GENEVA – Gunvor Group, a leading global physical energy trading company, has closed a EUR 400 million, 5-year term loan (the “Facility”) guaranteed by SACE, the Italian Export Credit Agency (“ECA”) with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe. 

“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group Chief Financial Officer.

“In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies,” stated Ciro Aquino Regional Manager Middle East – Head of Dubai Office SACE. The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets. 

“UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape,” said Stefan Koller, Global Head of Asset Based Financing at UniCredit.

UniCredit Bank AG acted as Global Coordinator, Bookrunner, Documentation Agent and is the Facility Agent. Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V. and Unicredit Bank AG act as Mandated Lead Arrangers and Erste Group Bank AG acts as Lead Arranger for the Facility.

Clifford Chance, as Legal Counsel to SACE and UniCredit, contributed to finalising the transaction.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

HOUSTON – As part of its strategy to accelerate the energy transition, Gunvor USA LLC (Gunvor), part of the Gunvor Group and one of the world’s largest independent commodities trading houses, has executed a feedstock supply and product offtake Letter of Intent with Dallas-based ClearShift LLC (ClearShift), a leader in the development of gas-to-liquids technology and the production of low-carbon fuels and specialty chemicals.

The Letter of Intent covers a 10-year supply of all natural gas and renewable natural gas, the offtake of low carbon diesel, and the offtake of high-grade carbon-neutral chemicals from ClearShift’s facility to be located near the chemical corridor in Louisiana.

The structure of Gunvor’s supply and offtake allows for a fully de-risked margin to ClearShift, while providing optionality for both parties to capture additional margin. The facility will consume approximately 55,000 MMBtu of natural gas and renewable natural gas per day and will produce approximately 75 million gallons per year of low-carbon renewable diesel and zero carbon, high-grade specialty chemicals. ClearShift also produces clean hydrogen, which is consumed in its non-combustion production process.

“ClearShift is pioneering the energy transition, creating pure, low carbon fuels and carbon neutral specialty chemicals from readily available cheap hydrocarbon supplies,” said Shane Foster, Energy Transition Lead – Americas at Gunvor. “We look forward to building a long-term relationship focused on enhancing the variety and quality of fuels and chemicals we offer to our customers.”

“We are thrilled about our relationship with Gunvor,” said John Stephenson, CEO of ClearShift. “When combined with the new incentives available in the Inflation Reduction Act, this agreement serves as a quantum leap for our business, illustrating how sustainable technology-based companies and leading commodity trading houses can partner together to ensure that the next wave of sustainable infrastructure thrives.”

About ClearShift
ClearShift produces ultra-pure, environmentally friendly fuels and specialty chemicals using a cutting-edge gas-to-liquids (GTL) process, responsibly replacing legacy oil-based fuels and chemicals. Its GTL technology converts methane, flare gas and CO2 into low carbon fuels and non-combustible carbon neutral specialty chemicals, removing the associated CO2 from the air permanently. ClearShift helps companies convert pollution into profit, while reducing their carbon footprint. For further information, visit www.goclearshift.com.

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Gunvor established Nyera, its wholly owned subsidiary dedicated to identifying Energy Transition investments, including new sustainable commodities and businesses.

HOUSTON — Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group Ltd announced today that Gunvor Singapore Pte Ltd (“Gunvor”) has entered into long-term LNG Sale and Purchase Agreement (“SPA”) with Delfin LNG LLC (“Delfin LNG”), a subsidiary of Delfin.

Under the SPA, Delfin LNG will supply between 0.5 to 1.0 million tonnes of LNG per annum to Gunvor on a free-on-board (“FOB”) basis at the Delfin Deepwater Port, located 40 nautical miles off the coast of Louisiana for a minimum duration of 15 years.

Kalpesh Patel, Co-Head of LNG Trading of Gunvor said: “We continue to support US LNG projects and unlock new sources to meet the growing global LNG demand while further expanding our supply portfolio. We look forward to a successful, long-term relationship with the Delfin LNG team as their project continues to progress.”

Dudley Poston, CEO of Delfin said: “We are very pleased to have entered into a major long-term LNG supply agreement with Gunvor. This latest sale and purchase agreement further demonstrates our attractiveness as a long-term source of scalable, reliable, and clean LNG.”

Delfin has successfully been developing the Delfin LNG Deepwater Port project, which can support four FLNG vessels with a combined export capacity of up to 13.3 million tons per annum (“MTPA”). The Company has secured commercial agreements for LNG sales and liquefaction services and is in the final phase towards FID on its first three FLNG vessels.

About Delfin
Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13.3 MTPA of LNG. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Further information is available at www.delfinmidstream.com.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

GENEVA (21 November 2023) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $1.885 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA.

The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total amount of the facility from the previous year.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,395,000,000 364-day tranche of the 2022 European Revolving Credit Facilities Agreement, dated 10 November 2022, and the US $290,000,000 3-year tranche of the 2021 European Revolving Credit Facilities Agreement dated 10 November 2021.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

• Tranche A: US $1.535 billion 364-day Revolving Credit Facility with three 364-day extension options
• Tranche B: US $350 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility has a US $400 million Accordion Option and complements the existing US $280 million 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.

Similar to last year’s Revolving Credit Facilities Agreement, the Facility includes four KPIs supporting the Group’s strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified in line with LMA SLL principles.

“Gunvor is delighted with the continuous support we have received from our financing partners. The growing capacity of the facility along with the new lenders demonstrate the strong relationship the company has with its core banking group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Arab Petroleum Investments Corporation (Apicorp), Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis CIB and Société Générale acted as Joint Sustainability Coordinators of the Facility.

China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Citibank N.A., Jersey Branch, Emirates NBD PJSC, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arrangers. Qatar National Bank (Q.P.S.C.) Paris Branch joined as a new Senior Mandated Lead Arranger.

DZ Bank AG and Erste Group Bank AG are Mandated Lead Arrangers.

KfW Ipex-Bank Limited and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. China CITIC Bank Corporation Limited, London Branch joined as a new Lead Arranger.

ABC International Bank Plc, Afrasia Bank Limited, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque de Commerce et de Placements, Bank of China Ltd, London Branch, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, GarantiBank International N.V., Habib Bank AG, Mashreqbank, Raiffeisen Bank International AG and Union de Banques Arabes et Françaises are Arrangers. CaixaBank S.A., DBS Bank Ltd., London Branch, First Commercial Bank London Branch and OTP Bank Plc. joined as a new Arrangers.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

HOUSTON (8 November 2023) – Gunvor USA LLC (“Gunvor USA” or “the Company”), an indirect, wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or “the Group”), has successfully closed the syndication of its US $1.60 billion uncommitted borrowing base credit facility (“the Facility”). The Facility includes a US $1.28 billion one-year tranche, a US $320 million two-year tranche, and a US $500 million accordion feature, which remains available to support future growth.

The proceeds of the Facility will refinance Gunvor USA’s existing $1.45 billion borrowing base facility signed in October 2022, provide continued working capital financing for the Company’s merchant activities, and fund general corporate purposes. 

“Gunvor USA’s successful oversubscription reflects the continued confidence of our banking partners toward the U.S. business and Group globally,” said David Garza, Managing Director of Gunvor USA. “Our business model has proven to be resilient during times of market stress, and that success combined with bank market support affords us the ability to focus on growth opportunities.”

The Facility is led by Rabobank, which serves as Administrative Agent, Joint Lead Arranger, Active Bookrunner, Coordinator, and Left Lead.  Société Générale, was mandated as Active Bookrunner and Joint Lead Arranger. ING Capital LLC, was mandated as Passive Bookrunner and Joint Lead Arranger.  Natixis, New York Branch, Credit Agricole Corporate and Investment Bank, and MUFG Bank Ltd., each serve as Joint Lead Arrangers and share Co-Syndication Agent duties.  Sumitomo Mitsui Banking Corporation, Citibank, N.A., and Industrial and Commercial Bank of China Limited, New York Branch remain as Co-Documentation Agents.

Thomas Smith, Regional CFO for the Americas, commented: “Despite a challenging credit market, the Facility benefitted from the strong support of our 18 new and existing lenders, being oversubscribed in syndication and subsequently increased to $1.6 billion. The increase reflects the growing collaboration between Gunvor USA and its banking partners who remain supportive of the Company’s strategy for continued participation in traditional energy markets while pursuing its energy transition goals.”

Zukerman Gore Brandeis & Crossman, LLP serves as counsel to the Administrative Agent. McGuireWoods LLP serves as counsel to the borrower.

About Gunvor USA
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the world’s largest independent commodities trading houses by turnover. Gunvor Group creates logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million MT of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor