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Glencore : Chad reshuffles finance, other key ministries - decree

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12/24/2017 | 09:53pm CET
Chad's President Idriss Deby Itno sits in an armchair at the presidential palace prior to his meeting with French Prime Minister in N'Djamena

Chad's President Idriss Deby on Sunday appointed Abdoulaye Sabre Fadoul as minister of finance and also named new economy, foreign affairs, security and justice ministers, a presidential decree showed.

Fadoul has served as interim finance minister since Deby sacked his predecessor, Christian Georges Diguimbaye, last month. The appointment comes amid stalled negotiations with Glencore over more than $1 billion in oil-backed loans Chad owes the commodities trader.

Glencore lent the West African country's state oil firm SHT about $1.45 billion (£1.1 billion) in 2014 to be repaid with crude oil. The loan was subsequently syndicated with several banks.

It was restructured in 2015 following the crash in global oil prices but Chad is again struggling to repay the debt. Funds from the International Monetary Fund depend on reaching new terms.

In October, Chad decided to redirect crude previously allocated to Glencore in a marketing agreement to Exxon Mobil instead starting from January, which has made negotiations fraught.

Djimet Arabi, an adviser to Deby, was named the new justice minister in the reshuffle while Ahmadaye Abdelkerim Bokit takes over the security ministry.

The new foreign minister is Mahamat Zene Cherif, Chad's former permanent representative to the United Nations.

(Reporting by Madjiasra Nako; Writing by Aaron Ross; Editing by Dale Hudson)

Stocks treated in this article : Exxon Mobil Corporation, Glencore
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2017Glencore withholds U.S. assets from sale to China's HNA
Financials ($)
Sales 2017 208 B
EBIT 2017 8 589 M
Net income 2017 5 561 M
Debt 2017 21 713 M
Yield 2017 2,05%
P/E ratio 2017 15,28
P/E ratio 2018 13,18
EV / Sales 2017 0,48x
EV / Sales 2018 0,46x
Capitalization 78 999 M
Chart GLENCORE
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Glencore Technical Analysis Chart | GLEN | JE00B4T3BW64 | school135perm
Technical analysis trends GLENCORE
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 5,61 $
Spread / Average Target 2,4%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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