COLOMBIA
Glencore
owns Prodeco, a giant coal-mining operator worth an estimated $4.4 billion -- so
big that it maintains its own port to speed exports to the United States and
Europe. Prodeco has been accused of everything from strike-busting with
military help to relying on paramilitaries to seize land and has been fined for
illegal waste-dumping and other environmental violations.
Key business: Coal
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EQUATORIAL GUINEA
Glencore has stakes in two oil fields in Equatorial Guinea
and an exploration contract in partnership with little-known Starc Limited. The
Bermuda-registered Starc is a joint venture whose chief partners include Stag
Energy, which for many years had an exclusive contract to market the
government's share of crude oil. Stag has a simple business model, according to
one well-placed source: "Keep President
Obiang happy." Glencore's holdings in Equatorial
Guinea were worth about $1 billion at the time of its initial public offering
in May 2011. Deutsche Bank estimates that the firm's annual crude oil
production there will rise from near zero today to 24 million barrels by 2015.
Key
business: Oil
IVORY COAST
Until embattled strongman Laurent Gbagbo was
forced from power last year, Glencore was the "favorite trader" of Petroci, the
state oil company, according to the Africa
Energy Intelligence newsletter. In 2007, Glencore
Energy UK provided cash-strapped
Petroci with an $80 million loan to be repaid with future exports. At the time
of Gbagbo's overthrow, the loan had been renewed three times and Petroci still
owed Glencore around 650,000 barrels, worth about $70 million.
Key business: Oil
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