Oil trading giant Trafigura has agreed to debt repayment plans with its oil products customers in Mongolia, which will lead to significant losses for the trader in Mongolia
, Bloomberg reported on Thursday, saying the losses could be in the hundreds of millions of dollars. “We have been trading oil and metals in Mongolia for a number of years. We have a good track record of successfully recovering debts from counterparts in emerging markets,” Bloomberg cited a Trafigura spokesperson as saying.
While the losses are expected to be significant, Trafigura's most recent earnings showed profits of over $7 billion, which suggests the losses it is facing in Mongolia will be manageable, according to Bloomberg, which also noted that the company supplied $240 billion in products in 2022. For Trafigura, the news is more likely to affect reputation, coming on the heels of a nickel fraud that cost the company, which is owned 100% by its 1,200 employees, more than $500 million.
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