Trafigura Group Pte Ltd enters into petrochemical trading joint venture
Geneva, April 17, 2019 – Trafigura Group Pte Ltd. (“Trafigura”), one of the world’s leading independent commodity trading companies has entered into a joint venture agreement to create a commodity petrochemical trading business, with a focus on bulk liquid chemicals.
The joint venture has been created between Trafigura and senior executives from the petrochemical trading industry, including the current management team of Altis Group International LLC (“Altis”). It will include two new trading entities – the already existing Altis Group International LLC for the US, based in Houston and Altis International (Singapore) Pte, which will have a branch office in Geneva.
Trafigura senior managers Chris Clarkson, Head of Gasoline Trading and Tom Jay, who until recently headed the Deals Desk for refined metals, bulk and concentrates, will join the boards of the new venture.
“We believe that the time is right to start exploring the potential of this market,” said Tom Jay. “The market for petrochemicals is expected to grow significantly over the next few years, with Altis well placed to capture a share of this market by bringing an experienced team combined with Trafigura’s global footprint, resources and infrastructure to connect buyers with sellers.”
The new venture will be led by a team of industry veterans with more than 100 years of combined relevant experience. According to Jeff McNear, President of the Altis Group International management team: “The new global venture with Trafigura will be transformative not only for Altis and its employees but for all of our commercial partners. Teaming up with Trafigura will accelerate our growth and ability to expand our trading reach globally.”
Formed in October of 2014, Altis Group International is a global trading and logistics company that focuses on the trade of bulk liquid chemicals. Active in the petrochemical markets on a worldwide basis, with expertise in handling shipping and logistics for a wide range of chemicals, the employees and commercial activities of Altis will transition into the US based and international companies and serve as the trading platform for the new venture.
For further information please contact:
Trafigura’s Global Press Office: +41 (0) 22 592 4528 or email@example.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 49.3 percent owned global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management. The Company is owned by around 700 of its 4,300 employees who work in 66 offices in 38 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD180.7 billion in 2018. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade. Visit: www.trafigura.com