PGI Energy inks deal to trade Saudi Aramco crude
7/27/2011 12:00:00 AM
PGI Energy has entered into a one-year allocation agreement with its limited joint venture partner Intertorco Europe S.A. as the exclusive trading desk for 6 million bbl/month of Saudi light crude oil from Saudi Aramco.
The deal includes an option for a five-year extension.
PGI will begin trading this crude immediately at favorable pricing and expects to receive significant revenues from sales, it said.
"We are excited to have entered into an agreement with the world's leading oil producer and are looking to build additional relationships," said Robert Gandy, PGI's chief investment officer.
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