Marc Rich, a commodities trader, is known for creating the spot oil market in the 1970s. He recognized that there was a gap in the market for immediate delivery of oil, which led him to develop a new way of trading crude oil. Rich's innovative approach to oil trading disrupted the traditional model of long-term contracts and established a new market that allowed for more flexibility and efficiency.
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Commodity trading is a high-risk business that involves buying and selling raw materials such as gold, oil, and agricultural products. The industry is highly competitive, and traders often take big risks to make profits. However, this can sometimes lead to unethical behavior, illegal activities, and even imprisonment.
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Commodities are products that are traded in large quantities, such as oil, gas, and minerals. These products are essential to the global economy, but they also have a significant impact on the environment. The production and transportation of commodities contribute to greenhouse gas emissions, water pollution, and deforestation, among other environmental issues.
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Oil refineries are complex industrial facilities that play a crucial role in the production and distribution of petroleum products. They are responsible for processing crude oil into various types of fuels and other products, including gasoline, diesel, jet fuel, and lubricants. Understanding the business model of an oil refinery requires an understanding of the entire petroleum industry, from exploration and production to transportation and marketing.
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Hong Kong, with its strategic geographical location, thriving financial markets, and role as a gateway to China, presents an exceptional opportunity for setting up a commodity trading company. Like the UK and Switzerland, Hong Kong is renowned for its conducive business environment but comes with its distinct legal, regulatory, and market dynamics. This guide provides an overview of the essential steps to launching a successful commodity trading venture in Hong Kong.
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