ICAP Energy and Gasteam Announce Partnership
29 May 2014
Houston/Louisville, May 29, 2014 -- ICAP Energy, the energy business of ICAP plc, and Gasteam America, LP, a leading physical brokerage and international marketing and consulting firm, have formed a strategic business alliance to complement and strengthen their respective Liquefied Petroleum Gas (LPG) operations.
According to the agreement, Gasteam will benefit from ICAP Energy’s futures and derivatives expertise and infrastructure, and ICAP will gain broader access to the international LPG markets by working closely with Gasteam’s futures and swaps clients.
Normand Berube, President of Gasteam, stated: "ICAP Energy is a world leader in energy derivatives and futures markets and has been at the forefront of Dodd-Frank regulation implementation and compliance. By aligning ourselves with ICAP and their global footprint we feel confident the hedging needs of our customers will be met."
Todd Creek, Co-President of ICAP Energy LLC, said: “The LPG market is greatly expanding and in fact the US became a net exporter in 2012 with multiple export terminals planning to come on line over the next few years as well. We are excited about our new relationship with Gasteam and look forward to offering our customers access to Gasteam’s active LPG markets and exceptional industry relationships."
LPG includes the natural gas liquids (NGL) components ethane, propane, butanes, and pentane plus products. The US Energy Information Agency (EIA) in its Annual Energy Outlook 2013 projected that the United States will continue to be a net exporter of LPG through 2040, mainly because of continued increases in natural gas and oil production. The alliance will take the form of a mutual cooperative effort between the existing companies and will not involve setting up a new legal entity.
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About Gasteam America LP
Gasteam America LP is a well-known brokerage and international marketing & consulting firm. Gasteam endeavors to work with companies in developing and negotiating supply and purchase contracts which are mutually beneficial to both parties. The firm’s activities may include arranging for vessel transportation and product inspection as well as other services related to the loading and delivery of contractual supply. Additionally, Gasteam also assists buyers and sellers in managing product prices and associated risk exposure through the use and implementation of hedging instruments to safeguard and stabilize contract prices.
About ICAP Energy
ICAP Energy, a subsidiary of ICAP plc, is an innovative leader in the energy and shipping industries, providing full-service and over-the-counter broking and advisory capabilities to a broad spectrum of businesses throughout the world. The group has approximately 350 staff located in London, North America, Singapore, Sydney, Geneva, Bergen, Amsterdam, Madrid, Copenhagen and Sao Paulo. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, biofuels, agriculture and softs, base and precious metals, iron ore, electricity, natural gas, coal, emissions, freight, alternative fuels (Ethanol), uranium, derivatives and physical products. For more information, please visit www.icapenergy.com.
ICAP is a leading markets operator and provider of post trade risk mitigation and information services. Group companies provide services that match buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information, please visit www.icap.com.