Oil trader Trafigura is looking to invest up to $400 million ( 280 million) in two years to double its storage capacity unit, as it looks to boost its trading operations in emerging markets such as Africa and Central America.
Trafigura's wholly-owned Puma Energy unit will pump in $300-$400 million to double its storage capacity to 25 million barrels in east and west Africa, Malaysia, the Caribbean and Middle East over the next 24 months, announced the chief financial officer Pierre Lorinet.
The European trader is already using two-thirds (20 million barrels) of its global storage capacity. It leases and owns a total of 30 million barrels worldwide, of which less than a third is in Asia.
Globally, Trafigura trades about 1.7 million barrels per day of physical oil, but does not break down product trading volumes.