State-owned traders take on established houses
They procure and market commodities directly, bypassing traditional oil and grain traders
London
WHEN Azerbaijan's Socar Trading SA took over the storied commodity trader Phibro LLC this year, it put a stamp on a new trend: the emergence of giant state enterprises to buy and sell natural resources.
Azerbaijan is not alone: Saudi Arabia, China, Oman, Thailand and Russia are also building or expanding government-owned firms to procure and market commodities directly, bypassing the traditional oil and grain traders such as Glencore plc, Cargill Inc, Vitol Group BV and Trafigura Beheer BV.
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