SINGAPORE (7 July 2025) – Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Group”), has closed a US$1.285 billion sustainability-linked, syndicated revolving credit facility (“RCF” or “Facility”) on 13 June 2025.
The Facility, which was launched initially at US$800 million in April 2025, received strong support from Gunvor’s banking partners and attracted new banks, bringing together a total of 28 banks to close significantly oversubscribed by over 60% at general syndication. The Borrower has further upsized the Facility by US$50 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after signing. This brings the total Facility amount to US$1.335 billion as of 7 July 2025, an increase from the previous year.
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$1.32 billion 2024 Asia Sustainability-linked Revolving Credit Facility.
Similar to previous financings, the Facility includes four sustainability Key Performance Indicators (KPIs) 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 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 chartered shipping fleets; the investment in non-hydrocarbon projects; and the assessment of the Group’s assets, JVs and critical suppliers against Human Rights principles. Each KPI is tested annually and verified externally in line with LMA Sustainability-Linked Loan Principles.
“We are very satisfied with the result of our Asian RCF renewal. This achievement is attributed to the strong relationships we maintain with our long-standing banking partners. Additionally, we are pleased to welcome several new lendersthis year”, said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific.
Abu Dhabi Commercial Bank PJSC, 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. 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, Coöperatieve Rabobank U.A., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch, ING Bank N.V., Singapore Branch, Krung Thai Bank Public Company Limited, Singapore Branch, UBS AG, Singapore Restricted Branch, and Westpac Banking Corporation, Singapore Branch are Mandated Lead Arrangers.
China CITIC Bank Corporation Limited, Shanghai Branch, Mizuho Bank, Ltd., SOCIÉTÉ GÉNÉRALE, a public limited company incorporated in France, acting through its Hong Kong branch, and United Overseas Bank Limited are Lead Arrangers.
Commerzbank Aktiengesellschaft, Singapore Branch, 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, Arab Bank plc, Bank of Communications Co., Ltd., Singapore Branch and China Merchants Bank Co., Limited, Singapore Branch joined as new Arrangers.
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.
Innovative Approach Focused on Delivering Impactful and Measurable Decarbonization Results
PureWest Energy, LLC (“PureWest”), a leading Rocky Mountain independent natural gas producer recognized for its low methane and carbon emission rates, and Gunvor USA LLC, a member of Gunvor Group (“Gunvor”), one of the largest independent energy commodities trading companies worldwide, are partnering to provide verified low-carbon natural gas, which can stand alone or be blended with renewable natural gas (RNG) to meet key decarbonization goals, including Scope 3 emissions reduction targets.
Under the agreement, Gunvor will offtake PureWest’s third-party verified, low-carbon natural gas attributes, which may be unbundled or bundled with physical gas. PureWest’s production is measured and independently verified in alignment with ISO 14067, the global standard for quantifying and reporting the carbon footprint of a product’s life cycle. This innovative approach provides scalable and traceable solutions to reduce carbon emissions for downstream industrial end-users and is supported by CleanConnect’s ProveZero™ registry – an auditable, blockchain-backed system built to verify environmental attributes and carbon intensity with full transparency.
“PureWest produces natural gas with one of the lowest carbon intensities in North Americaand we remain committed to providing reliable, lower carbon energy options for end-users,” said Chris Valdez, PureWest CEO. “We’re proud to partner with Gunvor to deliver independently verified, low-carbon natural gas solutions that help end-users meet their decarbonization goals.”
Gunvor will integrate PureWest’s verified low-carbon natural gas into its supply portfolio, supporting the development of a verified low-carbon blended gas product that can meet global standards, including ISCC, and will help its customers achieve emissions reduction and decarbonization ambitions while maintaining supply reliability.
“Gunvor is committed to offering energy solutions that meet growing market decarbonization needs, especially as more of our customers are seeking new avenues to reach their emissions reductions goals,” said Gary Pedersen, President and CEO of Gunvor USA LLC. “By partnering with PureWest, a leading producer of verified low-carbon natural gas, we’re bringing innovative and scalable solutions to the market, and giving our customers the option of using lower-carbon and more sustainable energy.”
PureWest’s verified low-carbon gas is supported by CleanConnect, who provides comprehensive monitoring solutions, using continuous data from CleanConnect’s autonomous monitoring systems, which detect, classify, and timestamp emissions with precision and scale far beyond traditional Leak Detection and Repair (LDAR) or quarterly methods.
This agreement is an important milestone in accelerating measured, verifiable environmental attributes with commercial-scale energy distribution. The partnership between PureWest and Gunvor also reflects unique and collaborative industry approaches to meeting critical decarbonization goals through scalable, data-driven solutions across key end-use sectors.
About PureWest
PureWest Energy, LLC is a private energy company focused on developing its long-life gas reserves in Wyoming’s Green River Basin where the Company operates more than 108,000 net acres in the prolific Pinedale Field. PureWest’s commitment to stakeholders includes exceptional safety performance, an employee led community investment program, and industry leading emissions mitigation focused on rigorous Measurement, Monitoring, Reporting and Verification (MMRV) with ISO 14067 alignment. Additional information is available at PureWest.com.
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2024:
Revenue: US $136 billion Volumes: 232 million MT Gross profit: US $1.8 billion Net profit after taxes: US $729 million Equity: US $6.5 billion
Gunvor continued its track record of solid performance, posting a net income of US $729 million. The result reflects a return to more normalized energy markets compared with the previous two years, which featured significant volatility related to the global pandemic, the energy crisis, and international conflicts that had roiled energy markets.
The Group’s revenue increased to US $136 billion for the year, led by the growth of physically traded volumes of crude oil and refined products, which compensated for the lower-price commodities environment. Gunvor also continued to focus on trading Energy Transition commodities, which comprised almost 30% of total traded volumes.
While the Group’s result is lower than the highs of recent years, it remains above the pre-pandemic era and stands as the fourth-highest historically. Businesses related to the Energy Transition and shipping and chartering balanced those operating in the stabilized crude oil and refined product markets. Profits were further impacted by impairments, including for the Rotterdam refinery, whose processing units are being reviewed for mothballing.
During the year, the company formally entered or expanded into new market sectors through significant investments in: power generation in Spain; retail fuel distribution in Pakistan; upstream natural gas production in the United States; and solar development in Italy.
At year end, the Group’s equity stood at US $6.5 billion, which serves as a solid foundation for the future development of Gunvor’s trading and investment activities.
Gunvor’s shareholding at year-end stood at 84.79% held by Torbjörn Törnqvist, the majority beneficial owner, with the remaining 15.21% held by the Gunvor Employee Shareplan. There are no outside shareholders or economic interests.
Brisbane, Australia – Akaysha Energy, a market leader in large-scale battery energy storage systems (BESS), and Gunvor Group a global energy powerhouse, are pleased to announce a long term Offtake Agreement for Akaysha’s large scale Battery Energy Storage System (BESS), in Brendale, Queensland.
The risk-hedging offtake product, known as a Battery Revenue Swap Agreement, provides revenue certainty for the Brendale BESS while allowing Akaysha Energy to optimise operations and respond to market signals. Currently under construction, the project is scheduled to commence operations by early-to-mid 2026. The parties have also agreed to investigate similar arrangements for Akaysha’s Japanese Battery storage projects.
Located in Brisbane’s outer Northern suburbs, the Brendale BESS will have a capacity of 205 MW / 410 MWh, making it capable of charging from excess solar generation and storing enough energy to power up to 200,000 homes for up to 2 hours. The project’s Grid Forming capability will increase the robustness of the network voltage in the nearby major Queensland transmission infrastructure.
Market Innovation & Economic Viability
For Akaysha, the Offtake Agreement demonstrates its position as a market leader in securing innovative offtake agreements. This is the third Over-the-Counter (OTC) contract across its portfolio, with these bilateral offtake contracts providing better alignment and outcomes for both parties.
This Offtake Agreement follows the A$650 million debt financing Akaysha secured from a domestic and global syndicate of eleven banks to fund the construction of its 1,660MWh Orana BESS, complemented by a 12-year, 200 MW virtual toll offtake agreement with EnergyAustralia. And in July 2023, Akaysha completed what was the first Battery Revenue Swap Agreement of its kind at the time, with Re2 Capital, for its 150MW Ulinda Park BESS, in Queensland’s Western Downs.
With this Offtake Agreement in place, Akaysha’s total contracted capacity across its portfolio of four assets in construction now exceeds 1.6 gigawatts.
Importantly, the Offtake Agreement demonstrates the economic viability of large-scale batteries and that they can deliver appropriate returns through wholesale market pricing, which will further accelerate the deployment of energy storage infrastructure.
Paul Curnow, Managing Director and Chief Commercial Officer at Akaysha Energy, commented:
“This offtake with Gunvor highlights the growing sophistication of financial products Akaysha is developing with its partners to support Australia’s evolving energy landscape. The partnership ensures revenue certainty for Brendale BESS while preserving the flexibility needed to adapt to market dynamics. It’s an essential step in advancing large-scale battery projects like ours, which are critical for strengthening grid stability, ensuring long-term reliability, and supporting the transition as coal-fired power stations retire.”
With significant retirement of Queensland’s coal generation over the next decade (source), large-scale BESS projects like Brendale will play a pivotal role in enhancing grid stability and ensuring the grid remains resilient during this transition, particularly in managing unforeseen coal generator outages as they retire and addressing renewable intermittency.
Commenting on how the Agreement points to the growing opportunity of the Australian energy market and the role global partners can play supporting the transition to a more sustainable energy future, David Maher, Head of APAC Power Trading & Origination, added:
“This partnership will be an important part of Gunvor’s APAC strategy as we expand our involvement in the energy transition and provide risk management services. This landmark Agreement reflects the growing role of batteries in delivering much needed flexible and reliable energy solutions. We look forward to furthering our commitment to innovative, sustainable energy solutions.”
Energy Trading Capabilities
Akaysha’s expanding portfolio is backed by a growing energy trading team, leveraging advanced strategies to navigate Australia’s fast-paced NEM (National Electricity Market), where prices fluctuate every five minutes. Using cutting-edge tools like algorithmic auto-bidding, the team optimises asset performance and maximises market participation.
About Akaysha Energy Akaysha Energy is one of the largest BESS build, own, operators in Australia, with a pipeline of projects in the US and Japan. Established in Australia in 2021 as an Independent Power Producer (IPP), Akaysha has now grown to more than 140 people – with offices in Melbourne, Sydney, Brisbane, Singapore, Tokyo, Portland and Houston.
Supported by over A$3 billion in capital from global institutional investors, including BlackRock, Akaysha Energy currently has a 4GWh portfolio of four mega-scale BESS projects under construction, with an additional 20GWh in development across Australia. Akaysha Energy’s Waratah Super Battery (850MW/1680MWh) is the world’s most powerful battery and the largest single connection point in the NEM.
Akaysha Energy combines market-leading expertise in energy and capital markets, project development, revenue contracting, operations and trading. This deep in-house capability maximises value across all stages of the BESS lifecycle. For more information, visit akayshaenergy.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, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com
LAHORE (6 December 2024) – Gunvor Group, a leading global commodities trading company, has completed its acquisition of TotalEnergies’ 50% stake in Total PARCO Pakistan Limited (TPPL), after receiving all necessary approvals from relevant authorities and finalizing related agreements.
TPPL operated as a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan, with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The new entity will continue to serve its customers through its retail business under the existing “Total PARCO” brand, and its lubricants business under the “Total” brand in Pakistan.
“This acquisition represents a significant investment in the retail and distribution space, and contributes to Gunvor’s strategy of owning and investing in assets along the value chain that support our core trading operations,” said Shahb Richyal, Gunvor’s Global Head of Portfolio.
About Gunvor
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, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com
About Pak-Arab Refinery Limited (PARCO)
PARCO is a fully integrated energy company and is one of the largest companies in Pakistan’s corporate sector. A Joint Venture between the Government of Pakistan (60%) and the Emirate of Abu Dhabi (40%), PARCO is a leading energy company incorporated as a public limited company in 1974 through its Mubadala Investment Company. With its modern refinery, an extensive pipeline network, storage of over 1.5 million tons at various locations and marketing activities, PARCO is fueling Pakistan’s economic growth.
About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
SINGAPORE (7 July 2025) – Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Group”), has closed a US$1.285 billion sustainability-linked, syndicated revolving credit facility (“RCF” or “Facility”) on 13 June 2025. The Facility, which was launched initially at US$800 million in April 2025, received strong support from […]
Innovative Approach Focused on Delivering Impactful and Measurable Decarbonization Results PureWest Energy, LLC (“PureWest”), a leading Rocky Mountain independent natural gasNatural Gas Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane (CH4), but commonly includes varying amounts of other higher alkanes, and sometimes a small percentage… Read more producer recognized for its […]
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2024: Revenue: US $136 billionVolumes: 232 million MTGross profit: US $1.8 billionNet profit after taxes: US $729 millionEquity: US $6.5 billion Gunvor continued its track record of solid performance, posting […]
Brisbane, Australia – Akaysha Energy, a market leader in large-scale battery energy storage systems (BESS), and Gunvor Group a global energy powerhouse, are pleased to announce a long term Offtake Agreement for Akaysha’s large scale Battery Energy Storage System (BESS), in Brendale, Queensland. The risk-hedging offtake product, known as a Battery Revenue Swap Agreement, […]
LAHORE (6 December 2024) – Gunvor Group, a leading global commodities trading company, has completed its acquisition of TotalEnergies’ 50% stake in Total PARCO Pakistan Limited (TPPL), after receiving all necessary approvals from relevant authorities and finalizing related agreements. TPPL operated as a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan, […]
