Trafigura signs new agreement with Plains All American Pipeline to transport significant volumes of crude oil
Houston, 23rd January 2018 - Trafigura Trading LLC, ("Trafigura"), a wholly-owned subsidiary of Trafigura Group Pte Ltd, a market leader in the global commodities industry, has today announced the signing of a long-term commitment with a subsidiary of Plains All American Pipeline, L.P.. Trafigura has committed to transport 300,000 barrels of crude oil per day from the Permian Basin to the port of Corpus Christi, Texas via the Cactus II Pipeline, which is targeted for service in the third-quarter 2019.
This commitment will enable Trafigura to transport crude oil bought from producers in the Permian basin, the world’s fastest growing oil producing region, and deliver crude for American and international refining customers, the company’s splitters and export terminal in Corpus Christi. The export terminal is co-owned with Buckeye Partners L.P., with Trafigura retaining exclusive throughput rights.
“This is one of the largest commitments of its kind to be signed in the US and solidifies Trafigura’s position as a leading US exporter of crude oil and refined products,” said Corey Prologo, Head of Oil Trading and Director for Trafigura North America. “As demand for American crude continues to grow we’ll be able to bring our significant logistics infrastructure, global customer base and marketing skills to producers in the Permian Basin.”
Today’s announcement builds from an agreement signed with Plains in July 2017 for Trafigura to receive up to 100,000 barrels of crude oil and condensate per day from the Permian Basin to Corpus Christi.
ENDS
For further information please contact:
Trafigura’s Global Press Office: +41 22 592 45 28 or media@trafigura.com
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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; and Galena Asset Management. The Company is owned by around 600 of its 3,935 employees who work in 62 offices in 35 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD136.4 billion in 2017. 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