Switzerland

Geneva, Switzerland-based Koch Supply & Trading Sarl has launched a global gas trading business, and Stephen Cornish has joined the firm to build the trading and marketing business for liquefied natural gas (LNG), natural gas and related commodities. “This venture into the international gas markets is a way to link its global portfolio to benefit its suppliers and customers,” said Cornish, who said the unit would build operations in Asia, Europe and the Americas. To complement existing North American activities conducted in Houston and to optimize its global portfolio, Koch Supply & Trading plans to build a Europe-wide gas business from Geneva and an LNG trading business from offices in Geneva, London and Singapore. Origination and marketing support locations are also planned in East Asia, the Middle East and Latin America. The privately held company declined to provide additional details.

Switzerland-based Transocean Ltd. — owner of drilling rig Deepwater Horizon, which burned and sank last month in the Gulf of Mexico (GOM) following an apparent well blowout — has received $481 million of an approximately $560 million in insurance proceeds it expects to receive this quarter, the company’s CFO told financial analysts Thursday.

Zurich, Switzerland-based ABB is selling its Lummus Global business to Chicago Bridge & Iron Co. (CB&I) for $950 million, the company said. Lummus provides engineering, procurement and construction management services to the upstream and downstream oil and gas, petrochemical and refining industries. The sale, which is subject to regulatory and CB&I shareholder approval, is intended to further focus ABB on its core business in power automation technology, the company said. Netherlands-based CB&I will purchase the entire Lummus Global business, which employs about 2,400 and had reported revenues of $988 million in 2006. ABB’s automation and power businesses remain committed to the oil and gas sector, the company said. In connection with the divestment of Lummus, ABB said it has discovered certain suspect payments in a number of countries. ABB reported these suspected payments to the U.S. Department of Justice and the Securities and Exchange Commission, and is cooperating fully with the authorities, while continuing its internal investigations and compliance reviews. ABB said it retains liability for potential fines and penalties.

UBS Warburg, a subsidiary of Switzerland-based UBS AG, beat out Citigroup as high bidder for Enron Corp.’s once mighty wholesale energy trading unit on Friday, according to the U.S. Bankruptcy Court of New York. No details of the bid were released, but Bankruptcy Judge Arthur Gonzalez was expected to making a ruling on whether to accept the bid after Enron had presented it to the court Friday. Enron lawyer Martin Bienenstock has requested a court ruling on the bid — whether to accept or deny it — be made on Tuesday.

UBS Warburg, a subsidiary of Switzerland-based UBS AG, beat out Citigroup as high bidder for Enron Corp.’s once mighty wholesale energy trading unit, according to an announcement Friday by the U.S. Bankruptcy Court of New York, which also ruled against moving the case to Houston. No details of the bid were released. Bankruptcy Judge Arthur Gonzalez has scheduled a hearing at 2 p.m. EST on Thursday (Jan. 17) to consider final approval for the transaction.