As the world's top global energy trading houses prepare for their biggest annual industry get-together this week in London they face a growing problem — what to do with their cash.
Most trading houses, which are privately owned and controlled by their employees, disclose little about their cash position, equity or dividends.
But according to more than 10 trading and banking sources and calculations, Vitol, Trafigura, Mercuria and Gunvor are collectively sitting on billions of dollars, even after paying out record dividends.