Independent commodity trading company Trafigura Group has entered into a joint venture (JV) agreement to create a commodity petrochemical trading business that will focus on bulk liquid chemicals.
The JV will include Trafigura and petrochemical trading industry senior executives, including current management at trading and logistics company Altis Group.
Trafigura’s head of gasoline trading Chris Clarkson and Tom Jay, previous head of deals desk for refined metals, bulk and concentrates will join the new JV board.
“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 global venture with Trafigura will be transformative not only for Altis and its employees but for all of our commercial partners,” added Altis Group president Jeff McNear. “Teaming up with Trafigura will accelerate our growth and ability to expand our trading reach globally.”