PGI Energy forms new European division to trade petroleum products in UK
PGI Energy has established a new European division ("PGI Energy Trading"), registered in London and Wales to trade petroleum products throughout the UK, the energy holding company said on Wednesday.
PGI said it is currently negotiating with major petroleum suppliers in the UK to facilitate sale of products on both spot and contract basis with deep discounts to market pricing as a wholesaler/reseller on behalf of major buyers.
There is a global demand for fuel diesel, jet fuel, and NGLs, the company said, noting that it was looking to supply the growing demand and earn hefty profits for its shareholders.
PGI also said it is in the development and planning stage for building an electronic trading platform for global commodities. To that end, PGI is considering a technology developer in India.
PGI said its plan is to facilitate buyers' and sellers' negotiations and settlement of physical commodities trading through a streamlined reliable platform, as opposed to the “antiquated human network trading” currently utilized to close most trades.
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