Barclays enters supply-and-offtake deal with US refinery
Barclays clinches deal with Hawaii refinery as US Federal Reserve scrutinises physical commodity trading by banks
Barclays commenced its first publicly disclosed supply-and-offtake deal with a US refiner on September 25, when Houston-based Par Petroleum completed its acquisition of a refinery in Hawaii from San Antonio-based Tesoro.
Under the terms of the deal, Barclays will supply crude oil to the facility in Kapolei, about 20 miles west of Honolulu, and market its output of refined products for the next three years, with two possible one-year extensions. The refinery has a maximum capacity of 94,000
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