Friday, July, 19, 2024 08:13:21

The new venture will seemingly be directed by a team of industry experts having more than 100 years of combined relevant experience

Reports confirm that Trafigura Group Pte Ltd, a multinational commodity trading company, has agreed to enter into a joint venture agreement for creating a trading business in commodity petrochemicals, focused primarily on bulk liquid chemicals.

Apparently, Trafigura has formed the joint venture with senior executives from the petrochemical trading industry, which include the current management team of Altis Group International.

It will also include two new trading institutions, Altis International Pte (Singapore), which will have a branch office in Geneva and presently existing Altis Group International LLC for the US, based in Houston. The new venture will seemingly be directed by the team of industry experts having more than 100 years of combined relevant experience.

President of the Altis Group International management team, Jeff McNear stated that the new global venture with Trafigura Group will not only be transformative for Altis and its employees but also for all the commercial partners. Collaborating with Trafigura will increase the growth and ability to expand the company’s trading reach worldwide, he added.

Sources familiar with the matter said that Altis Group International is a global trading and logistics company, set up in October 2014. It focuses on the business of bulk liquid chemicals. The company actively participates in the petrochemical markets globally, with expertise in managing logistics and shipping for a varied range of chemicals.

The commercial activities and the employees of Altis will transform into the US based and global companies and aid the trading platform for the new venture.

Over the next few years, the petrochemicals market is expected to grow exponentially, with Altis well-positioned to capture this market by presenting an experienced team along with the global footprint, infrastructure, and resources of Trafigura to connect sellers and buyers, Tom Jay, former head of Deals Desk at Trafigura for refined metals, bulk and concentrates, mentioned.