Caltex signs 10-year oil supply deal with Teekay

Teekay, a provider of crude oil and petroleum product transportation services, and Caltex Australia Petroleum have signed a 10-year, fixed-rate time-charter.

Teekay has purchased a 40,000 deadweight ton, 2007-built tanker, to replace the product tanker Barrington, which is approaching its 20-year operating age. The vessel was delivered to Teekay on September 3, 2009 to commence operations under the new contract and is named Alexander Spirit. The vessel will be manned by Teekay's Australian seafarers.

Ken James, general manager of Caltex, said: "Teekay has been a valued supply chain partner of Caltex for well over a decade providing shipping for petroleum products between Caltex refineries in Sydney and Brisbane and to terminals on the coast of Australia. This new 10-year charter is a product of the shared performance values in that partnership and cements the long term relationship between our two companies."

Bjorn Moller, president and CEO of Teekay, said: "We are pleased to announce a new 10-year time-charter with Caltex, to replace the Barrington time charter. The new contract is a continuation of the long-term strategic relationship between Teekay and Caltex, which began in 1997. We look forward to serving Caltex under this new contract."

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

Related terms: australia, ceo, contract, crude oil, oil, partnership, petroleum, petroleum products, president, refinery, shipping, sydney