Gunvor closes €450 million borrowing base facility to support german operations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Four new banks join existing lending group Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V. The Facility received strong support from Gunvor’s existing banking and institutional partners and welcomed four new participants. The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off-balance sheet instruments as part of its business in the form of standby letters of credit, bid bonds, performance bonds, and various other types of guarantee instruments. “The sizeable increase in the Facility reflects Gunvor’s growth over the past two years and our desire to expand globally,” said Jeff Webster, Gunvor’s Chief Financial Officer. “This is a clear demonstration of the commitment of our banking and insurance partners to support our strategy.” ING Bank N.V. (“ING”) acted as sole Coordinator and Documentation Agent in the Facility. Société Générale will continue its role as the Facility Agent and Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks. The Facility, which was launched at US $1 billion was significantly oversubscribed after syndication and subsequently increased to US $1.37 billion. The participation banks and institutions in the Facility are as follows:

ABC International Bank Plc
Abu Dhabi Commercial Bank PJSC
Atradius
Bank of China Limited, London Branch
CA Indosuez (Switzerland) SA
China Construction Bank Corporation, Beijing, Swiss Branch Zurich
Commercial Bank of Dubai PSC
Commerzbank AG, London Branch
Coöperatieve Rabobank U.A.
Credendo Guarantees & Specialty Risks
Credit Suisse (Switzerland) Ltd.
DBS Bank Ltd., London Branch
Deutsche Bank AG, Amsterdam Branch
DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
Erste Group Bank AG
Euler Hermes SA
First Abu Dhabi Bank (PJSC)
HCC International Insurance Company Plc
Industrial and Commercial Bank of China Limited, London Branch
ING Bank N.V.
Liberty Mutual Insurance Europe SE
Lloyds Bank PLC
Markel Insurance SE
Mizuho Bank, Ltd
Natixis
Raiffeisen Bank International AG
SMBC Bank International plc
Société Générale
Sumitomo Mitsui Trust Bank, Limited (London Branch)
UBS Switzerland AG

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Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1.035 billion sustainability-linked, syndicated revolving credit facility (the “Facility”) on 16 June 2023. The Facility, which was launched initially at US $550 million in April 2023, benefited from strong support from a total of 26 existing and new banks and closed significantly oversubscribed by over 88 percent, increasing the total facility amount from the previous year. The Borrower has further upsized the Facility by US $90 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after June 2023, bringing the total Facility amount to US$1.125 billion as of 14 July 2023. The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital purposes. This is the second time the Borrower is using the sustainability-linked loan structure, which was first introduced in the Company’s European flagship corporate facility in 2021 and adopted in the Asian RCF in 2022. It includes ambitious sustainability Key Performance Indicators (KPIs) covering climate change and Human Rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the impact of the Group's assets, JVs and suppliers on Human Rights. "The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners, supported by our strong performance and positive outlook. We are also glad to welcome new lenders joining our anchor facility", 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., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Ltd were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility, with Agricultural Bank of China Limited, Singapore Branch, Arab Petroleum Investments Corporation (APICORP), Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC – Singapore Branch and State Bank of India, Singapore Branch joined as the Bookrunning Mandated Lead Arrangers. Natixis, Singapore Branch also acted as Facility Agent and Sustainability Coordinator of the Facility. Coöperatieve Rabobank U.A., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch and ING Bank N.V., Singapore Branch are Senior Mandated Lead Arrangers. Indian Bank, Singapore joined as a new Mandated Lead Arranger, whereas Credit Suisse (Switzerland) Ltd., Société Générale, a public limited company incorporated in France, acting through its Hong Kong branch, Mizuho Bank, Ltd and UBS AG, Singapore Branch remain as Mandated Lead Arrangers. Furthermore, Habib Bank Limited, Singapore Branch joined as a new Lead Arranger, while Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch remain as Lead Arrangers. Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce - BRED (Suisse) SA, Commerzbank Aktiengesellschaft, Singapore Branch, National Bank of Fujairah PJSC and United Overseas Bank Limited remain as Arrangers, with BCP Bank (Mauritius) Ltd. joining as a new Arranger.

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Dutch tank storage company Vopak is acquiring the shares of Gunvor Petroleum Antwerp from commodity trader Gunvor Group Ltd (“Gunvor”), giving it access to the Gunvor concession in the Antwerp port area. Vopak is committed to sustainably redeveloping the site. For example, together with the Port of Antwerp-Bruges, the company will focus on joint development/implementation to support renewable energy. This is another important step towards a climate-neutral economy. The site is some 105 hectares in size and offers deep-sea, river, road and rail access, as well as pipeline connections to Northwest Europe. The adjacent and future pipelines are suitable for transporting i.a. propylene, ethylene, CO2 and hydrogen. New green energy hub Vopak will reconfigure the concession with the primary aim of making a positive contribution to the decarbonisation of the industrial cluster on the Antwerp port platform. Where necessary, soil remediation will take place in close consultation with internal and external experts and authorities. Furthermore, the Port of Antwerp-Bruges and Vopak will continue their discussions to structure their common strategic ambition, which is to jointly develop a new green energy hub. Shahb Richyal, Global Head of Portfolio, Gunvor: "Since rescuing GPA from insolvency in 2012, Gunvor has been committed to operating the refinery and terminal as a responsible tenant and employer in the Port of Antwerp. Over many years of operations, Gunvor invested considerably in the asset, and through the mothballing process and subsequent cessation of all activities sought to ensure that all stakeholders and employees were treated fairly, and that the environment remained respected. By reaching an agreement with Vopak for the acquisition of the shares of GPA, Gunvor is ensuring the site will have a new future under responsible leadership". Jacques Vandermeiren, CEO Port of Antwerp-Bruges: “As Port of Antwerp-Bruges, we’re very pleased that Vopak has found expansion opportunities on the Gunvor site. This Dutch global player has been an established value on the Antwerp port platform for many years and will continue to focus on green ammonia, sustainable fuels and finer chemical products at the new site.Not only does this allow Vopak to continue to grow within our port in line with the strategy of the Port of Antwerp-Bruges, but we’re also demonstrating how, as a port, we’re shaping the energy transition together with businesses.” Annick De Ridder, Vice-Mayor of the City of Antwerp and President of the board of directors of Port of Antwerp-Bruges: "The collaboration with Vopak fits perfectly with Port of Antwerp-Bruges' ambition to become the energy gateway to Europe as a 'green port'. That this global player that has been anchored in our port for years can now sustainably expand within Europe's largest petrochemical cluster is excellent news. In this way, the Dutch company Vopak makes Flanders' economic engine continue to turn swiftly." Patrick van der Voort, President Europe & Africa, Royal Vopak: “We’re very pleased to have access to this prime location in Europe’s leading petrochemical cluster. It offers us a unique opportunity to implement our strategy, forge new partnerships and support the industry in its decarbonisation by developing critical infrastructure. The site’s extensive size, strategic location and connectivity to Northwest Europe offer unparalleled opportunities.”

About Royal Vopak Royal Vopak is the world’s leading independent tank storage company. We store vital products with care. Products for everyday life. The energy that allows people to cook, heat or cool their homes and for transportation. The chemicals that enable companies to manufacture millions of useful products. The edible oils to prepare food. We take pride in improving access to cleaner energy and feedstocks for a growing world population, ensuring safe, clean and efficient storage and handling of bulk liquid products and gases at strategic locations around the world. We are excited to help shape a sustainable future by developing infrastructure solutions for new vital products, focusing on zero- and low-carbon hydrogen, ammonia, CO2, long duration energy storage and sustainable feedstocks. We have a track record of over 400 years in navigating change and are continuously investing in innovation. On sustainability, we are ambitious and performance driven, with a balanced roadmap that reflects key topics that matter most to our stakeholders and where we can have a positive impact for people, planet and profit and the United Nations Sustainable Development Goals. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands. For more information, please visit www.vopak.com.

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Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.645 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from both existing and new banking partners, increasing the total amount of the facility from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the existing USD 1,175,000,000 364-day tranche of the 2021 European Revolving Credit Facilities Agreement, dated 10 November 2021, and the USD 220,000,000 3-year tranche of the 2020 European Revolving Credit Facilities Agreement dated 10 November 2020. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.375 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 270 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility, which has a USD 400 million Accordion Option, complements the existing USD 290 million 3-year tranche of the 2021 European Revolving Credit Facilities Agreement. After the introduction of ESG KPIs in the Group’s European flagship corporate facility in 2021, the Group adopted sustainability KPIs in its Asian RCF facility earlier this year. Gunvor has a strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The structure is composed of four KPIs relating to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. The KPIs have been readopted and extended in this year’s European Revolving Credit Facilities Agreement. Each KPI is annually tested and externally verified. "Gunvor is delighted with the successful refinancing of its European revolving credit facility. Given the context of the considerable market and geopolitical turbulence of the year, the extension and increase of the facility demonstrates the clear strength and resilience of the relationship the company has with its banking partners,” said Jeff Webster, Group Chief Financial Officer of Gunvor Group. “We deeply appreciate the long-standing support of our core banking group and are pleased to welcome a new bank to the facility. The continued inclusion of sustainability KPIs further reinforces Gunvor’s commitment to advancing an ESG agenda in support of the Energy Transition.” Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch remained Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Citibank N.A., Jersey Branch, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG remain/areas Mandated Lead Arrangers. Erste Group Bank AG and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. Arab Banking Corporation SA, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank, Raiffeisen Bank International AG are Arrangers. Bank of China Ltd, London Branch joined as a new Arranger. Afrasia Bank Limited, GarantiBank International N.V. and Union de Banques Arabes et Françaises remain as Participant.

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Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 1.645 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from both existing and new banking partners, increasing the total amount of the facility from the previous year. The RCF will be used for general corporate purposes, including the refinancing of the existing USD 1,175,000,000 364-day tranche of the 2021 European Revolving Credit Facilities Agreement, dated 10 November 2021, and the USD 220,000,000 3-year tranche of the 2020 European Revolving Credit Facilities Agreement dated 10 November 2020. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

Tranche A: USD 1.375 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: USD 270 million 3-year Revolving Credit Facility with one 364-day extension option

The Facility, which has a USD 400 million Accordion Option, complements the existing USD 290 million 3-year tranche of the 2021 European Revolving Credit Facilities Agreement. After the introduction of ESG KPIs in the Group’s European flagship corporate facility in 2021, the Group adopted sustainability KPIs in its Asian RCF facility earlier this year. Gunvor has a strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The structure is composed of four KPIs relating to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. The KPIs have been readopted and extended in this year’s European Revolving Credit Facilities Agreement. Each KPI is annually tested and externally verified. "Gunvor is delighted with the successful refinancing of its European revolving credit facility. Given the context of the considerable market and geopolitical turbulence of the year, the extension and increase of the facility demonstrates the clear strength and resilience of the relationship the company has with its banking partners,” said Jeff Webster, Group Chief Financial Officer of Gunvor Group. “We deeply appreciate the long-standing support of our core banking group and are pleased to welcome a new bank to the facility. The continued inclusion of sustainability KPIs further reinforces Gunvor’s commitment to advancing an ESG agenda in support of the Energy Transition.” Coöperatieve Rabobank U.A., Credit Agricole Corporate and Investment Bank, Credit Suisse (Switzerland) Ltd., ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale, UBS Switzerland AG and UniCredit Bank AG (together the “Bookrunning Mandated Lead Arrangers”) were mandated to arrange the Facility. Coöperatieve Rabobank U.A., Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis, SMBC Bank International Plc, Société Générale and UniCredit Bank AG acted as Active Bookrunners while Credit Suisse (Switzerland) Ltd is Facility and Swingline Agent. Natixis and Société Générale acted as Joint Sustainability Coordinators of the Facility. Arab Petroleum Investments Corporation (Apicorp) - Foreign Branch remained Bookrunning Mandated Lead Arranger. Emirates NBD PJSC, Citibank N.A., Jersey Branch, Industrial and Commercial Bank of China Limited, London Branch and Mizuho Bank are Senior Mandated Lead Arranger. China Construction Bank Corporation, Beijing, Swiss Branch Zurich and DZ Bank AG remain/areas Mandated Lead Arrangers. Erste Group Bank AG and Sumitomo Mitsui Trust Bank, Limited (London Branch) are Lead Arrangers. Arab Banking Corporation SA, Arab Bank (Switzerland) Ltd, Banque de Commerce et de Placements, Commerzbank Aktiengesellschaft, London Branch, Europe Arab Bank, Habib Bank AG, KfW Ipex-Bank Limited, Mashreqbank, Raiffeisen Bank International AG are Arrangers. Bank of China Ltd, London Branch joined as a new Arranger. Afrasia Bank Limited, GarantiBank International N.V. and Union de Banques Arabes et Françaises remain as Participant.

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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.

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SINGAPORE (23 June 2022) – Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US$912 million sustainability-linked, syndicated revolving credit facility (the “Facility”) on 20 June 2022. The Facility, which was launched initially at US$500 million in April 2022, benefited from strong support from a total of 23 banks and closed significantly oversubscribed by over 82 per cent, increasing the total facility amount from the previous year. The Borrower may look to upsize the Facility further via an up to US$200 million accordion feature, which was structured to accommodate banks that are interested to join the Facility after June 2022. The 364-day Facility, which is guaranteed by the Company and includes an extension option to extend by up to 12 months, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital requirements. This is also the first-time for the Borrower to implement a sustainability-linked loan structure, including ambitious ESG Key Performance Indicators covering climate, energy transition and human rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to sustainability. The KPIs relate to the reduction of scope 1 and 2 emissions; the improvement of energy efficiency of the shipping fleet and reduction of scope 3 emissions; and the assessment of the Group’s assets and JVs against Human Right principles. “We are grateful for the tremendous support from our banking partners during this extremely challenging period of record volatility and uncertainty” said Regional CFO Jean Rohr. “Our partners found confidence in our strong financial results, solid liquidity management and commitment to the energy transition”. China CITIC Bank International Limited, DBS Bank Ltd., and Natixis, Singapore Branch are the active bookrunning mandated lead arrangers for the Facility, with Abu Dhabi Commercial Bank PJSC, Agricultural Bank of China Limited, Singapore Branch, Emirates NBD Bank (P.J.S.C), Singapore Branch and MUFG Bank, Ltd., Singapore Branch as the bookrunning mandated lead arrangers. Coöperatieve Rabobank U.A., Singapore Branch, First Abu Dhabi Bank P.J.S.C., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch, ING Bank N.V., Singapore Branch are senior mandated lead arrangers, while Oversea-Chinese Banking Corporation Limited, Credit Suisse (Switzerland) Ltd., UBS AG, Singapore Branch, Mizuho Bank, Ltd., SOCIÉTÉ GÉNÉRALE, a public limited company incorporated in France, acting through its Hong Kong branch are mandated lead arrangers. Furthermore, Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch joined the Facility as lead arrangers, while Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce-BRED (Suisse) SA, National Bank of Fujairah PJSC, United Overseas Bank Limited and Commerzbank Aktiengesellschaft, Singapore Branch joined as arrangers. The Facility supports Gunvor’s established and continuing global growth strategy, which consists of geographic expansion, product diversification and investments along the value chain.