trading world, if you look typically over the last few years what the return on equity in trading is, it’s not so bad. But if you look at profit compared to turnover it is very small,” he said. The industry usually operates with a net margin of below 1 percent and during poor years closer to 0.5 percent, which Dunand said leaves very little room for error. “The net margin compared to turnover is probably one of the lowest you can find in markets… We believe there should be consolidation within the industry.” Mercuria grew rapidly in recent years by buying trading books and businesses of rivals such as JP Morgan as banks exited commodities trading and some parts of struggling rival Noble Group. Also spurring consolidation might be higher oil prices, requiring larger working capital to fund trading operations, as well as increasing interest rates around the world, he said. Mercuria is still looking to enter the liquefied natural gas (LNG) market, Dunand said, where its rivals such as Gunvor and Trafigura have already carved out a chunk of the increasingly liquid market. The firm tried to gain exposure to LNG earlier this year when it was part of a failed bid by Harbour Energy to buy Australian gas producer Santos Ltd. The Swiss-based firm reported a gross profit of $674 million in 2017, down from $716 million in 2016 while traded volumes of crude and refined products rose to 121 million tonnes from 105 million tonnes. Volumes will go slightly up in 2018 and the trader will have more than 50 percent of its business in gas, power, coal and metals trading and less than 50 percent in oil and products, said Dunand.
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