NEWS
13th April 2021
THE PRAX GROUP ANNOUNCES SUCCESSFUL EXECUTION OF A FIRST-OF-ITS-KIND CARBON NEUTRAL TRANSPORTATION TRANSACTION
The Prax Group - a leading independent oil refining, trading, storage, distribution and retail conglomerate dealing in petroleum products and bio-fuels, headquartered in the United Kingdom - has announced that its Americas team, based in Houston, has successfully executed a carbon neutral transportation transaction (the first of its kind), with one of its Canadian trucking clients in North America.
The Group, which recently completed the acquisition of Prax Lindsey Oil Refinery and its associated logistics assets from the energy major Total, has commenced this transaction as an important first step towards developing executable solutions for de-carbonisation investments worldwide.
The Prax Group has subsequently announced the formation of a dedicated ESG/Energy Transition team led from the Group's Houston office, and with additional support from an office located in Calgary to spearhead the company's carbon neutral efforts in Canada. The Group will offer customised client-centric carbon neutral solutions to a variety of partners in North America and across the world.
"I am delighted to be heading up this initiative for the Prax Group to manage our customers' environmental impact and help meet their respective climate impact goals. The whole team is committed to working with clients to develop actionable strategies that will leverage our expertise in carbon management and mitigation. We seek to position our clients and ourselves at the forefront of energy transition and sustainable innovation in the years ahead. In addition, we will continue to engage with our partners and customers in identifying new avenues towards a lower-carbon future; this is the first of many partnerships yet to come and we recognise the forward thinking of our Canadian partner " said Ash Redkar, Head of the ESG/Energy Transition Team.
Sanjeev Kumar, CEO of the Prax Group, said "This transaction will create unique opportunities for synergies with existing Prax-owned assets. It demonstrates our ongoing commitment to meeting the needs of our customers to reduce greenhouse gas emissions in existing supply chains and will encourage investment in advancing de-carbonisation initiatives worldwide."
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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.
Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Tel: +44 (0) 207 580 0033
Fax: +44 (0) 207 580 0334
Email:press@prax.com
For further press information, contact:
Anne-Marie McGrath -am@ifpr.co.uk
Hannah Norman -Hannah@ifpr.co.uk