Trafigura, the global energy and commodities trading company, has signed an agreement through an affiliated venture with Angolan state energy company Sonangol to market the southwest African nation's share of the LNG project set to come on stream, and to build an LNG joint venture trading business, including vessels.
Trafigura said Sonaci, the trading arm of Sonangol, and DT Group, a joint venture between Trafigura and Cochan Ltd., would be the new LNG trading company for Sonangol's share of Angola LNG.
The new company, offically named Sonaci DT Pte Ltd, will employ trading teams in both Geneva, Switzerland, and Singapore, "combining trading expertise and existing client relationships, with risk evaluation, management and middle market experience."
Rute David, President of Sonaci, said of the arrangement: "We have an excellent opportunity to build a world-class LNG-focused trading business by combining the strengths of our two companies.
"We intend to source products on the international market as well trading the volumes earned from Angola LNG Market Company's Tenders," she said.
Mariano Marcondes Ferraz, Chief Executive of DT Group, commented: "Our objective is to apply our expertise and capabilities to become a leading independent LNG trading company.
"We will also evaluate the acquisition of vessels and other assets to support the business," Marcondes Ferraz said.
The DT Group involving Cochan Ltd. operates through a network of subsidiaries focused on Angola and Southern Africa.
It currently trades crude oil, fuel oil, gasoline, jet, naphtha, gasoil, bunker, LPG and bitumen mainly from and into Angola.
It also operates in Angolan real estate and infrastructure. The DT shipping unit has four bunker vessels and one bitumen vessel in use off the West African coast.
The majority shareholders in the delayed Angola LNG plant are Chevron and Sonangol, while France's Total, BP and Italy's Eni also hold stakes and LNG volumes.
Chevron is the operator of the plant at Soyo in the north of the country. It will produce 5.2 million tonnes per annum of LNG.
Technical problems have delayed the start of commercial operations at Angola LNG by about a year.
