Trafigura Trading LLC, a wholly-owned subsidiary of Trafigura Group Pte Ltd, a market leader in the global commodities industry, has 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.
Sea News, January 24