Koch Industries’ Minerals & Trading unit (KM&T) is stepping away from the crude and refined products business to concentrate on consumer-facing products, the company confirmed on Tuesday.
In November, Reuters reported that KM&T had let go of several employees across its global oil trading operations. At that time, Koch had informed staff that more details regarding KM&T’s future plans would be shared later.
A spokesperson for KM&T explained on Tuesday, “Koch Minerals & Trading is exiting crude and refined products trading to focus on our other, more customer-oriented trading activities.”
KM&T, which operates in over 50 countries, trades more than 75 different commodities, including natural gas and industrial metals, and also invests in various other businesses.
Related Topics:
- Kazakhstan Continues to Surpass OPEC+ Quota with Record Oil Production
- Azerbaijani Oil Price Approaches $79 on Global Markets
- Kazakh CPC Oil Exports Limited to 700,000 bpd Following Russian Suspension