Chesapeake Energy Corporate and Gunvor sign long-term LNG supply agreement indexed to JKM

HOUSTON & BROWNSVILLE - Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), has signed a Heads of Agreement (“HOA”) with Gunvor Group through its subsidiary Gunvor Singapore Pte Ltd (“Gunvor”) for a 20-year LNG FOB sale and purchase agreement (“SPA”) for 0.5 MTPA of LNG from Texas LNG.

“We’re thrilled to welcome Gunvor to our portfolio of customers, connecting Texas LNG, one of the lowest-emitting liquefaction facilities in the world, with global economies in need of reliable, sustainable energy,” said Brendan Duval, CEO and Founder, Glenfarne Energy Transition and Co-President of Texas LNG.

“With the previously announced commencement of the execution phase of the project financing process, this agreement aligns with our plan to take a final investment decision on Texas LNG this year,” said Vlad Bluzer, Co-President of Texas LNG.

“We are pleased to have executed this agreement and become one of the foundation buyers of the Texas LNG project. Gunvor continues to support US LNG export projects, unlocking new supplies for the global energy market and providing energy security especially to our customers in Europe and Asia” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

Today’s news follows Texas LNG’s recently announced LNG tolling agreement with EQT Corporation (“EQT”). Texas LNG also recently announced partnerships with Baker Hughes, ABB and Gulf LNG Tugs of Texas. These partnerships total nearly one billion dollars of investment into the project.

Glenfarne Energy Transition, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024 commencing commercial operations in 2028. Glenfarne Energy Transition is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.

About Texas LNG
Texas LNG is a 4 MTPA LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader, Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com

About Glenfarne Energy Transition, LLC
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.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. The company, which in 2022 generated U.S. $150 billion in revenue on 165 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

OKLAHOMA CITY – Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, "Chesapeake"), Delfin LNG LLC ("Delfin") and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd ("Gunvor"), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements ("SPA") for long-term liquefaction offtake.

Under the SPA, Chesapeake will purchase approximately 0.5 million tonnes ("mtpa") of LNG per annum from Delfin at a Henry Hub price and contract targeted start date in 2028 then deliver to Gunvor on an FOB basis with the sales price linked to the Japan Korea Marker ("JKM") for a period of 20 years. These volumes will represent 0.5 mtpa of the previously announced up to 2 mtpa HOA with Gunvor.

Nick Dell'Osso, Chesapeake President and CEO, said, "Today's announcement cements an important step on our path to 'Be LNG Ready' and is further recognition of the depth of our portfolio and strength of our financial position. We are pleased to formalize our agreement which provides diversification and access to global LNG pricing while enabling the delivery of affordable, reliable, lower carbon energy to markets in need."

Dudley Poston, Delfin CEO, said: "We are excited to partner with a premier company like Chesapeake. We believe our unique liquefaction solution provides Chesapeake with commercial flexibility with a reduced environmental footprint, while providing a much-needed source of additional supply to key US allies and the global LNG market."

Kalpesh Patel, Co-Head of LNG Trading and a member of the Executive Committee of Gunvor, said, "This deal represents an important step in finalizing the 0.5 mtpa out of our total of 2.0 mtpa arrangement with Chesapeake, while expanding our existing cooperation with Delfin. We continue to provide reliable and competitive logistics services to our partners by utilizing our fleet consisting of vessels procured via term charters and equity ownership. Gunvor looks forward to establishing additional agreements with the companies in the near future."

About Chesapeake
Headquartered in Oklahoma City, Chesapeake Energy Corporation (NASDAQ:CHK) is powered by dedicated and innovative employees who are focused on discovering and responsibly developing leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.

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 LLC ("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 million tonnes of LNG per annum. 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 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. The company, which in 2021 generated U.S. $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact and include, but are not limited to, our ability to "Be LNG Ready" and to provide diversification and access to global LNG pricing while delivering affordable, reliable, lower carbon energy to markets in need. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "expect," "could," "may," "anticipate," "intend," "plan," "ability," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "guidance," "outlook," "opportunity" or "strategy." Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.

Factors that could cause our actual results to differ materially from expected results include those described under "Risk Factors" in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K which are available on its website at http://investors.chk.com. These risk factors include: the impact of inflation and commodity price volatility resulting from instability in Europe and the Middle East, COVID-19 and related supply chain constraints, and the impact of each on our business, financial condition, results of operations and cash flows.

We caution you not to place undue reliance on the forward-looking statements contained in this release which speak only as of the date of this release, and we undertake no obligation to update this information, except as required by applicable law. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC.

English
Spanish

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.

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.

Celsius Tankers (“Celsius”) expand their partnership with Gunvor Group Ltd (“Gunvor”) in the liquefied natural gas (LNG) sector with the chartering of four highly efficient, modern LNG carriers. The vessels, to be constructed by China Merchants Heavy Industry (Jiangsu) (CMHI), will support the growing LNG activities of Gunvor, one of the leading independent LNG trading companies in the world. Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (“ArcLight”), a leading middle-market infrastructure investor, to fund two of the LNG carriers. Gunvor will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor’s global position in the LNG market. All four vessels will enter long-term time charters with Clearlake Shipping, a subsidiary of Gunvor. Delivery will take place during 2026 and 2027. Celsius and Gunvor are committed to push boundaries for available design improvements to reduce environmental impact. These vessels’ highly efficient design minimizes CO2 emissions and methane slip from operations via installation of air lubrication, enhanced reliquefication capacity, optimization of hull shape and use of the best available paint system to reduce the vessels’ friction in water. The vessels will be built to ABS class with Enviro+ notation for improved criteria for environmental protection. Operational experience from Celsius’ current vessels demonstrates the efficiency of this design. The new order for four vessels at CMHI will be similar to the “ultra eco” Celsius vessels on order in Korea with improvements for emissions and reduced fuel consumption. The new vessels will be fitted with ME-GA propulsion. Gunvor’s Co-Head of LNG, Kalpesh Patel, remarked: “We are very pleased to further expand our relationship with Celsius while demonstrating our commitment to the industry, both as charterers and now through our first major equity investment in LNG carriers. Importantly, these vessels are in line with Gunvor’s commitment to cut Scope 1 and 2 emissions by 40% by 2025. We have further committed to convert 100% of our fleet to eco-vessels by 2027. Gunvor imposes strict Carbon Intensity ratings in our vetting process, and these efficient vessels are critical for Gunvor as we strive to deliver physical energy to our customers with the lowest possible carbon footprint.” Celsius Chairman, Jeppe Jensen, said: “We are very pleased to continue the growth of the LNG fleet and to expand the relationship with Clearlake and Gunvor. Celsius Copenhagen, our first LNG carrier, was delivered to Clearlake in 2020, and the relationship with Clearlake has further strengthened with this latest transaction. We are very pleased to further develop this business and to continue to deliver competitive and efficient services to Clearlake and Gunvor Group Ltd.” With this transaction, Celsius Tankers’ LNG fleet now counts 18 x 180,000 CBM vessels technically managed in-house by Celsius Tech Limited. ArcLight Partner, Lucius Taylor, commented: “This investment is highly complementary to ArcLight’s thesis in strategic natural gas infrastructure. We are excited to partner with Celsius, a highly sophisticated ship owner and operator with industry leading ESG credentials.” 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 — and in shipping assets that together complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated US $150 billion in revenue on 165 million MT of volumes, is also one of the leading independent global traders of liquefied natural gas (LNG). About Celsius Tankers Celsius Group is a leading ship owner and operator focusing on sustainable, infrastructure-like investments and special opportunities within the maritime industry. Celsius Group has a diversified fleet of +40 vessels across LNGCs, Product & Chemical Tankers as well as Container Feeders including newbuildings on order. Celsius Tankers’ LNGC fleet now totals 18 ultra efficient vessels, four vessels in operation and 14 Newbuildings on order. Celsius Group has an active approach to ESG including employee well being, reduction in carbon emissions and health & safety. Celsius Group has committed to the UN sustainable Development Goals with special focus on climate action, decent work and economic growth and life below water. About ArcLight ArcLight Capital Partners, LLC is an experienced, middle-market, value add infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, U.S.A., ArcLight's investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management operational partner. More information about ArcLight can be found at www.arclight.com.

Gunvor Group, a leading independent trader of liquefied natural gas (LNG) worldwide, has renewed its syndicated borrowing base facility (the “Facility”) to support the working capital needs of the company’s growing LNG activities globally. The syndication launched at US $1.2 billion and was oversubscribed, with strong appetite from new lenders, including more than 20 banks from Europe, the Middle East, Africa, and Asia. Six new banks joined. The Facility has been correspondingly increased from US $1.135 billion to US $1.565 billion. The Facility, which was inaugurated last year, has been structured around Gunvor’s global LNG trade flows, including shipping activities, and will finance physical and derivative positions. As a part of the Facility, Gunvor has committed to CO2 carbon emissions reporting to establish transparency for the carbon footprint of the company’s LNG value chain. “The very strong interest this financing has received from such a diversified pool of lenders reflects the global nature of Gunvor’s LNG activity,” said Tawfik Sadfi, Head of Structured Trade Finance at Gunvor Group. “LNG has secured a place as strategic commodity for both the Energy Transition and energy security.” “The successful refinancing and increase of this Facility underscores the extent to which a growing number of banks recognize LNG as part of the mainstream commodities market,” said Gertjan Lagerwerf, Director Rabobank Trade & Commodity Finance - Energy. “LNG has an important role in assuring energy security for many countries amid the current challenging geopolitical circumstances.” Ludivine Labarre, Global Head of Trade Commodity Finance at Societe Generale, added: “This landmark LNG borrowing base Facility embodies the long-term strategic move of Gunvor to support LNG transitional commodities contributing to both low-carbon future and energy security. Gunvor’s clearly defined trading strategy and business model, hand-in-hand with its sustainability commitments, continue to attract market confidence while paving the way for new ESG commitments linked to LNG activity.” Gunvor continues to uphold its commitments to define and communicate all greenhouse gas emissions related to its LNG trades. The latest information is published in the company’s annual Sustainability & Ethics Report. Gunvor has previously announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. For existing and new trading, dedicated programs are being established to manage emissions and environmental impact, while taking into account human rights considerations, in line with Gunvor’s commitment to the UNGPs on Business & Human Rights. Tracking and reporting of scope 1, 2, and 3 emissions related to the trading of LNG adds further to those commitments. Coöperatieve Rabobank U.A acted as the Lead Coordinator, Facility and Security Agent and Société Générale as Documentary Agent of the facility. Bookrunner & Mandated Lead Arranger

Coöperatieve Rabobank U.A
DBS Bank Ltd., London Branch (Singapore branch to add)
Oversea-Chinese Banking Corporation Limited
Natixis, Singapore Branch
Société Générale

Senior Mandated Lead Arranger

Abu Dhabi Commercial Bank PJSC
Industrial and Commercial Bank of China Limited, London Branch
ING Bank N.V., Amsterdam, Lancy / Geneva Branch
Qatar National Bank (Q.P.S.C.) Paris Branch
Mizuho Bank, Ltd.

Mandated Lead Arranger

Bank of China Limited
CA Indosuez (Switzerland) SA
Commercial Bank of Dubai PSC
SMBC Bank International plc

Arranger

Afrasia Bank Limited
Erste Group Bank AG
First Abu Dhabi Bank PJSC
Mashreqbank psc
Sumitomo Mitsui Trust Bank, Limited (London Branch)
The National Bank of Ras Al Khaimah (P.S.C)

Natural gas facility sees doubling of support from financing partners Gunvor Group (“Gunvor” or “the Company”) has successfully closed a EUR 570 million working capital transaction (the “Facility”), which consists of a syndicated, pan-European natural gas repo facility covering multiple jurisdictions in Europe with a shared security package. Eight banks supported the Facility, including four new lenders, enabling the arrangement to expand to cover eight eligible natural gas storage locations, up from three. “Thanks to a doubling of support from our banking partners, the flexibility and scope of this Facility increases considerably,” said Milos Spasic, Gunvor’s Head of STF Energy EMEA & Latam. “We’re now able to cover an expanded number of European storage facilities at a critical time in the market. This Facility remains unique to the market.” The renewal of the Facility allows Gunvor’s banking partners to participate in a natural gas financing structure with access to a robust security package based on a true sale transaction. This uniquely structured trade finance solution gives Gunvor the ability to secure, scale, and diversify access to competitive financing. The Facility was structured by Coöperatieve Rabobank U.A. (Rabobank) with its commodity trading subsidiary Brightfield Trading B.V. acting as “Grantor” and Gunvor acting as “Originator” and logistic agent. Rabobank acts as Coordinating Agent and Trustee of the facility as well as lead Participant. Other participants include CA Indosuez (Switzerland) SA; ING Bank N.V Amsterdam, Geneva branch; UBS Switzerland AG; Raiffeisen Bank International AG; Erste Group Bank AG; Die Sparkasse Bremen AG; and Mizuho Bank, Ltd. “Two years ago, Gunvor and Rabobank launched this transaction with the ambition to create an innovative working capital finance solution for Gunvor’s European natural gas activities that would be flexible, scalable, and cost competitive. Rabobank is delighted that we have been able to build on our excellent partnership to successfully expand the structure in both scale and in scope. Rabobank is committed to support its clients in the energy transition and has therefore developed a strong expertise in natural gas repo financing—supported by our lead counsel Norton Rose Fulbright LLP. Scaling up this first ever syndicated commodity repo structure during times of unprecedented market volatility is an outstanding achievement that all parties involved can be very proud of,” said Robin de Milliano, Senior Product Manager with Rabobank’s Structured Inventory Products. About Gunvor Group Gunvor is a leading participant in European and U.S. physical natural gas markets, performing wholesale trading with utilities and industrial customers. To support activities, Gunvor maintains a portfolio of investments—as well as medium- and long-term contracts and partnerships—in strategic assets, including in transportation, pipelines, storage, and regasification. Gunvor’s global market reach and advanced analytics enable the company to develop specialized transactions for customers, supported by top-tier risk management and trade finance services. Gunvor’s team also draws on the expertise of the company’s liquefied natural gas (LNG) team, the largest independent LNG trader worldwide, and is presently developing power trading to further complement operations. For more information, visit GunvorGroup.com. About Rabobank Group Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 43,272 per 31 December 2020. Rabobank Group is active in 38 countries. For more information about the Rabobank Group go to www.rabobank.com.

PT PGN Tbk as Pertamina Subholding Gas (PGN), which is committed to immediately realizing the potential of its natural gas and liquefied natural gas (LNG) trading in the international market, has established a collaborative partnership with Gunvor Singapore Pte. Ltd. (Gunvor), under which PGN and Gunvor will carry out the sales and purchase of LNG in international markets and expand cooperation in other businesses. Specifically, PGN has entered into a Master Sales and Purchase Agreement (MSPA) and Confirmation Notice (CN) with Gunvor to supply LNG. The LNG supplies from PGN will complement Gunvor's LNG portfolio, which is the largest amongst independent trading companies. "This collaboration is part of Pertamina’s strategy to monetise its LNG portfolio, and our companies’ cooperation holds considerable potential for other areas of collaboration. We already look forward to opening up other business opportunities,” said CEO of Pertamina Subholding Gas PT PGN Tbk M. Haryo Yunianto. Pertamina as the Oil and Gas Holding will support the supply of LNG from Pertamina's portfolio for PGN's business into the international market. PGN's Director of Strategy and Business Development Heru Setiawan is very enthusiastic about this collaboration, given that Gunvor is one of the largest global commodity trading companies in the world. The synergy with Gunvor opens up opportunities to pursue LNG business in both emerging and developed LNG markets, building on the traditional destinations to which Pertamina has access. “Partnering with Gunvor enables us to enter new markets where we previously had limited access. This collaboration is unique, and has the potential to become a solution in providing energy for regional and even other international destinations,” said Heru. “We are pleased to enter into our first LNG transaction with PGN, which will come in addition to our existing relationship with the Pertamina Group. We look forward to further cooperation with PGN to enable competitive and reliable LNG deliveries to the global market. This transaction will establish a new chapter between our companies and enable wider cooperation worldwide,” said Ksenia Alleyne, Co-Head of LNG Trading for Gunvor. While PGN's business portfolio is dominant in Indonesia, to enter international market, PGN requires strategic partners to accelerate penetration and commercialization. PGN and Pertamina Group continue to optimize their roles so that PGN's business development in the LNG trading international sector can be massively developed. 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 its core trading activity and generate sustainable value across the global supply chain for customers. The company, which in 2021 generated US $135 billion in revenue on 240 million MT of energy commodity volumes, is the leading independent trader of LNG worldwide.

Air Products (NYSE:APD) and Gunvor Petroleum Rotterdam (GPR), a wholly-owned subsidiary of Gunvor Group (Gunvor), have signed a joint development agreement for an import terminal in Rotterdam. The agreement responds to the accelerating demand for green energy sources to meet climate objectives and the need to diversify energy sources. The import terminal is expected to provide green hydrogen to the Netherlands in 2026. Green Hydrogen Economy Green hydrogen is key to the energy transition. It has significant potential to decarbonize hard-to-abate sectors, such as heavy-duty transport and industry. A substantial amount of renewable energy is needed to produce green hydrogen. It is unlikely that Europe will be able to produce these amounts locally, making large-scale, green hydrogen imports essential for reaching targets set under the European Union's (EU) "Fit for 55" legislative package and REPowerEU. With this project, the Netherlands would make a leading contribution to EU energy transition goals. Key Development Milestones The signing of the agreement is an important step towards an investment decision that will be taken as the companies gain confidence in the regulatory framework, permitting process, and funding support. Certification of the green hydrogen is needed to ensure that the imported green ammonia and resulting green hydrogen is recognized and counted towards the EU renewable energy targets. For funding support, this project seeks to be recognized as an 'Important Project of Common European Interest' (IPCEI). Air Products looks forward to continuing engagement with the relevant stakeholders to establish the broader support available to the project. Gateway to Northwest Europe The Gunvor site in Europoort Rotterdam is one of several European locations envisaged by Air Products for the development of a green hydrogen import terminal. It offers strategic access for receiving green ammonia from large-scale green hydrogen production locations operated by Air Products and its partners from projects around the world. The green ammonia will be converted to hydrogen and distributed to markets within Europe, including the Netherlands, Germany, and Belgium. Air Products and Gunvor both have a proven track record for reliability and safety and are committed to delivering world-class performance in personal and process safety. Benefits to the Dutch Economy Independent analysis from CE Delft has shown the project will ultimately deliver EUR 260-425 million of indirect economic benefits, culminating in thousands of new jobs over the coming years. The savings in carbon dioxide (CO₂) emissions to the transport sector, combined with the benefit of reduction in other harmful emissions, would create an overall environmental benefit valued at over EUR 100 million by 2030. Ivo Bols, President Europe and Africa, said, "Air Products is pleased to take a next step towards a green hydrogen import terminal in Rotterdam, together with our partner Gunvor. Hydrogen import is essential to diversify our energy resources and meet climate objectives. Air Products, the largest hydrogen producer in the world, is committed to contribute to both ambitions by accelerating the development of the European green hydrogen economy via first-mover projects like these. We are looking forward to further cooperation with Gunvor to make Rotterdam ready for green hydrogen imports." "Gunvor is pleased to be partnering with Air Products through Nyera, our investment vehicle dedicated to supporting the Energy Transition, in order to leverage strategic locations such as our Rotterdam facility in a way that advances the development of sustainable and renewable energy initiatives," said Shahb Richyal, Global Head of Portfolio at Gunvor. Allard Castelein, CEO Port of Rotterdam: "We are very supportive of Air Products' and Gunvor's plans, which are a great example of using a brownfield location to set up a new import terminal for green ammonia in the port of Rotterdam. Both companies have been active in the energy sector for a long time and are responding to society's demand to reduce greenhouse gas emissions as well as to increase Europe's energy independence. Green ammonia is not only a hydrogen carrier and a feedstock for the chemical industry, but it's also an important renewable fuel for the shipping sector. First-mover projects like this will make Rotterdam Europe's foremost Hydrogen Hub." 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 core trading activities and generate sustainable value across the global supply chain for customers. In 2021, Gunvor reported turnover of US $135 billion on volumes of 240 million MT. Approximately 50% of the company's trading consists of "transitional" commodities, including biofuels, natural gas and LNG. For more information, visit GunvorGroup.com. About Air Products Air Products (NYSE:APD) is a world-leading industrial gases company in operation for over 80 years. Focused on serving energy, environment and emerging markets, the Company provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemical, metals, electronics, manufacturing, and food and beverage. Air Products is also the global leader in the supply of liquefied natural gas process technology and equipment. The Company develops, engineers, builds, owns and operates some of the world's largest industrial gas projects, including: gasification projects that sustainably convert abundant natural resources into syngas for the production of high-value power, fuels and chemicals; carbon capture projects; and world-scale low- and zero-carbon hydrogen projects supporting global transportation and the energy transition. The Company had fiscal 2021 sales of $10.3 billion from operations in over 50 countries and has a current market capitalization of about $55 billion. More than 20,000 passionate, talented and committed employees from diverse backgrounds are driven by Air Products' higher purpose to create innovative solutions that benefit the environment, enhance sustainability and address the challenges facing customers, communities, and the world.

LNG

Gunvor and Pakistan LNG Limited settle all outstanding legal proceedings

LONDON – Gunvor and Pakistan LNG Limited confirm they have now settled all outstanding legal proceedings on terms satisfactory to all concerned. The parties look forward to continuing to work together. The terms and details of the settlement are subject to confidentiality agreements. About Gunvor GroupGunvor is one of the world’s largest independent commodities trading […]

LNG

Glenfarne Energy Transition’s Texas LNG Announces LNG Offtake Agreement with Gunvor Group

HOUSTON & BROWNSVILLE – Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy TransitionEnergy Transition refers to the global shift from reliance on fossil fuels such as coal, oil, and natural […]

LNG

Chesapeake Energy Corporation, Delfin LNG and Gunvor sign long-term LNG liquefaction offtake agreement indexed to JKM

OKLAHOMA CITY – Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, “Chesapeake”), Delfin LNG LLC (“Delfin”) and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd (“Gunvor”), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements (“SPA”) for long-term liquefaction offtake. Under […]

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.

LNG

Delfin Midstream Signs Long-Term LNG Supply Agreement with Gunvor

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 Shipping

Gunvor partners with Celcius Tankers and Arclight on new LNG tanker order

Finance LNG

Gunvor closes us $1.565 billion lng syndicated borrowing base facility

Finance LNG

Gunvor upsizes innovative natural gas facility to eur 570 million

Natural gas facility sees doubling of support from financing partners Gunvor Group (“Gunvor” or “the Company”) has successfully closed a EUR 570 million working capital transaction (the “Facility”), which consists of a syndicated, pan-European natural gas repo facility covering multiple jurisdictions in Europe with a shared security package. Eight banks supported the Facility, including four […]

LNG

Pertamina Subholdings Gas and Gunvor partners on global LNG supplies

Biofuel GER

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