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Houston-based ChemConnect Inc. announced this afternoon that it has acquired the natural gas liquids trading exchange Altra Energy Technologies Inc.
ChemConnect is an online marketplace for chemicals and plastics.
The consolidation of Altra and ChemConnect will give the latter companys members increased liquidity in NGLs (natural gas liquids) as well as better access to comprehensive market information, according to ChemConnect officials.
Altras customers likewise will benefit from having access to the chemicals and plastics trading platform that ChemConnect provides.
John Robinson, ChemConnect president and CEO, said that acquiring Altra is the natural next step for the company, as officials there continue to expand offerings to provide solutions that match members daily business processes.
NGLs include ethane, propane, butanes and natural gasoline and are used as feedstocks for refineries and petrochemical plants.
ChemConnect members currently conduct NGL spot and over-the-counter forwards trades through the ChemConnect platform.
Through the acquisition, Altra buyers and sellers of NGLs, who have long been active with paper trades, will be able to utilize forward trades.
Altra, also of Houston, hosts more than 2,700 monthly NGL transactions, while more than 7,500 member companies from 135 countries use ChemConnect solutions.
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