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Trafigura AG completes majority sale in South Texas assets

Houston, September 16, 2014 –Trafigura AG, a leader in international commodities trading and logistics, announced today it has successfully completed the sale of 80 percent of its membership interests in Trafigura Terminals LLC, the entity which holds its South Texas midstream assets, to Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL). The all-cash transaction valued at USD860 million and received all necessary regulatory approvals from the Federal Trade Commission. Trafigura AG and Buckeye first announced the sale agreement on September 2, 2014.

Trafigura AG will maintain a 20 percent interest in the new joint venture and retain commercial rights to use all of the assets which include; a deep-water, high-volume marine terminal located on the Corpus Christi Ship Channel, a condensate splitter and LPG storage complex, and crude gathering facilities serving the prolific Eagle Ford shale play.

“This transaction is consistent with our long-term strategy to support our trading business through targeted investments in infrastructure and logistical assets,” said Trafigura AG's Jeff Kopp, Head of North America Oil Trading. “By leveraging third-party investment, we free up capital to be reinvested in other business activities.”

Citigroup served as exclusive financial advisor to Trafigura AG in connection with the transaction.




Further Information

For further information contact:

Trafigura’s US Media Office - Tel: +1.832.320.3029 / media-americas@trafigura.com

OR

Trafigura’s Global Press Office: +41 22 592 4528 or media@trafigura.com  

 

About Trafigura AG

Trafigura AG is a wholly owned subsidiary of Trafigura Beheer BV (“Trafigura”). Trafigura is one of the world's leading international commodity traders, specializing in the oil, minerals and metals markets, with operations in 58 countries. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ferrous and non-ferrous ores and concentrates. It is the world's second largest privately owned non-ferrous and oil trading company. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in recent years, growing turnover from US$18 billion in 2004 to US$133.00 billion in 2013. For more information visit: www.trafigura.com