BUSINESS

PPEM Makes Strategic Move Into U.S. Oil Market

According to press reports, Trinidad and Tobago-based Phoenix Park Energy Marketing Ltd (PPEM) has finalized its acquisition of a natural gas liquids terminal in the U.S.

PPEM purchased the terminal located in Hull, Texas from Keyera Energy Inc – a subsidiary of Keyera Corporation one of Canada’s largest midstream oil and gas producers.

The deal was announced in separate statements by Phoenix Park Gas Processors Ltd (PPGL) – the parent company of PPEM – and TT NGL Ltd, a 39 percent shareholder in PPGL. The companies are part of the National Gas Company Group.

“With this acquisition PPEM can access and aggregate LPG supply to sustain and grow its markets in Mexico, Latin America, and the United States.

“This transaction is aligned to Phoenix Park’s growth strategy of realizing its vision to ‘be a recognized global leader in the development of energy-related business,'” PPGL said.

“PPEM’s acquisition of the NGL terminal is another step in fulfilling PPGPL’s strategy to grow the business further along the NGLs value chain, and in alignment with the NGC Group’s thrust towards international growth,” TT NGL said in its statement.

Readers Bureau

Edited by Jesus Chan

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