Gibraltar's Chief Minister Peter Caruana said that international commodities trading firm Crown Resources AG were "Model members of our business community" at a celebration of the company's fifth anniversary in Gibraltar.
The Chief Minister, reports www.iberianews.com, was the main guest on a long list of high profile international and local business personalities who attended the celebrations.
Leading financiers, bankers, business associates, consultants and members of the Crown Group and former Cabinet Minister Sir Geoffrey Pattie, covering for Lord Hurd, who had to cancel at the last minute due to serious personal reasons, flew into Gibraltar from all over Europe for the auspicious occasion. The event culminated with a magnificent concert held at the St.Michael's Cave and included top classical performers Polina Osetinskaya (piano), Lasha Nikabadze (tenor), Ana Camelia Stefanescu (soprano) and the European Sinfonietta.
Following the concert an exclusive reception for guests was held at the Mount, at which the Chief Minister expressed his gratitude to Crown Resources for their confidence in Gibraltar and the enormous importance the Government place on the international reputation and profile of Gibraltar, pointing out the exemplary manner in which Crown Resources had conducted its business and development.
The Crown Group, active in international commodities trading, set up its head office in Gibraltar in 1996 with the incorporation of Crown Trade and Finance Ltd. taking over trading operations previously undertaken by Alfa-Eco and Crown Trade and Finance Inc. Qualified and experienced traders and other specialist staff were recruited or relocated to Gibraltar.
In 2000, the Gibraltar office moved to a new location in the heart of Gibraltar's financial and commercial centre. Following the restructure, which saw the creation of a new trading unit in Zug, the Gibraltar office continues to involve itself in the group's trading interests in the former USSR and provides other administrative and logistical services for the group.
Crown has grown from strength to strength, experiencing a dramatic expansion in turnover and excellent profitability. Crude oil turnover reached 21.5 million metric tons in 2000, up from 18.1 million tons in 1999 and 11.7 million tons in 1998. Oil products turnover reached 9 million metric tons in 2000, up from 6.9 million tons in 1999 and 3.7 million tons in 1998. The continually expanding supplier base now encompasses all emerging markets.
The year 2000 saw Crown opening a branch in Singapore and significantly increasing its presence in Latin America, Russia and the Middle East.
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