Picture taken July 18, 2016. Trading houses’ lending to distressed producers and refiners is booming and cheaper than ever even though many are owed hundreds of millions of dollars after the collapse of some risky pre-financing deals. The suspension of production at Morocco’s oil refinery Samir last year cost a string of trading firms and oil majors a total estimated at close to $1 billion (£0.82 billion), and similar arrangements this year have come under stress in Nigeria. But executives from trading houses speaking at the Reuters Commodities Summit this week said appetite for such deals was rising as the levels of distress in the industry from a more than two-year price rout intensifies. “That’s maybe the sweet spot for us,” BB Energy Chief Executive Mohamed Bassatne said. “Where we are willing to take the risk, get a […]