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100--US trader Trammo to cease petchems business by year-end, continue LPG terminal operations
Singapore (Platts)--9Nov2016/213 am EST/713 GMT
US-based commodity trader Trammo Inc. plans to keep its two propane
terminals in the US East Coast operational, but will cease proprietary trading
of natural gas liquid futures as it winds down its global petrochemicals
trading business after racking up losses on its US LPG trading operations, a
company statement released late Tuesday showed.
The company expects to conclude its withdrawal from the global
petrochemicals business by the year's end.
Until then, "Trammo will continue to perform all of its obligations and
provide full support to each of these businesses as they wind down," the
statement said.
Trammo is a significant player in the petrochemical and gas markets, with
its chemicals division accounting for more than $4 billion of revenue out of a
company-wide total of $9.4 billion in 2015.
The company operates two propane import terminals with a total storage
capacity of more than 100,000 mt. Located on the Piscataqua River near
Portsmouth, New Hampshire, and in the Port of Tampa, Florida, both terminals
can receive or load gas tankers with cargo capacities of upto 59,000 cubic
meters.
The company will continue to trade its core products, including sulfur,
sulfuric acid, ammonia, fertilizers, petroleum coke, coal and rice, the
company said.
"These changes are part of a long-term vision for the company. Today,
Trammo remains financially strong, with a solid equity base and adequate
capital to support its core business activities," said Edward Weiner, CFO and
COO of Trammo.
Founded in 1965, Trammo is a global commodities merchandising and
distribution company, with its corporate headquarters in New York City and
offices around the world. |
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