Bad luck for Trafigura in Romania

Trafigura Beheer BV, one of Europe’s largest traders of oil, natural gases, metals, metallurgy and non-ferrous metals posted approximately $40 million turnover on the Romanian market in 2002. Trafigura’s business on this market is therefore free falling, considering it used to get $400 million’s worth in orders in 1996 and its officials are expecting to make even less in 2003 than in 2002, that is only $25-$30 million. “The amounts of non-ferrous ores (copper, zinc) have decreased on the Romanian market, as did the amounts of secondary material (i.e. the material obtained from primary ore processing). Furthermore, we also had miners going on strike throughout this interval. On the other hand, the lack of cash and the failure of our clients in the oil business to pay for some orders caused us to stop trading on the Romanian market in the last few years,” said Marin Ciufu, Trafigura Group representative in Romania. ZF