Angola, Trafigura JV seek to establish LNG trading group
LUANDA -- Angolan state oil firm Sonangol and a joint venture part-owned by energy trading house Trafigura are planning to jointly create a liquefied natural gas trading company, Trafigura said in a statement Thursday.
"We have an excellent opportunity to build a world class LNG-focused trading business by combining the strengths of our two companies," said Rute David, president of Sonaci, Sonangol's trading arm.
"We intend to source products on the international market as well trading the volumes earned from Angola LNG Market Company's tenders," she said.
The new company will hire teams in Geneva and Singapore, the statement said.
Angola is preparing to start exporting from its first LNG plant later this year.
The plant, a 5.2 million metric tons a year venture between Sonangol and Chevron, was supposed to begin commercial shipments at the beginning of 2012. However, the start of exports has been delayed several times, with first exports now expected in the second quarter of this year.
Dow Jones Newswires