Gunvor Expands APAC Power Platform Through Long-Term Firmus Supply Agreement and Koolunga BESS Offtake

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MADRID – Gunvor Group (“Gunvor”), a leading global independent energy trading company, will acquire from bp Gas Marketing Limited (“bpGM”) a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. (“BBE”), a 785MW combined cycle power plant located in Bilbao, Spain.

The deal, which remains subject to customary regulatory approvals and closing conditions, represents Gunvor’s first investment in a power generation asset, while expanding its commitment to developing Spain’s energy sector.

“We are truly excited at this landmark acquisition in a new asset class for our company,” said Shahb Richyal, Gunvor’s Global Head of Portfolio. “BBE also represents an important step as we continue to expand our presence in gas and power trading. We look forward to welcoming BBE’s team into Gunvor’s growing global family.”

Remarking on the deal, Andrés Guevara, Head of Country for bp in Spain, said “This decision reflects bp's strategy of transforming from an International Oil Company (IOC) into an Integrated Energy Company (IEC) that aims to become net zero by 2050 or sooner. We remain committed to this transformation in Spain, a key market for the bp group, as we reorient our investments towards transition growth engines such as EV charging, bio energy, renewable power and hydrogen.”

Gunvor’s purchase of the stake in BBE builds upon its’ existing investments in two biofuel plants located in Huelva and Álava. Along with a marketing and trading office in Madrid, Gunvor today has more than 100 employees in the country. Gunvor intends to retain BBE’s current employees and management.

“Gunvor has an established track record of successfully integrating and aligning industrial assets with our core physical energy trading business,” said Aldo Della Valle, Head of European Gas & Power Trading. “With BBE, we hope to similarly align our trading in natural gas/LNG and power with the plant, so that it continues to contribute positively to Spain’s economy over the long-term, while upholding our energy transition priorities.”

As a key player in the global energy markets, Gunvor is working to ensure its place in a world that effectively reconciles affordable energy and economic development with the imperative to achieve net-zero emissions to combat climate change. Gunvor has committed to reducing our Scope 1 and 2 emissions by 40% by 2025, while also tracking and reporting our Scope 3 emissions. BBE will be integrated into Gunvor’s path to ensuring a sustainable and responsible energy future.

The sale is expected to be completed in the first quarter of 2024, and over the coming months bp, BBE and Gunvor will work to deliver the safety and success of the transition process. The terms of the deal have not been disclosed.

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.

MADRID – El Grupo Gunvor (“Gunvor”), una empresa líder mundial de comercialización de energía independiente, adquirirá de bp Gas Marketing Limited (bpGM) una participación del 75 % en Bahía de Bizkaia Electricidad S.L. (“BBE”), una central eléctrica de ciclo combinado de 785MW ubicada en Bilbao, España.
El acuerdo, que sigue sujeto a las aprobaciones regulatorias habituales y a las condiciones de cierre de la transacción, representa la primera inversión de Gunvor en un activo de generación de electricidad, al tiempo que amplía su compromiso con el desarrollo del sector energético de España.

“Estamos realmente entusiasmados con esta importante adquisición de una nueva clase de activos para nuestra empresa”, dijo Shahb Richyal, Director Global de Cartera de Gunvor. “BBE también representa un paso importante en la expansión de nuestra presencia en la comercialización de gas y electricidad. Esperamos dar la bienvenida al equipo de BBE a la creciente familia global de Gunvor”.

En cuanto al acuerdo, Andrés Guevara, Presidente de bp en España, ha declarado: “Esta decisión refleja la estrategia de bp de transformarse de una Compañía Internacional de Petróleo (IOC) en una Compañía Energía Integrada (IEC) que tiene como objetivo alcanzar las cero emisiones netas para 2050 o antes. Seguimos comprometidos con esta transformación en España, un mercado clave para el grupo bp, a medida que reorientamos nuestras inversiones hacia lo que denominamos motores de crecimiento de transición como la infraestructura de recarga de vehículos eléctricos, la bioenergía, la energía renovable y el hidrógeno verde.”

La compra por parte de Gunvor de la participación en BBE pasará a formar parte de su cartera de inversiones existentes en España, consistente en dos plantas de biocombustible ubicadas en Huelva y Álava. Junto con una oficina de trading y comercialización en Madrid, Gunvor cuenta hoy con más de 100 empleados en el país. Gunvor tiene la intención de mantener a los empleados y directivos actuales de BBE.

“Gunvor cuenta con un historial probado de integración y alineación exitosa de activos industriales con su negocio principal de comercialización de energía física”, dijo Aldo Della Valle, Director de Comercialización de Gas y Electricidad para Europa. "Con BBE, esperamos alinear de forma similar nuestras operaciones de gas natural/GNL y electricidad con la planta, para que continúe contribuyendo positivamente a la economía española a largo plazo, manteniendo nuestras prioridades de transición energética".

Como actor clave en los mercados energéticos mundiales, Gunvor está trabajando para garantizar su lugar en un mundo que concilie de forma eficaz la energía asequible y el desarrollo económico con el imperativo de lograr cero emisiones netas para combatir el cambio climático. Gunvor se ha comprometido a reducir sus emisiones de Alcance 1 y 2 en un 40 % para 2025, al tiempo que realiza un seguimiento y reporta sus emisiones de Alcance 3. BBE se integrará en el objetivo de Gunvor de garantizar un futuro energético sostenible y responsable.

Se espera que la venta se complete en el primer trimestre de 2024, y durante los próximos meses bp, BBE y Gunvor trabajarán para conseguir que el proceso de transición se complete satisfactoriamente y de forma segura. Los términos del acuerdo no se han revelado.

Más información sobre Gunvor

El Grupo Gunvor, del que fui fundador en el año 2000, es hoy un líder de mercado global en la compraventa, almacenamiento, transporte y optimización de petróleo, gas natural, electricidad y otros productos energéticos. En 2022, Gunvor negoció 165 millones de toneladas de commodities energéticas y generó unos ingresos de 150.000 millones de dólares. A fecha de junio de 2023, Gunvor tiene un patrimonio neto de 6.000 millones de dólares y activos totales por más de 24.000 millones de dólares. Nuestra mayor oficina comercial, en la que yo estoy localizado, se encuentra en Ginebra (Suiza). También tenemos oficinas en Singapur, Londres, Dubái, Shanghái, Stamford y Houston, así presencia en al menos otros 20 países.

La presencia de Gunvor en España ha ido creciendo desde 2019, cuando invertimos en dos plantas de biodiesel en Huelva y Álava. Ambas plantas están completamente integradas en nuestro negocio global de biodiesel, que es uno de los líderes en el mercado europeo. Estas plantas forman parte del firme compromiso de Gunvor con la transición energética y por ello hemos invertido ya más de 40 millones de euros en su desarrollo.

Para complementar la actividad de nuestras plantas de biodiesel, Gunvor abrió también en 2019 una oficina de marketing y trading en Madrid, que ha expandido su actividad más allá de los biocombustibles a otros productos energéticos, como el gas y la electricidad. En total Gunvor emplea a más de 100 personas en el país y somos responsables de centenares de empleos indirectos en las comunidades donde operamos. Tras la adquisición de BBE esperamos alinear de forma similar nuestras operaciones y prioridades con la Compañía de manera que continúe contribuyendo positivamente a la economía española a largo plazo. Nuestro propósito es mantener el actual equipo de dirección y los empleados.

SINGAPORE - Gunvor Singapore Pte. Ltd. (the"Borrower"), a wholly-owned subsidiary of Gunvor Group Ltd (the"Company" or "Gunvor" or the "Group"), has closed a US$1.366 billion sustainability-linked, syndicated revolving credit facility ("RCF" or"Facility") on 12 June 2026.

The Facility, which was launched initially at US$800 million in April 2026, received strong support from Gunvor's banking partners and attracted new banks, bringing together a total of 32 banks to close significantly oversubscribed by over 71% at general syndication and an increase over the previous year.

"While the renewal of this year's Asian Revolving Credit Facility came at a time of a major market disruption, we received the biggest support in any of our ARCF so far. This is the highest general syndication closing in terms of amount raised and number of participants. This major achievement is a testimony to the confidence that our long term and new finance partners are placing in our group, enabling Gunvor to develop further", said Jean Rohr, Gunvor's Regional CFO for Asia-Pacific.

The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, will be used for general corporate and working capital purposes, including the refinancing of the Borrower's existing US$1.285 billion 2025 Asia Sustainability-linked Revolving Credit Facility, which was upsized to US$1.335 billion during the accordion phase.

Similar to previous financings, the Facility includes four sustainability Key Performance Indicators (KPls) supporting the Group's strong commitment to improve the environmental and social impacts of its trading operations and to invest in sustainable commodities and businesses. The KPls 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 time-chartered shipping fleets; the investment in renewable and carbon reduction projects; and the assessment of the Group's assets, joint-ventures and critical suppliers against Human Rights principles. Each KPI is tested annually and verified externally in line with LMA Sustainability-Linked Loan Principles.

China CITIC Bank International Limited, DBS Bank Ltd., MUFG Bank, Ltd. and Oversea-Chinese Banking Corporation Limited were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility. Abu Dhabi Commercial Bank PJSC, Agricultural Bank of China Limited, Singapore Branch, Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC, Natixis, Singapore Branch and State Bank of India, Singapore Branch remain as the Bookrunning Mandated Lead Arrangers. DBS Bank Ltd. also acted as syndication coordination agent and sustainability coordinator of the Facility, while Natixis, Singapore Branch also acted as Facility Agent, legal and documentation agent.

Bank of China Limited, Singapore Branch, China Construction Bank Corporation Singapore Branch, Cooperatieve Rabobank U.A., Singapore Branch, Credit Agricole Corporate and Investment Bank, Singapore Branch, ING Bank N.V., Singapore Branch,

UBS AG, Singapore Branch, and Westpac Banking Corporation, Singapore Branch are Mandated Lead Arrangers.

Krung Thai Bank Public Company Limited, Singapore Branch, Mizuho Bank, Ltd., Societe Generale, a public limited company incorporated in France, acting through its Hong Kong branch, and United Overseas Bank Limited remain as Lead Arrangers. Furthermore, China Minsheng Banking Corp., Ltd. Hong Kong Branch (a joint stock limited company incorporated in the PRC) and Nanyang Commercial Bank, Limited joined as new Lead Arrangers.

Arab Bank pie, Bank of Communications Co., Ltd., Singapore Branch, China Merchants Bank Co., Ltd, Singapore Branch, Commerzbank Aktiengesellschaft, Singapore Branch (Incorporated in Germany with limited liability), Habib Bank Limited, Singapore Branch, National Bank of Fujairah PJSC, Sumitomo Mitsui Banking Corporation Singapore Branch, and Sumitomo Mitsui Trust Bank, Limited Singapore Branch remain as Arrangers. Furthermore, The Bank of East Asia, Limited joined as a new Arranger.

About Gunvor Group

Gunvor Group is one of the world's largest independent commodities trading houses by trading volume, creating logistics solutions that safely and efficiently move physical energy from where it is sourced to where it is demanded most. With strategic investments in industrial infrastructure (refineries, pipelines, storage and terminals), Gunvor further generates sustainable value across the global supply chain for its customers. Gunvor trades in more than 100 countries with three main trading hubs in Geneva, Singapore and Houston, along with other trading offices in Stamford, Dubai, London and Shanghai, supported by a network of more than 20 representative and other trading offices around the globe.

London – Gunvor Group, a leading global energy commodities trading company, announces that it has received the first issuance of credits from its cookstove project in Sierra Leone. The credits are eligible for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

The cookstove project, which is implemented by DelAgua, has distributed 250,000 fuel-efficient stoves to households across seven districts in Sierra Leone: Koinadungu, Moyamba, Kenema, Bo, Tonkolili, Kambia and Western Rural. Along with the stove, each household receives one-on-one education on the health and environmental benefits of clean cooking. They also receive ongoing support during the stove’s 10-year lifespan, delivered by a local network of over 1,600 youth ambassadors by DelAgua, providing valuable employment and skills training.

“Gunvor believes that investing in cookstove projects is one of the most impactful carbon credit opportunities; they deliver measurable emissions reductions while simultaneously improving health, reducing deforestation, and supporting local livelihoods in vulnerable communities,” said Darren Gurner, Head of Voluntary Carbon at Gunvor. “With CORSIA, we have further strengthened the credibility of our Sierra Leone program by aligning with a rigorous, internationally recognized framework backed by the aviation sector and overseen by global regulatory standards.”

CORSIA provides airlines and other aviation sector participants with an internationally-recognized framework through which they can meet their emissions reduction obligations. In line with CORSIA requirements, the project has secured a Letter of Authorisation (LoA) from the Government of Sierra Leone. The projects first small issuance has received the CORSIA tag through insurance, ensuring full alignment with CORSIA eligibility requirements and providing enhanced confidence for buyers.

One major benefit of cookstoves is that they use significantly less wood than traditional cooking methods, so fewer trees are felled. The project also has significant health benefits from reduced smoke in the cooking process as well as time saving: people do not have to spend time and money collecting firewood, and cooking times are quicker.

DelAgua’s CEO, Euan McDougall, said, “We believe that no rural household should be left behind in the global transition to clean cooking. Our Live Well project empowers communities through access to clean cooking, while delivering credible and measurable high-quality climate outcomes and so can contribute meaningfully to the global aviation sector’s climate commitments. We are proud to partner with Gunvor to extend this programme to 250,000 households across Sierra Leone, transforming more than two million lives.”

The carbon credits are now available for purchase through Gunvor’s carbon trading desk, with future issuances from later this year being sold on a pre-issuance basis.

Gunvor has recently started work on two further cookstove projects, one in Sri Lanka and the second, again with DelAgua, in The Gambia. In addition, it is funding a forest planting project in Colombia, from which carbon credits will be available in 2026, as well as working on a number of other projects which are at different stages of the investment process

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 and bulk materials from where they are sourced and stored to where they are 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. Further information can be found at www.gunvorgroup.com.

About DelAgua
DelAgua is a social enterprise with more than a decade of experience implementing large-scale carbon development projects that transform the lives of rural households in Least Developed Countries across Africa. The Live Well programme exclusively targets rural communities who are otherwise unable to afford the transition to clean cooking. To date, DelAgua has distributed more than 2 million stoves across Rwanda, The Gambia and Sierra Leone. The cookstove distributed by DelAgua is the world’s most fuel-efficient, advanced wood fuel stove. It reduces wood consumption by 71% compared to 3-stone cooking methods and produces 81% fewer emissions than an open fire delivering multiple health, climate, gender and economic benefits for people and the environment.

For more information, please contact [email protected]

Project is among the largest standalone battery storage assets in Southeastern Europe

Repono AB (“Repono”), a European energy storage developer and operator headquartered in Göteborg, announces a strategic commercialization and optimization partnership with Gunvor Group (Geneva), in collaboration with enspired GmbH (Vienna), for its flagship battery energy storage system (BESS) project in Argeș County, Romania.

The project, with an installed capacity of 202 MW / 404 MWh, is among the largest standalone battery storage assets in Southeastern Europe and comes at a time when Romania is rapidly establishing itself as one of the most attractive markets in Europe for battery energy storage. Driven by the continued expansion of renewable generation, increasing demand for grid flexibility, and a supportive regulatory framework, the Romanian power market is creating strong opportunities for large-scale storage assets to play a central role in balancing the system and enabling further renewable integration.

Within this context, Gunvor Group will market and commercially manage 100% of the project’s capacity via a cap and floor toll structure, while enspired GmbH will commercially optimize the asset across all existing revenue streams, providing full access to power and ancillary service markets. Together, this setup ensures that the Argeș project is well positioned to capture value across multiple revenue streams in an increasingly dynamic energy market.

Karim Grueber, Managing Director of Repono, commented:
“Romania is rapidly emerging as one of Europe’s most attractive markets for battery energy storage. The accelerated build-out of renewable generation, combined with growing system balancing requirements and increasing market volatility, is creating a strong business case for large-scale BESS assets. Together with Gunvor, enspired and our local development partner, we believe the Argeș project is exceptionally well positioned to support grid flexibility while capturing the significant opportunities offered by this evolving market environment.”

Pawel Lewin, Head of Energy Origination & Bio Methane at Gunvor Group, added:
“Gunvor is pleased to partner with Repono in Romania, a fast-evolving power market, as we continue to explore new battery storage projects that further integration of renewable energy across the world."

Jürgen Pfalzer, Chief Commercial Officer, enspired GmbH, commented:
“The collaboration with Repono and Gunvor marks a transformative step for the deployment of large-scale storage in Romania, and we are proud to support by unlocking commercial value and boosting revenues with our advanced BESS optimization services.”

The Argeș BESS project is targeting commercial operation in Q2 2027, subject to the successful achievement of key project financing, and construction milestones.

Repono AB, headquartered in Göteborg, is a European developer, owner, and operator of large-scale battery energy storage systems focused on enabling the energy transition through flexible infrastructure. Gunvor Group, headquartered in Geneva, is one of the world’s largest independent commodities trading companies active across global energy markets. enspired GmbH, based in Vienna, provides optimization and trading services for battery storage and renewable energy assets.

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—shipping, refineries, pipelines, storage, and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2025, Gunvor Group generated US $144 billion in revenue on 253 million metric tons of turnover. More information can be found at GunvorGroup.com

enspired is Europe's leading optimizer of battery energy storage systems (BESS), managing a BESS portfolio of 80+ grid-scale batteries and more than 1GWh of BESS live in a full cross-market setup, including the largest BESS in Germany. enspired achieves maximum revenues through the advanced trading platform developed 100% in-house. The company is active across 12 countries in Europe and Asia.

Agreement is the latest in a series of long-term LNG supply and purchase agreements from the Delfin Deepwater Port LNG Export Facility

Houston, TX – Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group announced today that Gunvor International B.V. Amsterdam, Geneva Branch (“Gunvor”), has entered into a 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 0.3 million tonnes of LNG per annum to Gunvor on a free-on-board (“FOB”) basis at the Delfin FLNG1 facility, located 40 nautical miles off the coast of Louisiana, for 20 years.

Kalpesh Patel, Co-Head of LNG Trading and member of the Management Board of Gunvor, said: “We are very pleased to announce another long-term partnership with Delfin. The deal represents further enhancement of Gunvor’s LNG portfolio and together with our robust fleet, we will continue to position ourselves as a reliable supplier of LNG to all destinations around the globe.”

Dudley Poston, CEO of Delfin, said: “We look forward to building on our longstanding partnership with Gunvor as we continue to advance the development of critical energy infrastructure in the U.S. This additional agreement further highlights our strength as a dependable long-term supplier of clean and scalable LNG solutions.”

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. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to three FLNG Vessels producing up to 13.2 MTPA of LNG. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of America. Delfin LNG received a deepwater port license 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. Additional 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—shipping, refineries, pipelines, storage, and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2025, Gunvor Group generated US $144 billion in revenue on 253 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, SWITZERLAND (1 December 2025) – Members of the management of Gunvor Group (“Gunvor” or the “Company”), one of the leading physical energy trading companies in the world, announce the successful acceptance of a management-led buy-out offer of the Company from existing ownership. Under the agreement, majority owner Torbjörn Törnqvist will sell the entirety of his holdings in favor of a group of current employees, who will wholly own the Company going forward. There will continue to be no outside ownership or interests.

The management buy-out, first conceived of by the Company’s leadership at Gunvor’s all-hands retreat in Morocco in 2022, will entail a series of structural and governance changes designed to ensure the long-term commercial success and global growth of the 25-year-old company. The buy-out has been advanced at this time to establish a definitive reset and path forward for a Company for which misperceptions about its past have become an impossible distraction.

Gary Pedersen has been appointed as chief executive officer of the Company. Pedersen was signed in 2024 as CEO Americas based in Houston, with the intention of eventually assuming global leadership. (Pedersen’s biography can be found below.) For an interim period, he will be based in both Houston and Geneva.

“The time is right for this transition. A generational shift has well been underway, and we have the financial strength, liquidity, and depth of leadership to continue to advance our global growth strategy,” said Pedersen. “Our goal is to uphold our leading role as a reliable and competitive participant in the global energy markets—today and well into the future.”

The new ownership of the Company remains fully committed to the existing strategy of pursuing global growth, diversification, and investing along the energy supply chain, with a particular emphasis on investments and development within the U.S. market, along with Europe and Asia.

The Company will further implement changes to the Gunvor Group Ltd Board of Directors and Executive Committee, which now exclude members of the Törnqvist family or representatives thereof. Developments related to governance and leadership structures will be announced in due course.

Biography of Gary Pedersen
Gary is a 30-year veteran of the energy commodities trading industry, with extensive international experience in trading management, logistics, and refining. He joined Gunvor from Millennium Management LLC, where he served as Senior Portfolio Manager for cross barrel oil products. Gary began his career in 1994 at Koch Industries, Inc., where he worked for various entities, including Koch Chemical Company, Flint Hills Resources, and Koch Supply & Trading. During this period, Gary held managing director roles in Rotterdam, Singapore, London, and Geneva. At Koch Supply & Trading SaRL, he oversaw trading around the company’s 85,000 bpd condensate splitter in Rotterdam, along with the trading of aromatics, natural gas liquids, naphtha, gasoline, and condensates. Gary studied and played football at Iowa State University and received a Finance degree from University of Nebraska Kearney. Gary is a U.S. citizen.

SINGAPORE (17 November 2025) - Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first Enwex German Onshore Wind (GWM) futures block trade on Abaxx Exchange with participation from Gunvor International B.V. (“Gunvor”) on November 17, 2025.

The two parties traded 10 lots of the February 2026 Enwex German Onshore Wind (GWM) Futures contract at EUR 28.45/hour. The trade was brokered by TP ICAP, with clearing services provided by ADM Investor Services Singapore, KGI Securities and Marex.

“This first trade shows how exchange-listed products can play a useful role in managing the growing exposure to renewable generation risk,” said Ronny Bendlin Spür, Weather Trader at Gunvor International B.V., Amsterdam, Geneva Branch. “By completing the first wind futures trade on Abaxx, we’ve helped demonstrate how standardized exchange products can bring transparency, efficiency, and liquidity to the weather derivatives market. As wind and solar continue to shape price dynamics in power markets, the ability to hedge resource-driven volatility will become essential for producers, investors, and energy traders alike.”

Tim Boyce, Head of Weather Derivatives, EMEA at TP ICAP added, “As the world's leading interdealer broker, we proudly leverage our global network and deep expertise to enhance market liquidity. Executing this inaugural trade marks a key milestone, and we look forward to collaborating with all market participants to drive continued growth.”

Willy Cahyadi, Managing Director, ADM Investor Services Singapore, stated, “We are proud to clear the first trades on Abaxx’s Enwex German Onshore Wind Futures on behalf of ADMIS’ global client base. As energy markets evolve, we continue to provide the dependable and innovative solutions our clients rely on to manage risk with confidence.”

Abaxx Enwex German Onshore Wind (GWM) Futures extend weather derivatives into renewable generation, providing a practical way for market participants to manage the financial impact of wind variability. Listed exclusively as the benchmark for the Enwex German Wind Index, the contract enables producers to hedge volume risk tied to generation output, while offering traders and investors a new instrument for expressing views on wind conditions and price dynamics.

The contract is a euro-denominated, financially-settled product indexed to Enwex Wind Germany, a forecast-based index that translates wind speed at 100m into standardized generation utilization rates, expressed in €/MWh.

Abaxx Enwex German Onshore Wind (GWM) Futures are available for trading from 1000 to 2400 SGT (14 hours), Monday to Friday, except for Singapore public holidays. View contract details, connected clearing and broker firms, and request market access at abaxx.exchange/resources/start-trading.

About Abaxx Technologies Inc.
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying the next generation of digital market infrastructure that reconciles law, identity, and technology to enable real-time collateral mobility, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiaries Abaxx Spot Pte. Ltd. and Adaptive Infrastructure.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in post-trade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement, and transfer agency services designed to reduce risk and improve reliability across asset classes.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

GENEVA (7 November 2025) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.395 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA.

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

Tranche A: US $1.885 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: US $510 million 3-year Revolving Credit Facility with one 364-day extension option

Thanks to strong support from existing and new banking partners the Facility ended up upsized this year again, with additional liquidity successfully raised in both tranches.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,775,000,000 364-day tranche of the 2024 European Revolving Credit Facilities Agreement, and the US $350,000,000 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.

The Facility has a US $400 million Accordion Option and complements the existing US $490 million 3-year tranche of the 2024 European Revolving Credit Facilities Agreement.

The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the energy efficiency of the shipping fleet; the investment in renewable and carbon reduction projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified.

"We are very pleased with the outcome of this refinancing with an increased facility amount – including in the longer tenor – and several new banks joining the pool. We thank our banking pool for their continued support in this flagship European financing facility for our Group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Abu Dhabi Commercial Bank PJSC, Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank (P.J.S.C), London Branch, ING Bank N.V., Amsterdam, Lancy / Geneva Branch, Natixis CIB, Qatar National Bank (Q.P.S.C.) Paris Branch, SMBC Bank International plc, Société Générale, UBS Switzerland AG, and UniCredit Bank GmbH are Bookrunning Mandated Lead Arrangers. Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International plc, Société Générale were mandated to arrange the Facility and acted as Active Bookrunners while UBS Switzerland AG is Facility and Swingline Agent. Natixis CIB acted as Sustainability Coordinator for the Facility.

Banco Bilbao Vizcaya Argentaria S.A., Niederlassung Deutschland, DBS Bank Ltd, London Branch and First Abu Dhabi Bank PJSC are Senior Mandated Lead Arrangers.

Citibank N.A., Jersey Branch, KfW IPEX-Bank GmbH and Mizuho Bank, Ltd. are Mandated Lead Arrangers.

Bank of China Limited, London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Commerzbank London Branch AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, Industrial and Commercial Bank of China Limited, London Branch, Lloyds Bank plc, OTP Bank plc., and Sumitomo Mitsui Trust Bank, Limited (London Branch), The Standard Bank of South Africa Limited, Isle of Man Branch are Lead Arrangers.

ABC International Bank Plc, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque Internationale de Commerce -BRED (Suisse) SA, Banque de Commerce et de Placements SA, CaixaBank S.A., China CITIC Bank Corporation Limited London Branch, Deutsche Bank Luxembourg SA, Europe Arab Bank SA, GarantiBank International N.V, Habib Bank AG Zurich, Mashreqbank PSC, Nedbank Limited, London Branch, Raiffeisen Bank International AG, and Union de Banques Arabes et Françaises – UBAF are 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, metals, and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—downstream, refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for its customers. For more information, visit www.gunvorgroup.com

BUDAPEST – Gunvor, one of the world’s leading independent commodities trading companies, and New Energy (member of the NE-TECH Group), a Budapest-based technology company specializing in the advanced chemical recycling of end-of-life tires, are pleased to announce the signing of a strategic collaboration agreement aimed at jointly advancing the transition toward a circular economy.

According to the terms of the agreement, New Energy will supply Gunvor with pyrolysis oil produced from waste tires at its industrial-scale recycling facility located in Dunaharaszti, Hungary. This collaboration will include supplies from additional NE-TECH facilities under development in Karcag, Hungary, as well as in Western Europe and other regions outside the European Union.

The pyrolysis oil will be used as a feedstock for refineries, replacing conventional fossil-based raw materials. The use of chemically recycled oil reduces carbon emissions and aligns with key principles of circular economy models by enabling material reuse and waste minimization.

Ricardo Cordeiro de Sousa, Circular Naphtha and Pyrolysis Oil trader at Gunvor, commented: “On top of conventional products, Gunvor is committed to increasing its support for the ‘circular economy’ and the Energy Transition. NE-TECH has a unique technology that is working on full industrial scale operating 24/7, and together we can offer both economic advantages and environmental benefits. We look forward to working with New Energy and sourcing products from its current and new facilities in Europe.”

Viktor Varadi, CEO of NE-TECH Group, added: “This partnership underlines our successful development and optimization of our processes to maximize economic efficiency of our plant and technology. We are proud that we achieved this level, where we qualify our products to the high standards of Gunvor, and partner with one of the world’s leading independent commodities trading companies This collaboration will result in the production of more environment friendly products made by the petrochemical industry.”

The partnership between Gunvor and NE-TECH Group represents a meaningful step toward scalable, commercially viable circular solutions in the energy and chemical sectors.

About NE-TECH Group
NE-TECH Group is an innovative technology group. Its group companies are specialized in the development and commercialization of solutions related to circular economy. NE-TECH’s main mission is to turn formerly untreatable polymer based and organic waste streams into useful raw materials for the petrochemical industry, thus addressing the unsustainable extraction of natural resources in an economically viable manner. NE-TECH has developed and commercialized a proprietary technology that can turn waste tires back to secondary raw materials to support circular economy strategies of its partners and customers. It also has two decades of operational experience in running a pyrolysis plant by group member New Energy. Further information about NE-TECH at www.ne-tech.eu

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 and bulk materials from where they are sourced and stored to where they are 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. Further information can be found at www.gunvorgroup.com.

LNG power

Gunvor acquires majority stake in Spanish power plant from bp

Gunvor Group will acquire from bp Gas Marketing Limited a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. Bilbao, Spain.

Finance RCF

Gunvor Secures US$1.366 Billion Syndicated Revolving Credit Facility With Oversubscription

SINGAPORE – Gunvor Singapore Pte. Ltd. (the“Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (the“Company” or “Gunvor” or the “Group”), has closed a US$1.366 billion sustainability-linked, syndicated revolving credit facility (“RCF” or”Facility”) on 12 June 2026. The Facility, which was launched initially at US$800 million in April 2026, received strong support from Gunvor’s banking partners […]

Carbon Credit Carbon Offsetting

Gunvor Sierra Leone Cookstove Project Receives CORSIA Eligibility

London – Gunvor Group, a leading global energy commodities trading company, announces that it has received the first issuance of credits from its cookstove project in Sierra Leone. The credits are eligible for the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The cookstove project, which is implemented by DelAgua, has distributed 250,000 fuel-efficient stoves to […]

Energy Storage

Repono launches 202 MW BESS Project in Romania with Gunvor and enspired

Project is among the largest standalone battery storage assets in Southeastern Europe Repono AB (“Repono”), a European energy storage developer and operator headquartered in Göteborg, announces a strategic commercialization and optimization partnership with Gunvor Group (Geneva), in collaboration with enspired GmbH (Vienna), for its flagship battery energy storage system (BESS) project in Argeș County, Romania. […]

LNG

Delfin Midstream Signs Additional Long-Term LNG Supply Agreement with Gunvor

Agreement is the latest in a series of long-term LNG supply and purchase agreements from the Delfin Deepwater Port LNG Export Facility Houston, TX – Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group announced today that Gunvor International B.V. Amsterdam, Geneva Branch (“Gunvor”), has entered into a long-term LNG Sale and Purchase Agreement (“SPA”) […]

Gunvor Group

Gunvor Group Announces Management Buy-Out, Appointment of Gary Pedersen as CEO

Members of the management of Gunvor Group announce the successful acceptance of a management-led buy-out offer of the company from existing ownership. Gary Pedersen has been appointed Group CEO, and will lead the employee-owned company going forward.

ABAXX Exchange

ABAXX STATEMENT / Gunvor Executes First Enwex German Onshore Wind Futures Block Trade on Abaxx Exchange

SINGAPORE (17 November 2025) – Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first Enwex […]

Finance

Gunvor secures US $2.395 billion sustainability-linked, multi-currency revolving credit facility

GENEVA (7 November 2025) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.395 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA: Thanks to strong support from existing […]

Gas Storage Partnership

Gunvor signs 10-year natural gas storage service contract with AltaGas

CALGARY (5 October 2025) – Gunvor Group, one of the largest physical energy commodities traders in the world, is pleased to announce its partnership with Canada-based AltaGas, which has reached a positive FID on the Phase One expansion of its Dimsdale Gas Storage Facility. Gunvor will support AltaGas’ 6 Bcf expansion with a 10-year firm storage service […]

Pyrolysis Trading

Gunvor and New Energy to collaborate on industrial-scale waste tire recycling

BUDAPEST – Gunvor, one of the world’s leading independent commodities trading companies, and New Energy (member of the NE-TECH Group), a Budapest-based technology company specializing in the advanced chemical recyclingChemical recycling refers to an array of advanced processes that convert plastic waste into its fundamental chemical constituents, which can then be utilized to produce new plastics […]

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