NEWS
1 March 2021
THE PRAX GROUP AGREESEXCLUSIVECRUDE 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 Larocca, Executive Director and Co-Head of Oil Trading for Trafigura, said "Trafigura is delighted to be partnering with the Prax Group in 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, 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 productsfor its substantial downstream presence in the United Kingdom.
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Notes to Editors
About Prax:Headquartered in the UK, the Prax Group is a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels. The Group has established principal offices in London, Houston and Singapore, and additional satellite offices across the world.
About Trafigura:With offices in 48 countries, Trafigura is an independent, employee-owned physical trading and logistics business. The organisation's activities put them at the heart of the global economy, forging robust connections through a global network, efficient logistics and unparalleled market understanding. Trafigura's end-to-end services connect producers, processors and consumers worldwide. Visitwww.trafigura.com
Prax Group Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Tel: +44 (0) 207 580 0033
Email:press@prax.com
For further press information, contact:
Anne-Marie McGrath -am@ifpr.co.uk
Hannah Norman -hannah@ifpr.co.uk
Trafigura Press Office - Tel: +41 (0) 22 592 4528 ormedia@trafigura.com