Singapore, 4th April 2017 – Trafigura Group Pte Ltd (“Trafigura”), one of the world’s leading independent commodity trading companies, has today launched an initiative aimed at encouraging the adoption of a standard Master Sales and Purchase Agreement (MSPA) for the Liquefied Natural Gas (LNG) industry. This step coincides with Gastech, the largest global gas and LNG event of the year taking place in Japan this week.
“LNG, unlike other commodities, currently lacks standard terms and conditions which has created inefficiencies, a lack of transparency and barriers to new entrants that would help increase liquidity in the industry,” said Hadi Hallouche, Head of LNG for Trafigura. “So we’ve proposed what we hope will be viewed as a strong starting point and very much welcome suggestions for how it can be further improved. I’m confident that we can move towards creating an industry standard MSPA over time.”
“Singapore-based Trafigura is a key LNG player and this initiative is a step towards the creation of a standard MSPA for the industry. This is important to enhance transparency in the sector as we are increasingly moving towards commoditisation of LNG,” said Mr Satvinder Singh, Assistant CEO for IE Singapore. “The reference to Singapore International Arbitration in the MSPA is yet another testament to Singapore as a neutral and trusted trading hub.”
The MSPA is available to download from here :
Feedback and comments are welcome here.
For further information please contact:
Trafigura’s Global Press Office - Tel: +41 22 5924 4528 or email@example.com
Joy Fong, Ruder Finn Asia – Tel: +65 9653 3868 or fongj@RuderFinnAsia.com
Notes to editors
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world. The trading business is supported by industrial and financial assets, including 49.6 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; 50 percent owned DT Group which specialises in logistics and trading; and Galena Asset Management. The Company is owned by around 600 of its 4,100 employees who work in 61 offices in 36 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD98.1 billion in 2016. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.