A Geneva commodity trading company under State-shareholder control — primary allocation, secondary market visibility and settlement of Algerian energy and industrial exports managed from inside the group.
For a significant share of export flows, commercial control and visibility diminish rapidly after this jetty — freight, destination, resale and final-market intelligence increasingly sit outside the group’s direct commercial book.
$145m
Illustrative scenario — 40 Mtoe managed by the desk at USD 0.50/boe of incremental captured commercial margin. Before platform, staffing, financing, hedging and operating costs; to be validated during Phase 1. Assumptions on slide 16.
A signed volume, a formula price, a loading window. After the bill of lading the cargo is another company’s position: its destination, its resale price and its role in another book are invisible to us.
The same cargo, together with freight, hedge, destination, discharge market and enhanced downstream commercial visibility. Optionality remains inside the group for longer, allowing market pressure or offtake changes to be identified and addressed earlier.
Nothing about production changes; what changes is how far down the chain the group retains commercial visibility — extended progressively across voyage, resale and final market.
The physical trading book, trader-of-record mandate and settlement functions transfer to Geneva through a controlled, staged migration. Each product line moves once operational, legal, banking and risk-management readiness has been validated.
At every stage, one entity remains accountable for the cargo and the commercial position. London functions remain in place during the transition only as required to preserve continuity, market access, relationships and existing infrastructure.
Geneva holds the principal international trading mandate, commercial decision-making and settlement capability. Any function retained elsewhere must have a specific operational justification.
The physical book, the trader-of-record mandate and settlement move to Geneva in stages tied to the mandate date — one entity of record at every moment, never two desks trading the same cargo.
Named London seats stay through the transition where relationships, clearing or continuity require it. That list is prepared carefully — who must remain, and which information flows they carry — not left to default.
Two desks running one book in parallel split banking lines, talent and authority, and hide the gaps between the two operations. A staged switch surfaces those gaps — which is where the new structure adds value.
Caps by counterparty, by ultimate parent and by region, enforced at group level across every product line. No single house can hold a load-bearing share of the book.
A deliberate settlement mix — dollar, euro, dirham, renminbi — with target weights reviewed quarterly. No single banking system is load-bearing either.
Mediterranean, Atlantic and Asian markets provide commercial optionality — cargo allocation responds to relative market value, subject to contractual, logistical and regulatory constraints.
Line weight indicates relative volume. Country geometry from Natural Earth.
Shareholding, reserved matters, governance and settlement target ratios to be set in Phase 1 by the State shareholder with an expert committee.
Every release, refusal and override in the layer is written to an append-only trail carrying the officer’s name, available to the shareholder and the ministry.
Illustrative control process, modelled from public export volumes and reported offtake relationships. Two parent groups sit above the proposed cap — the platform blocks the award at entry rather than reporting it at quarter end.
Crude and condensate, piped gas and LNG, LPG, and the refined export cuts: naphtha, fuel oil, base oils, aromatics.
Ammonia and nitrogen fertilizer, petrochemicals, and selected metals where Algerian production reaches export scale.
Low-carbon marine fuels from circular feedstocks, green-hydrogen derivatives and carbon instruments — traded, not owned, as Algerian solar and upgrading capacity comes on line.
| Input | Value used | Basis | |
|---|---|---|---|
| Piped gas exports | ≈49 bcm (2024) | Public reporting | |
| LNG exports | 11–12 Mt | Public reporting | |
| Group capital programme | USD 60bn, 2025–2029 | Public reporting | |
| Desk book, steady state | 40 Mtoe | Modelled | |
| Captured margin | USD 0.50 / boe | Modelled |
Months count from the mandate date, not the calendar — the plan presumes the information list is available from day one. The gating item is the Swiss entity and its banking lines.
Phase 1 validates and designs the Geneva platform: commercial perimeter, operating model, corporate and governance structure, legal-tax-regulatory framework, banking and risk architecture, and the implementation roadmap. A tightly scoped phase, held within the agreed retainer. At its completion, a decision gate releases Phase 2 — incorporation, platform build and transition.