Louis Dreyfus LPG traders worst hit in 20% global staff cuts

19 December 2008 15:27  [Source: ICIS news]

By Barbara Ortner and Alex Davis

LONDON (ICIS news)-- Louis Dreyfus has cut 20% of its staff globally with the liquid petroleum gas (LPG) trading team in Lausanne, Switzerland, among the worst hit, a company source said on Friday.

“The company was doing some assessments in terms of head count and has lost around 20% of its staff, mainly the LPG team in Lausanne,” the source said.

An LPG trader at another company said all the natural gas liquids (NGL) staff at Louis Dreyfus had “shut up shop.”

Other traders previously dealing with the firm said it had been a couple of months since they had done any business with them.

"The whole trading team based in Lausanne and the USA that traded domestic and international LPGs have gone," said one business partner of Louis Dreyfus.

One European trader predicted that it would have little effect on the market as Dreyfus had hardly any physical international contracts and were mainly paper players outside the US.

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By: Barbara Ortner
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