Hot off Nickel Fraud, Trafigura Faces Big Losses in Mongolia Oil

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.  The spokesperson refrained from…