African trading giant Taleveras has become the first Independent Gas Trading company on the continent to secure a long-term deal with the US Mont Belvieu-based LPG facility for the export of Liquefied Petroleum Gas starting by 1st Quarter 2021.
According to market sources and advisors on the deal, the propane and butane will be exported in Very Large Gas Carrier (VLGC) volumes.
This comes at a time when distortion in supply and distribution dynamics are pushing propane industry leaders to ponder the potential impacts on marketers’ ability to serve customers reliably this winter.
US cargoes are mainly propane-heavy, with butane normally making up 20% of the volume. US exports can also comprise of evenly split cargoes or 33,000 megatonnes of propane and 11,000 megatonnes of butane.
Liquefied Petroleum Gas has become a critical driver of Taleveras’ ambitious growth plans, as well as alternative energy.
Taleveras is venturing into biofuels, and has joined a growing list of leading global trading firms increasing their presence in the liquefied natural gas market, thereby raising its delivery volumes by almost 30% year on year.
An energy analyst in London said “Taleveras, which only recently started trading LNG, is already cornering significant market share and is making its weight felt in the industry.”
Taleveras, which has consistently been on the radar of many industry watchers and analysts since its incorporation in the late ‘90s, has had to navigate innumerable challenges in the ever-volatile oil and gas industry.
However, the company still holds sway as one of the most successful energy trading houses to be founded by an African. Today, Taleveras is increasingly gaining a respected position as a resilient company that keeps thriving on in the oil markets.
Taleveras, one of Africa’s leading integrated energy conglomerates, was founded by Nigerian entrepreneur Igho Charles Sanomi II. The company operates and invests in the upstream, midstream, downstream and power sector of the energy industry and has offices across Africa, Geneva, London, and the United Arab Emirates.
An anonymous top oil industry analyst, stated that: “The oil and gas industry, especially when you are contracting with sovereign states, could be tricky as it’s difficult to avoid the politics and the associated negative perception.”
Taleveras has also had its fair share of its public perception problems, but the major talk in the industry is about how they are navigating through everything positively, and diversifying their business in the global markets.
If they can sustain this growth and overcome it all, it will surely be one for the books.