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  • The Prax Group agrees exclusive crude oil supply arrangement with Trafigura
    édité le 01/03/2021 - Plus de news de "Trafigura" - Voir la fiche entreprise de "Trafigura"


The Prax Group agrees exclusive crude oil supply arrangement with Trafigura
The Prax Group, a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels, has announced that it has completed an exclusive crude oil and feedstocks supply arrangement with Trafigura, a market leader in the global commodities industry.

Under the terms of the transaction, Prax will purchase crude oil and refinery feedstocks from Trafigura for all of its requirements for Prax Lindsey Oil Refinery, located near Immingham in the Humber estuary, in the North East region of the United Kingdom.

Under the new agreement, Trafigura will use its extensive global reach in international oil markets to source the optimal range of crude oils and feedstocks for the refinery. Other details relating to the transaction remain confidential.

Sanjeev Kumar, CEO of the Prax Group, said: “This arrangement is an important step in the Group’s plans for the long-term growth of the refinery and it will pave the way to further strengthen our long-term relationship with Trafigura. It will provide operational and planning flexibility, helping us to continue to deliver an excellent level of service to our customers.”

Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura, said: “Trafigura is delighted to be working with the Prax Group following their new refinery acquisition. We’re committed to supporting our customers by providing access to the best opportunities available in the global commodity markets.”

The Prax Group took over ownership of Lindsey Oil Refinery from Total today, on 1 March 2021. With an annual production capacity of 5.4 million tonnes, the acquisition underpins the Group’s long-term strategy to be fully integrated across the oil value chain from upstream to downstream and secures local supply for the trade and sale of oil products for its substantial downstream presence in the United Kingdom.

About Trafigura

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 and has recently established a power and renewables trading division. The trading business is supported by industrial and financial assets, including a majority ownership of global zinc and lead producer Nyrstar which has mining, smelting and other operations located in Europe, Americas and Australia; a significant shareholding in 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.

With circa 850 shareholders, Trafigura is owned by its employees. Over 8,500 employees work in 48 countries around the world. Trafigura has achieved substantial growth over recent years, growing revenue from USD12 billion in 2003 to USD147 billion in 2020. The Group has been connecting its customers to the global economy for more than two decades, growing prosperity by advancing trade.

About Prax

The Prax Group refines and blends physical oil to regional, market and customer specification in strategically located terminals and warehouses around the world. We operate efficient, safe, and high-quality logistics, moving oil by barge, truck, rail, pipeline and vessel in support of our core trading activities and for third parties.


Origine : Communiqué Trafigura

Voir la fiche entreprise de "Trafigura"





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