Trafigura and Houston-based trading and logistics firm Altis International have formed a joint venture for petrochemicals to be focused on bulk liquid chemicals, the Switzerland-headquartered commodities trading major said on Wednesday.
Financial details were not disclosed.
Trafigura is one of the largest commodities trading firms. Earlier this week, it announced it is to become the owner of Belgium-headquartered mining major Nystar.
Altis is a global trading and logistics company focused on the trade of bulk liquid chemicals.
The joint venture will include two new trading entities, the already existing Altis Group International for the US, based in Houston, and Altis International, based in Geneva and which will have a branch office in Geneva.
Trafigura senior managers Chris Clarkson, head of gasoline Trading and Tom Jay, who until recently headed the deals desk for refined metals, bulk and concentrates, will join the boards of the new venture.
“The market for petrochemicals is expected to grow significantly over the next few years, with Altis well placed to capture a share of this market by bringing an experienced team combined with Trafigura’s global footprint, resources and infrastructure to connect buyers with sellers,” Jay said.
Source: ICIS News
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