Global trading company Trafigura has begun shipments of crude oil from the Permian Basin to Corpus Christi in Texas, US via the newly operational Cactus II pipeline.
The shipments are part of a long-term volume commitment announced by Trafigura in early 2018 and represents the initial commercial service of Cactus II. Deliveries will connect to a waterborne export service to Europe and the rest of the world.
“Trafigura is at the forefront of connecting the American barrel to the global market,” said Kevin Jebbitt, head of crude trading for Trafigura. “Thanks to our worldwide network, we can demonstrate to US producers a unique ability to place barrels with end customers around the world, from the Mediterranean to the Far East. WTI [crude] is fast becoming a global benchmark again, having shown its relevance to the physical markets.”
The Cactus II pipeline network extends form the Permian Basin to the Corpus Christi/Ingleside, Texas area and has a capacity of 670,000 barrels of crude oil per day.
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