This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Trafigura AG Signs South Texas Pipeline Agreement With Energy Transfer Partners

HOUSTON, Nov. 7, 2013 /PRNewswire/ -- Trafigura AG, a leader in international commodities trading and logistics today announced it has signed a pipeline agreement with Energy Transfer Partners (NYSE: ETP) for crude oil and condensate transportation capacity. The 82-mile pipeline system from McMullen County to Corpus Christi will include the conversion of existing Energy Transfer natural gas pipelines to liquids service and have the capacity to transport approximately 100,000 barrels of crude oil and condensate per day. The South Texas pipeline system is expected to be operational in the next nine to 12 months. 

(Photo: http://photos.prnewswire.com/prnh/20131107/PH10829-a )(Logo: http://photos.prnewswire.com/prnh/20131107/PH10829LOGO-b )

"This pipeline combined with our deep-water terminal enables Trafigura to offer a complete solution to producers who seek to take Eagle Ford to the broader market," said Jeff Kopp, Trafigura's Director of Oil for North America. "This is another example of how we are continuing to expand our investment in Corpus Christi to provide producers with the maximum amount of flexibility," added Kopp.

"Combining Energy Transfer's pipeline assets with Trafigura's facilities in Corpus Christi is an extremely efficient solution for Eagle Ford shale producers," said Lee Hanse, Executive Vice President of Business Development for Energy Transfer Partners.   "The repurposing of the existing natural gas pipeline also makes this a very timely solution for the growing supplies of crude oil and condensate in the area.  Building upon over $2 billion of infrastructure that we have already constructed to benefit Eagle Ford shale producers, we are continuing to advance additional gathering opportunities with producers to tie volume into this system, further enhancing logistics in the field." 

To complement the existing multi-modal transportation system capabilities of its Corpus Christi terminal, Trafigura is building a second deep-water dock with an overall length of 850 feet and a 45 foot draft which will also be capable of loading an Aframax vessel.  This second dock when combined with existing facilities, would allow Trafigura to berth three medium range tankers and two inland barges at the same time. Moreover, the new deep-water dock will result in increased capacity for the terminal and hence higher commercial activity for the Port of Corpus Christi. Construction on the new dock is currently underway and is expected to be completed by the first quarter of 2014.

About Trafigura AGTrafigura AG is a wholly owned subsidiary of Trafigura Beheer BV ("Trafigura"). Trafigura is one of the world's leading international commodity traders, specializing in the oil, minerals and metals markets, with 81 offices in 56 countries in six continents. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, coal, refined metals, ferrous and non-ferrous ores and concentrates. It is the world's second largest privately owned non-ferrous and oil trading company. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in recent years, growing turnover from US$18 billion in 2004 to US$120.42 billion in 2012. For more information visit www.trafigura.com.

Contact: Erin Hatch       202.448.5202 ehatch@podesta.com

SOURCE Trafigura AG

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs