NEWS
18thOctober 2021
THE PRAX GROUP ANNOUNCES SUCCESSFUL EXECUTION OF A FIRST-OF-ITS-KIND
"CLIMATE DIFFERENTIATED" CRUDE OIL TRANSACTION
The Prax Group has announced that its Americas team, based in Houston, has successfully executed a "climate differentiated" crude oil transaction - the first of its kind in the world - with one of its Canadian clients. As part of this transaction, the Group has entered into a term offtake agreement with Canadian oil producer, West Lake Energy Corp ("WLE"), and will pay a "green premium" for climate differentiated crude oil.
Ash Redkar, Head of the Prax Group's ESG/Energy Transition Team in Houston, said:"We are delighted to work with West Lake Energy, who share our commitment to actionable ESG efforts. This transaction is a tangible demonstration of the Prax Group's commitment to successfully integrate environmental stewardship into our business operations. While we are firmly convinced that reducing our operational carbon footprint is imperative from an environmental perspective, we also feel that this transaction highlights the culture of innovation within the Group. By supporting and encouraging an environment of continuous improvement, we are constantly developing new ideas and new ways of thinking to drive our business forward. We will continue to engage with our partners and customers in identifying new avenues to explore towards a lower-carbon future.
"I am delighted to be spearheading this initiative for the Prax Group, as it enables us to assist in managing our customers' environmental impact and help meet their respective climate impact goals."
The Prax Group is committed to working with clients to develop actionable strategies that will leverage its expertise in carbon management and mitigation. The Group seeks to position itself and its clients at the forefront of global energy transition and sustainable innovation in the years ahead.
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Notes to Editors
About Prax:Headquartered in the UK, the Prax Group is a leading British, multinational independent oil refining, storage, distribution, and sales conglomerate dealing in petroleum products and bio-fuels. The Group has established principal offices in London, Houston and Singapore, and additional branch 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