A Global Business

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.

GENEVA – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.265 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 $1.775 billion 364-day Revolving Credit Facility with three 364-day extension options
• Tranche B: US $490 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 substantially upsized versus last year. Additional liquidity was successfully raised in both tranches. 

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,535,000,000 364-day tranche of the 2023 European Revolving Credit Facilities Agreement, and the US $280,000,000 3-year tranche of the 2022 European Revolving Credit Facilities Agreement.

The Facility has a US $400 million Accordion Option and complements the existing US $350 million 3-year tranche of the 2023 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 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.

“We are pleased to see growing support from our financing partners and to onboard new lenders in the Group’s flagship facility. The increase in commitments demonstrates the strong relationship the Company has with its banking group and its support of our growth strategy,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Arab Petroleum Investments Corporation (APICORP), 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, Mizuho Bank, Ltd., Natixis CIB, Qatar National Bank (Q.P.S.C.) Paris Branch, SMBC Bank International plc, Société Générale, UBS Switzerland AG and UniCredit Bank GmbH (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International plc, Société Générale and UniCredit Bank GmbH acted as Active Bookrunners while UBS Switzerland AG is Facility and Swingline Agent. Credit Agricole Corporate & Investment Bank and SMBC Bank International plc acted as Joint Sustainability Coordinators of the Facility.

First Abu Dhabi Bank PJSC joined as new Senior Mandated Lead Arranger.

Citibank N.A., Jersey Branch, Erste Group Bank AG and KfW IPEX-Bank GmbH are Mandated Lead Arrangers.

Banco BPM S.p.A, Bank of China Limited London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, DBS Bank Ltd., London Branch, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Industrial and Commercial Bank of China Limited, London Branch, OTP Bank plc. and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. National Bank of Ras Al-Khaimah and Nedbank joined as new Lead Arrangers.

ABC International Bank Plc, AfrAsia Bank Limited, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements SA, CaixaBank S.A., China CITIC Bank Corporation Limited, London Branch, Commerzbank AG, London Branch, Europe Arab Bank SA, First Commercial Bank London Branch, GarantiBank International N.V, Habib Bank AG Zurich, Mashreqbank psc, Raiffeisen Bank International AG and Union de Banques Arabes et Francaises – UBAF are Arrangers. Lloyds Bank plc joined as new Arranger.

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. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com

GENEVA – Gunvor Group, one of the largest independent energy commodities trading companies worldwide, has successfully closed its inaugural United States (US) Private Placement, totalling US $378.5 million of senior unsecured notes with US institutional investors placed under Section 4(a)(2) of the Securities Act.

The transaction was significantly oversubscribed from the launch amount of US $100 million, and comprises tenors of 3, 5, 7, 10 and 12 years, with almost half of the notes placed into the 10-year and the 12-year tranches.

“As Gunvor continues to grow its business off the back of two record years of performance, we’ve worked diligently to diversify our investor base and lengthen our debt profile,” said Jeff Webster, Gunvor Group CFO. “This transaction is an important milestone that reflects the trust we have built with a new set of institutional investors while opening up a new market for Gunvor that will help accelerate our long-term growth strategy.”

Funds from the transaction will support ongoing investment and trading activities as the company continues to grow its global platform.

“We are pleased to have had the opportunity to represent Gunvor in this debut USPP and achieve one of the largest issue sizes and longest maturities by an independent commodity trader in this market,” said Duncan Scott, Head of US Private Placements at Societe Generale.

Michael Haddad, Director for Private Placements at MUFG added: “MUFG is proud to have acted as Placement Agent on this very successful debut private placement for Gunvor. Gunvor’s Private Placement impressed in terms of size, tenor, flexibility, and quality of investors – a true testament to the strength of the Private Placement market and the Gunvor credit.”

Societe Generale and MUFG acted as Joint Placement Agents for 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, 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. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com.

• Includes a US $1.75 billion one-year tranche, US $584 million two-year tranche and a US $500 million accordion feature
• Rabobank acted as lead arranger on the transaction along with Societe Generale, ING Capital and MUFG Bank

HOUSTON – Gunvor USA LLC, an indirect wholly-owned subsidiary of Gunvor Group Ltd, has successfully closed the syndication of its US $2.34 billion uncommitted borrowing base credit facility. The facility, which benefited from strong oversubscription, includes a US $1.75 billion one-year tranche and a US $584 million two-year tranche, as well as a US $500 million accordion feature to support future growth.

The proceeds of the facility will refinance Gunvor USA’s existing US $1.94 billion borrowing base facility, which was initially launched in October 2023 and later increased through an accordion feature in May 2024. The purpose of the upsized facility is to provide continued working capital financing for the company’s merchant activities and fund general corporate purposes.

“Gunvor USA’s successful capital raise reflects the continued confidence of our banking partners in the U.S. business and Gunvor Group globally,” said David Garza, managing director of Gunvor USA. “Our business model has proven to be resilient during times of market stress. That success, combined with bank market support, affords us the ability to focus on strategic growth opportunities across North America.”

Thomas Smith, regional CFO for the Americas, commented: “We take pride in strong global collaboration across Gunvor. Our 21 financing partners—including four new lenders this year—have shown robust support for our company’s strategy and positive outlook.”

The facility is led by Rabobank, which serves as administrative agent, mandated lead arranger, active bookrunner, coordinator and left lead. Societe Generale, ING Capital and MUFG Bank also acted as mandated lead arrangers, the foremost holding responsibility as active bookrunner, while the latter both contribute as passive bookrunners.

Citibank N.A., Credit Agricole Corporate and Investment Bank, Natixis, New York Branch, and Sumitomo Mitsui Banking Corporation each serve as joint lead arrangers and share co-syndication agent duties.

Bank of China, New York Branch and First Abu Dhabi Bank USA N.V. join the facility as new co-documentation agents together with Deutsche Bank AG New York Branch, Industrial and Commercial Bank of China Limited, New York Branch, Mizuho Bank Ltd. and UBS Switzerland AG all acting in the same capacity.

Zukerman Gore Brandeis & Crossman, LLP serves as counsel to the administrative agent. McGuireWoods LLP serves as counsel to the borrower.​

About Gunvor Group
Gunvor Group Ltd 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 Group, 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. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com.

BILBAO – Gunvor Group (“Gunvor”), a leading global independent energy trading company, has completed the acquisition of a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. (“BBE”), a 785MW combined cycle power plant located in Bilbao, Spain from bp.

The deal, announced in December 2023, has been approved by all relevant regulatory bodies, including the European Union (EU) Commission’s review of Merger Control (EUMR) and Foreign Subsidies Regulation (FSR).

Ente Vasco de la Energía (“EVE”), the energy agency of Basque Country, holds the remaining 25% ownership stake in BBE.

BBE is Gunvor’s first investment in a power generation asset, while expanding the company’s commitment to developing Spain’s energy sector. Gunvor’s strength in natural gas/LNG and growing power business will complement operations at the plant and contribute positively to Spain’s economy over the long-term.

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