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Trade & Commodities

Clyde & Co’s end-to-end knowledge of global supply chains, from extraction through to distribution to end users and all that lies between the two, enables us to provide clients with legal solutions for all their trading needs.

Supporting our clients every step of the way

Within the Trade & Commodities sector we specialise in hard and soft commodities, oil, gas, LNG and power, as well as newer disciplines such as carbon trading.

Our clients include governments, producers, trading companies, logistics groups, refineries, banks and insurers. We help them overcome trading challenges and resolve complex issues such as geo-political risk and the impact of multi-jurisdictional regulations.

Today’s trade and commodities corporate landscape is characterised by complex, integrated operations, joint ventures, strategic alliances and collaborations as well as mergers and acquisitions. We support clients as they strive to achieve efficiency, whether that be through expansion into new markets or focus on a particular specialism.

Our Trade & Commodities Work

  • All
  • Africa
  • Americas
  • Asia Pacific
  • Middle East
  • UK & Europe
  • Kazakh crude oil offtake agreement dispute

    Acting for a leading international energy trading company in multiple international arbitration proceedings in connection with a supplier's failure to perform under a long term offtake agreement for Kazakh crude oil and condensate and ancillary financial arrangements.

    Kazakhstan

    LPG plant joint venture dispute

    Acting for a leading international energy trading company in international arbitration proceedings in relation to a dispute arising in connection with a joint venture for the construction of an LPG plant in Kazakhstan.

    Kazakhstan

    Precedent setting FOSFA sale of goods arbitration

    Successfully acting on this high profile FOSFA arbitration concerning a soft commodity agreement and time limits for the commencement of the arbitration. The judgment was widely reported, having implications on the timing of all future soft commodity cases

    Switzerland

    Ukrainian sunflower and mineral oil recall

    Handling FOSFA arbitration on a dispute arising from the contamination of Ukrainian origin sunflower oil with mineral oil which resulted in a Europe-wide recall with the Award granted in favour of our client.

    Ukraine

    Glencore Energy (UK) Ltd v Transworld Oil Ltd

    Representing a successful oil trader seller in a claim for non-performance by the buyer under an oil sale contract in Glencore Energy (UK) Ltd v Transworld Oil Ltd.  This case is often cited as one of the few cases dealing with the effect of hedging on the damages that can be claimed.

    Nigeria

    Aluminium trading dispute

    Advising a metals trader in respect of an aluminium trading dispute with a manufacturer in relation to a claimed force majeure and non-delivery of material.

    United Kingdom

    Chinese buyer GAFTA arbitration

    Advising sellers of 55,000MT of feed barley in relation to default by Chinese buyers and related GAFTA arbitration.

    China

    Oil trading restructuring

    Acting for a Sharjah based trade and ship owner in respect of their restructuring and transition of their oil trading business (that included ownership of a fleet of oil tankers) against various syndicates of international banks and credit insurers in restructuring. This included negotiating with different groups of Lenders to enable different assets to be disposed of under specific transactions and a restructure.

    United Arab Emirates

    LNG long term sale contracts

    Advising Total on all aspects of the long term sale of marine LNG to CMA CGM including reviewing HOAs, drafting a bespoke long term contract for the supply of marine LNG incorporating the HOAs and a template customer contract and advising on marine and pollution liability, insurance and competition.

    France

    EFET gas trading contracts

    Advising an international trading company on EFET contracts for trading gas at a number of European hubs with global counterparties.

    Switzerland
  • Glencore Energy (UK) Ltd v Transworld Oil Ltd

    Representing a successful oil trader seller in a claim for non-performance by the buyer under an oil sale contract in Glencore Energy (UK) Ltd v Transworld Oil Ltd.  This case is often cited as one of the few cases dealing with the effect of hedging on the damages that can be claimed.

    Nigeria

    FPSO vessel supply and maintainance

    Advising on long term supply and maintenance contracts in respect of a fleet of FPSO vessels deployed offshore of Angola, DRC, Nigeria and Brazil, including assisting the fleet owner in negotiating the contracts with the equipment suppliers and field operators

    Angola

    USD 20 billion Simandou South iron ore mining in Guinea

    Advising on the high profile, USD 20 billion Simandou South iron ore mining project. This project is one of the world’s largest untapped high quality iron ore deposits and the project includes the construction of a 700km railway and the development of a deep water port to the south of Conakry, Guinea’s capital. Once developed it is set to be the largest integrated iron ore mine and infrastructure project ever developed in Africa and it offers the potential to transform the development of...

    Guinea

    Trade finance operations between banks in the EU and Libya

    Advising an EU domiciled bank on EU sanctions regulations relating to trade finance operations between the EU bank and its Libyan subsidiary bank

    Libya

    Development and financing of banana plantation

    Acting for the promoters in the development and financing of banana plantations and the negotiation of a ten year off take agreement with Chiquit in Mozambique

    Mozambique

    Joint ventures in Southern African petroleum

    Advising an international trading house on a JV to acquire and invest in petroleum distribution assets in southern Africa

    Namibia

    Offshore oil exploration in Western Africa

    Advising a West African trading company on an offshore oil exploration and production sharing agreement

    Nigeria

    Construction contracts for the Tonkolili iron ore project in Sierra Leone

    Advising a mining and exploration company on construction contracts, including labour and material issues, as part of the Tonkolili iron ore project.

    Advising tanker operators/owners on one of the biggest JVs in the tanker market in a number of high profile joint venture arrangements involving building new vessels already in operation.

    Sierra Leone

    Coverage for mechanical breakdown and business interuption

    Representing reinsurers in the successful settlement of a USD 30 million claim arising from a breakdown of a mechanical shovel and consequential business interruption claim at a large diamond mine loss concerning coverage and quantum issues

    South Africa

    South African coal and Delta Mining Consolidated

    Advising Delta Mining Consolidated on several rounds of pre IPO/IPO financing around a coal resource in South Africa

    South Africa
  • Political risk cover for zinc and lead mines in South America

    Advising a bank on political risk cover for investments in lead and zinc mines in South America

    Brazil

    Advising on a Brazilian commodities finance facility

    Advising a Brazilian trading company on a USD 85 million structured commodities finance facility (sugar and coffee) in Brazil

    Brazil

    Advising Brazilian developers of renewable energy projects

    Advising Brazilian developers of renewable energy projects on agreements for the forward sale of carbon credits, reviewing CDM emission reductions purchase agreements and regulatory requirements

    Brazil

    Ivanplats becomes majority stakeholder at The Kipushi Project

    Advising on the Canadian mining company Ivanplats Limited in its acquisition of a majority stake in a world class zinc deposit in Kipushi, in the Democratic Republic of Congo. The Kipushi Project is based on the high-grade, underground zinc-copper mine in the Central African Copperbelt.

    Canada

    Floating African Global Energy

    Supporting New Age (African Global Energy) on a proposed listing on the Toronto Stock Exchange

    Canada

    Restructuring Cuban sugar debt

    Advising insurers regarding the restructuring of a Cuban sugar related debt during a time of considerable political uncertainty and government restructuring

    Cuba

    Disputed tar sands mining license in Ecuador

    Representing US investors in a dispute with the Government of Ecuador concerning its revocation of a tar sands mining licence and involving Ecuador’s renunciation of its membership of ICSID

    Ecuador

    Advising bank on facility to finance metal stocks

    Advising a trade finance bank on a facility to finance metal stocks in LME approved warehouses in the US and the Netherlands and take security over them

    United States
  • Kazakh crude oil offtake agreement dispute

    Acting for a leading international energy trading company in multiple international arbitration proceedings in connection with a supplier's failure to perform under a long term offtake agreement for Kazakh crude oil and condensate and ancillary financial arrangements.

    Kazakhstan

    LPG plant joint venture dispute

    Acting for a leading international energy trading company in international arbitration proceedings in relation to a dispute arising in connection with a joint venture for the construction of an LPG plant in Kazakhstan.

    Kazakhstan

    Chinese buyer GAFTA arbitration

    Advising sellers of 55,000MT of feed barley in relation to default by Chinese buyers and related GAFTA arbitration.

    China

    Insurance advice on Western Australian mining joint venture

    Advising a major mining company on insurance arrangements for a proposed joint venture with another mining company in Western Australia

    Australia

    Australian bank on metal trading and business in China

    Advising an Australian bank on the establishment of their metals trading desks, their standard form contracts and legal requirements to carry on business in China

    Australia

    Wheat Exports Australia Audit

    Conducting, on the instruction of Wheat Exports Australia, an audit of one year’s worth of the commodity trading and chartering practices of a major Australian exporter of wheat, relating to export accreditation restrictions

    Australia

    Advising on anti-bribery and corruption allegations

    Advising a multinational corporation on its anti-bribery and corruption obligations and resolving alleged concerns held by the Australian Federal Police and a regulator that the corporation had breached those obligations

    Australia

    Debt and equity limited recourse trade financing

    Advising an international trader in connection with its debt and equity limited recourse trade financing of an Australian scrap-steel recycler including in connection with its ongoing working capital trade finance lines

    Australia

    Shareholder class action against collapsed mining company

    Acting for a director of a collapsed mining company in a shareholder class action in the Federal Court against a junior mining company, its directors and auditors arising out of alleged misrepresentations to the market and continuous disclosure breaches at around the time of the 2008 financial crisis:  HFPS Pty Limited (Trustee) v Tamaya Resources Limited (in Liq) (No 3) [2017] FCA 650.

    Australia

    Purchase of UK's largest independent freight company

    Advising a Hong Kong entity on the purchase of the UK’s largest independent freight forwarding company

    Hong Kong
  • Oil trading restructuring

    Acting for a Sharjah based trade and ship owner in respect of their restructuring and transition of their oil trading business (that included ownership of a fleet of oil tankers) against various syndicates of international banks and credit insurers in restructuring. This included negotiating with different groups of Lenders to enable different assets to be disposed of under specific transactions and a restructure.

    United Arab Emirates

    Letters of credit

    Acting for a major European bank, which had confirmed several letters of credit, regarding the default of the issuing bank incorporated in Bahrain; obtaining an freezing injunction to seize assets in England; considering cross-border insolvency issues and an application by the administrator for recognition of the Bahraini administration

    Bahrain

    Claims and counterclaims over a refinery in Oman

    Acting for a Japanese EPC contractor in relation to large value claims and counterclaims related to a refinery project in Oman.

    Oman

    Unlawful expropriation of assets and property

    Advising Saudi investors in relation to an ICSID arbitration, BIT treaties and alternative enforcement mechanisms regarding the unlawful expropriation of assets and property by the Egyptian government arising out of the Arab Spring

    Saudi Arabia

    Multi-billion dollar development of new light rail system

    Advising the Dubai Municipality on its multi-billion dollar development of a new light rail system traversing the city of Dubai and linking up with its airport. The system will be built in two sections, and will extend for some 70 km, with 35 stations.

    United Arab Emirates

    Yemeni USD 10.9 billion Production Sharing Agreement ICC Arbitration

    Successfully acting on a multi-billion dollar arbitration concerning the Republic of Yemen's national wealth and in relation to a 20-year old Production Sharing Agreement (PSA) regarding the Marib Block 18 oil field in the Yemen. Reported in The American Lawyer as the 2nd largest contract dispute and the largest ICC arbitration in their 2007 Arbitration Scorecard.

    Yemen

    Operation and development of port container facilities in Yemen

    Advising on the negotiation of a variety of agreements for the Yemeni Port of Aden, including Concession Agreement, Management Services Agreement, Port Services Agreement, Employee Transfer Agreement, Secondment Agreement, Performance Guarantees and several Letters of Comfort

    Yemen

    Operation and development of port container facilities in Yemen

    Advising on the negotiation of agreements for the Yemeni Port of Aden, including a Concession Agreement, Management Services Agreement and Port Services Agreement

    Yemen
  • Precedent setting FOSFA sale of goods arbitration

    Successfully acting on this high profile FOSFA arbitration concerning a soft commodity agreement and time limits for the commencement of the arbitration. The judgment was widely reported, having implications on the timing of all future soft commodity cases

    Switzerland

    Ukrainian sunflower and mineral oil recall

    Handling FOSFA arbitration on a dispute arising from the contamination of Ukrainian origin sunflower oil with mineral oil which resulted in a Europe-wide recall with the Award granted in favour of our client.

    Ukraine

    Aluminium trading dispute

    Advising a metals trader in respect of an aluminium trading dispute with a manufacturer in relation to a claimed force majeure and non-delivery of material.

    United Kingdom

    LNG long term sale contracts

    Advising Total on all aspects of the long term sale of marine LNG to CMA CGM including reviewing HOAs, drafting a bespoke long term contract for the supply of marine LNG incorporating the HOAs and a template customer contract and advising on marine and pollution liability, insurance and competition.

    France

    EFET gas trading contracts

    Advising an international trading company on EFET contracts for trading gas at a number of European hubs with global counterparties.

    Switzerland

    UNCITRAL arbitration over breach of a take or pay contract

    Representing an Asian oil company in a USD 20 million UNCITRAL arbitration regarding the breach of a take or pay contract

    Austria

    Arbitration for international energy company over oil processing agreement

    Acting for a well known international energy company in arbitration proceedings against a Balkan sovereign and a state owned oil refinery arising out of a crude oil processing agreement

    Bulgaria

    Trade finance facilities

    Advising a Greek shipping and oil trading entity on its trade finance facilities with ABN Amro and Standard Chartered Bank

    Greece

    Buying a coffee trading house

    Advising an Italian coffee trading house on the acquisition of a coffee trading business. The transaction needed to be structured so as to preserve confidentiality

    Italy

    Pacorinin SrL sale of metal warehousing business

    Advising Pacorini SrL on the high-profile sale of a metals warehousing business located in eight jurisdictions to Glencore. This deal was subject to complex regulatory requirements across several jurisdictions

    Italy

Our Trade & Commodities Team

Marko Kraljevic
Marko Kraljevic

Partner

Michael Swangard
Michael Swangard

Partner

Leon Alexander
Leon Alexander

Partner

Ian Chung
Ian Chung

Partner

Enrique Garza
Enrique Garza

Partner

Clare Hatcher
Clare Hatcher

Consultant

Eurof Lloyd-Lewis
Eurof Lloyd-Lewis

Partner

Andrew Rourke
Andrew Rourke

Partner

Hatty Sumption
Hatty Sumption

Partner

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