Global commodities trader, Trafigura Group Pte Ltd., has entered into a joint venture agreement to create a commodity petrochemical trading business, with a focus on bulk liquid chemicals.
The joint venture has been created between Trafigura and senior executives from the petrochemical trading industry, including the current management team of Altis Group International LLC (“Altis”). It will include two new trading entities – the already existing Altis Group International LLC for the US, based in Houston and Altis International (Singapore) Pte, 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.
“We believe that the time is right to start exploring the potential of this market,” said Tom Jay. “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.”
The new venture will be led by a team of industry veterans with more than 100 years of combined relevant experience. According to Jeff McNear, President of the Altis Group International management team: “The new global venture with Trafigura will be transformative not only for Altis and its employees but for all of our commercial partners. Teaming up with Trafigura will accelerate our growth and ability to expand our trading reach globally.”