Western Refining and Glencore International Enter Into Long-Term Commercial Supply Agreement

abarrelfullabarrelfull wrote on 05 Sep 2012 18:42
Tags: glencore n-america trading usa western-refining

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Western Refining, Inc. (NYSE:WNR) and Glencore International PLC announced today that two of their subsidiary companies, (York River Fuels, LLC and Glencore LTD) have entered into a long-term commercial supply and trading agreement. Glencore has agreed to provide global sourcing, supply and trading, and inventory and risk management services to support York River's mid-Atlantic wholesale business. In return, York River has agreed to provide rack marketing and contract and credit management.

York River and Glencore have agreed to expand the wholesale business beyond the current mid-Atlantic region by adding additional storage and terminal capability. Glencore has entered into a long-term commitment with Epic Terminals at its Savannah, Georgia terminal. The Savannah terminal includes over 450,000 bbls of storage capacity for various grades of gasoline, distillates, ethanol, bio fuels and fuel blends. The terminal will enable the two companies to expand their wholesale capabilities and provide fuel products to their customers from southern Georgia to northern Maryland.

Jeff Stevens, Western's president and CEO, said, "This is a great opportunity for York River to expand its wholesale business in the mid-Atlantic region with an excellent global commodity supplier and marketer. This agreement will allow York River to continue to provide a high level of service to its customers in a much more efficient manner. This agreement is consistent with our strategy to improve margins and give us access to the resources and products our customers need, when and where they need them."

Andy Kelleher, Head of Glencore US oil trading commented, "This agreement with York River brings together two complementary skill sets enabling us to support York River's mid-Atlantic wholesale business. We are very pleased to have entered into this arrangement and look forward to working closely with York River."

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