Directors: Carolien Ruiter For Mercuria Energy Trading BV cruiter@mercuria.com
FOR IMMEDIATE RELEASE Contact: Mary Dortenzio Phone: 203-328-3175 Email: mary.dortenzio@glencore-us.com Contact: Kevin Jandora Phone: 914-225-4509 Email: kevin.jandora@morganstanley.com
Charles Cerria For Hess Corporation ccerria@hess.com
David Porter** For Glencore Ltd david.porter@glencore-us.com Frode Barstad For StatoilHydro ASA Froba@StatoilHydro.com Ian Beasley For Goldman, Sachs & Co. ian.beasley@gs.com James Murdoch For Shell Trading james.murdoch@shell.com Joann Bonnano For Chevron bgio@chevron.com Karen Mikkelborg For Nexen Marketing
LEAP MASTER AGREEMENT FOR PURCHASING AND SELLING REFINED PRODUCTS AND CRUDE OIL VERSION 2.1
April 2009 -- The Leadership for Energy Automated Processing, LEAP, has finalized and released for voluntary use in physically-settled transactions, the Master Agreement for Purchasing and Selling Refined Products and Crude Oil version 2.1. This agreement updates version 2.0 to include issues identified in the ISDA Oil Annex and other changes deemed relevant by our members. Master agreements are utilized by counter-parties to provide for transaction simplification and to facilitate the electronic matching of contractual economic terms. The LEAP master agreement is the product of several years of discussions by member companies of LEAP Project Teams and was the first available master agreement for U.S. domestic refined products & crude oil and Canadian crude oil for pipelines. Other master agreements currently being worked on at LEAP are an addendum for U.S. marine movements and European barge transactions. The mission of LEAP is to promote efficient and reliable transaction processing within the energy trading industry for anyone who wishes to use automation and standardization. More information about LEAP, the Master Agreement for Purchasing and Selling Refined Products and Crude Oil version 2.1, and other LEAP projects is available at www.energyleap.org. Membership in LEAP is open on a nondiscriminatory basis to energy trading, service and association entities. (Energy is defined as crude oil, petroleum products, ethanol, natural gas and such other areas of energy trading as may be agreed by the Board of Directors from time to time). All members must be legal entities, not natural persons.
Karen_Mikkelborg@nexeninc.com Kevin Jandora For Morgan Stanley kevin.jandora@morganstanley.com Mary Dietterle For Barclays Capital Mary.Dietterle@barclayscapital.com **Mary Dortenzio For Glencore Ltd. mary.dortenzio@glencore-us.com Rienhard Stege For PMI rstege@pmicim.com
Tom Lullo For BP tom.lullo@bp.com Vincent Loud For RBS Sempra vloud@sempratrading.com Vladimir Zeman Board Consultant vlad@ezeman.com