News 2018-07-13T06:50:05+00:00

NEWS

Carbon Holdings launches $10.9B world-scale petrochemicals complex in the heartland of Egypt’s oil and gas industry Read more…

AOT TRADING AG – NAPHTHA SUPPLY AGREEMENT TO EGYPT
Carbon Holdings’ development of the Tahrir Petrochemicals Project located in Ain Sokhna on the Red Sea will be the largest petrochemicals project in Egypt and the largest single train naphtha cracker in the world. The location of the Project presents an important strategic opportunity for Egypt, enabling it to meet the growing domestic, regional and global demand for intermediate petrochemicals.
AOT Trading AG, a member of the AOT Energy Group, is enthusiastic and delighted to work alongside Carbon Holdings in bringing to fruition a project of such national importance for Egypt. AOT Energy has substantial global activity marketing gasolines, light ends and naphtha. The Tahrir supply agreement further strengthens our presence in the naphtha market and will benefit from our optimum sourcing of naphtha in the Arabian Gulf, Red Sea and Mediterranean.
We express our gratitude to Carbon Holdings’ Chairman and CEO Basil El Baz, Chief Commercial Officer Charles J. Garfinkel and their teams for their trust and cooperation and we congratulate them on reaching this significant milestone.

ABOUT THE AOT ENERGY GROUP
The AOT Energy Group is a global energy trading company with our origins dating back to 1947, when the Belgian entrepreneur, Mr. Albert Frère, founded Transcometal to service the steel industry. Our company’s headquarters and group management are based in Zug, Switzerland.
AOT Energy continues to be a significant player in the global oil and gas markets with multi-billion-dollar revenues combined with significant operations including production, transportation and storage assets.
Baron Albert Frère and his family continue to be the controlling shareholders of the group.
Our business is conducted from offices in Asia, Europe, Africa, and North America, where our specialized personnel handle all marketing and trading aspects from origination, transport, storage, and blending to risk management, finance, and marketing.
AOT Energy’s business culture is based on a strict code of ethics and high degree of responsibility. We believe in equitable partnerships and have developed numerous long-standing relationships within the energy industry.
With our strong values and our exemplary track record, we are the partner of choice for large refiners, retailers, petrochemical manufacturers, and government organizations.

For any further questions please contact:
Martin Fasser
Head of Corporate Affairs
Email: corporate@aotenergy.com

AOT ENERGY – NEW HEAD OF US TRADING
AOT Energy Americas is happy to announce that Pat Grimes will take over as the company’s Head Of US Trading based in Houston.
Mr. Grimes has been trading for twenty five years. His last position was at Noble as the Head of Crude Trading Americas which he held since 2013.
Prior to Noble, Pat worked for Chevron where he started an option trading desk and then moved to manage its gulf coast crude trading operation.
He has also held positions as a natural gas trader specializing in options as Vice President Financial Trading at Consumers Power and at Equitable Resources as well as VP Commodity Products at Canadian Imperial Bank of Commerce.
Pat received a BBA and MBA from the University of Texas at Austin and started his career on the floor of the Chicago Board of Trade in the bond pit.

For any further questions please contact:
Martin Fasser
Head of Corporate Affairs
Email: corporate@aotenergy.com

AOT ENERGY – RECENT DEVELOPMENTS
In response to the Reuters article published on the 23rd of February AOT Energy would like to state the following:
In February 2018 AOT Energy parted with its Houston based senior management team due to disagreements in organization and management principles. As a direct result the US – Shared Services division in Warsaw, run under the former Houston CFO, is being significantly reduced. AOT Energy Americas has contributed positively to the trading business of the group in 2017. The group management of AOT Energy affirms that the Houston operation is an integral part of the group’s business and will be replacing the local senior management team to maintain and strengthen that contribution.
In early 2018, AOTE reduced its European distillates and USGC fuel oil business in light of shrinking margins, while at the same time the Group expanded its global crude oil, light-ends, natural gas, and LNG trading capabilities.
In August 2016, a partial MBO was successfully executed whereby AOTE’s management, traders and senior employees acquired 49% of all Group shares. Leading up to this Partial-MBO, the Group was restructured and its equity reduced. As a direct result of the equity reduction, the Group in 2016 reduced its credit lines, although they are still significantly over US Dollar 2 billion.
AOTE holds a call option to acquire the remaining shares from its main shareholder CNP. AOTE’s option to partner with a strategic investor has always been a consideration, subject to a partnership which could enhance both firms’ operations. Accordingly, we are in current discussions with several strategic investors to co-invest in the acquisition of the remaining 51% stake with a view to enhancing both party’s business.
We respect the media, but we regret that this article was published without first verifying the accuracy of the information.

Sincerely,
Martin Fasser
Head of Corporate Affairs
Email: corporate@aotenergy.com
Mobile: +41 79 436 00 11