Gunvor Group Signs Purchase Agreement to Acquire Assets of Petroplus’ Ingolstadt Refinery and Related German Marketing Activities

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.

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.

GES is acquiring part of the assets of Stargate Terminal from Gunvor Group and will develop over 20 hectares of vacant land.
GES has ambitious plans to develop a large industrial site at Rotterdam for storage solutions for low carbon products to facilitate the energy transition.
This is the first deal announced by the newly formed GES, a company with a focus on energy transition fuels and related services.

________________________________________ Global Energy Storage (GES) announces today its first major investment at Europoort in the Port of Rotterdam. It is buying an interest in part of the assets of the Stargate Terminal from Gunvor Group and will develop more than 20 hectares at the heart of the port. The deal has been formally approved by the Port of Rotterdam Authority. The site includes a significant waterfront with deep water access, brownfield development opportunities and potential greenfield development sites. Gunvor will be a long-term partner of GES at the Port of Rotterdam. “We’re pleased to be partnering with GES to further support the development of environmentally responsible projects in the port of Rotterdam,” said Shahb Richyal, Global Head of Portfolio at Gunvor Group. “This deal is in line with Gunvor’s strategy to support the advancement of Energy Transition initiatives at our key asset locations.” Gunvor also recently announced that its Rotterdam facility will supply to material science company Dow cracker-ready feedstock, which will be used to produce circular plastics. GES’ ambitious plans include the development of a new multi-purpose seagoing jetty, as well as developing infrastructure for:

Consolidation of biofuel storage
Storage for renewable fuels
Gas storage
Gas to chemicals production
Green and blue hydrogen
Hydrogen carriers such as ammonia

Peter Vucins said, “This project aims to become one of the largest low-carbon developments at a world-class industrial hub, with the potential to significantly reduce the carbon footprint of future business in the Port of Rotterdam. Alongside a new jetty that we aim to develop and low-carbon commodity infrastructure, we are also looking to become part of the logistics chain needed to import blue and green hydrogen. I hope this gives a glimpse of the size of our ambitions.” The Port of Rotterdam is Europe’s largest port, with deep-water access and world-class connectivity to inland waterways and pipeline infrastructure. Peter Vucins said, “The port is ideally placed for this development, which will bring low-carbon technology to one of the world’s great trading hubs that has taken a leading position in the energy transition with very significant and ambitious developments of its own.” GES has a focus on energy transition fuels and fuels-of-the-future. Its strategy is to concentrate on key global hubs, international cross-linked business, and long-term relationships with top-tier energy suppliers. Eric Arnold, Executive Chairman of GES, added, “This is the first of what we hope will be many deals. We are looking to develop an international network of storage and logistics infrastructure for low-carbon commodities. You can expect to see a rapid expansion across 2021-22.” GES was set up by the management team from Global Petro Storage (GPS), the leading operator and developer of energy and chemical assets. GES has a unique proposition:

A proven management team with experience that is second-to-none
Private Equity backing, meaning swift decisions and a longer-term view
Exclusive focus on energy transition fuels

GES, which launched in May 2021, is backed by Bluewater, the specialist international private equity firm focused on the middle-market energy sector.

Gunvor: Repeat of Q2 Volatility Hard to See

Despite having its business model tested during the first half of 2020 commodities trader Gunvor’s robust risk management and strong market analysis helped it produce its best second quarter ever, according to CEO Torbjorn Tornqvist. Here, Tornqvist explains how Gunvor is well positioned to take advantage in a growing market for LNG, as well as discussing how its European refining operations have been adapted in response to Covid-19 and the firm’s view of the renewables sector, where it sees plenty of opportunity. EI: The second quarter of this year produced a “super-contango” the likes of which we have never seen before (EIF Jun.3'20). In this new era of global uncertainty caused by Covid-19, can you see this degree of turbulence returning to the oil markets? Törnqvist: The sell-off was created by a combination of several extraordinary factors. Starting with a misjudged Opec meeting in March, which resulted in free-for-all production at a time when we saw demand collapse like never in history. As a consequence, there was a massive oversupply to the tune of 20 million-30 million barrels for a short period of time. It is very hard to see this combination of circumstances hitting the market again in the foreseeable future. EI: It is often said that “volatility is a trader’s best friend.” Does this adage still hold true, or does market turbulence also bring risks with it? Törnqvist: Gunvor’s business model was really tested during the first half. Our risk management is robust and our market analysis is well developed. We managed to take advantage of the contango in the second quarter, as well as correctly read the volatility for oil. It is important to point out that for Gunvor, commodities not related to the oil collapse and contango also contributed to profits during this period. Obviously, it would be hard to have strong earnings without some volatility. EI: You have indicated that this will be a very good year for the company financially. On the back of the Q2 meltdown, are you expecting net profits to exceed last year’s? Törnqvist: We do not publish details during the year, but we can say the second quarter was the best quarter we have ever recorded due to the set of circumstances already described. Gunvor’s volumes of oil and liquid gas are steady at approximately 2.8 million barrels per day, which is more than sufficient for us to have a high return on equity. Market conditions since July have been more challenging than during the first half, and we have adjusted our trading accordingly. Earnings are back to “normal” expectations. EI: Gunvor is the largest trader of LNG, volumetrically, of all the trading firms. What is the secret to this exponential growth, and what will you have to do to sustain it in this current era of low gas prices? Törnqvist: Our LNG trading is truly global, based on long- and medium-term contracts, both on the supply and delivery sides. We are managing a sizable fleet of ships, and the sheer size of the book creates substantial optionality in the spot market. We believe the LNG market will grow for years to come. In our view, it is an important piece of any future energy mix, vis-à-vis the Energy Transition. EI: Can you afford to keep the three European refineries you own running, or will you have to consider selling or closing them? Törnqvist: Early on during the Covid crisis, we concluded there would be a surplus of refining capacity globally for a long time to come, even after the pandemic subsides, and especially so in Europe. We took the decision to mothball our Antwerp refinery. We will, however, continue terminal activities at the site, as well as assess future development opportunities for the land and existing units. In Rotterdam, we shut down the refinery’s two crude units, and operations will now focus on the desulfurization of high-sulfur products, the production of gasoline and the processing of biofuels. The Ingolstadt facility is a top-quartile European refinery with strong location advantage. EI: Traders such as Trafigura, Vitol and Mercuria have announced ventures to move into renewables. Is this an area you are looking into closely? Törnqvist: We are looking very closely at renewables and see plenty of opportunities. There is no silver bullet to the climate change issue. Many solutions are needed. As far as Gunvor is concerned, we have committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes. We have stopped trading coal and acquired two biofuel plants in Spain. Today, about 50% of our trading is Energy Transition commodities, including biofuels, natural gas and LNG. The commodity mix we are trading has a lower carbon footprint than it used to have. ... And, as a part of the Rotterdam [refinery] processes, we create hydrogen, which we are studying as well. As for investments, we have targeted 10% of net equity to be spent on non-(fossil fuel) energy solutions over the next couple years. We are currently assessing various options. For example, we believe that carbon capture solutions are required to meet zero-emissions goals, given the reality that hydrocarbons will still be a necessary part of the future energy mix. Batteries are also an area of interest because of their need to help manage the intermittent nature of renewables, such as solar and wind ... Power is not a commodity, per se. Renewables, like solar and wind, produce energy, and the “logistics” would include batteries, smart grids, and power lines. Power trading and related investments will be more important for Gunvor as we go forward. There is also a lot of excitement for hydrogen right now, and if there is success with it, it stands a good chance to be commoditized. We shouldn’t forget that at the end of the day all our trading activities need to be done on a commercial basis. Renewables, so far, do not have the same return as oil trading, but there is potential. EI: As banks come under greater pressure to move away from oil, do you see loans becoming harder to come by, or does Gunvor have banking relationships that will endure over the next few years? Törnqvist: We are in constant dialogue with our banking partners, and our aim is to form a common view with them, whereby Gunvor upholds its role in the energy transition. Gunvor was the first energy trader to launch sustainability-linked financing, in which the interest rate is tied to our ability to achieve numerous criteria, such as CO2 emissions reduction in our operations. This is audited by a third-party and, so far, we’ve been successful. Banks will continue to support companies in the energy sector that integrate sustainability and the energy transition in their business model. EI: The traders, and banks, put a much greater emphasis on compliance these days. Has this hindered your ability to develop new business, or has it been beneficial? Törnqvist: During the last decade, we’ve spent millions of dollars building a top-tier, independent compliance department. And we’re working continuously to improve our procedures to mitigate risks in our sector, whether they relate to sanctions, corruption, market conduct, or other areas. We have a zero-tolerance policy. Every employee, including myself, must undergo mandatory annual training. We have also adopted greater transparency standards, including supporting EITI [Extractive Industries Transparency Initiative] on payments to government disclosures. After experiences from the past, we pride ourselves on upholding very rigorous compliance standards, and we do turn away from deals as a result. If we lose business, so be it. EI: And finally, you have been in the trading business for over 30 years. Would you say it gives you the same level of excitement now as it did back in the 80s? Törnqvist: Throughout the years, I have seen oil trading change many times over. I was in the business, working at BP, at the time of the Iranian Revolution. This resulted in massive upheaval in the energy sector and gave rise to independent oil traders. Actually, you can draw some parallels to the thinking in the oil industry then and what we’re seeing today with the energy transition -- the same uncertainties, the same doubts about the future of oil. I feel very privileged to have started from this point in the early days. It provides important perspective on how we formulate a strategy where we align our use of energy, including hydrocarbons, to create a sustainable future, with a focus on climate change. Hydrocarbons will continue to be a necessary part of the future energy mix, but they need to be produced and used in a way that fully manages their emissions.

For the interview at Energy Intelligence

Gunvor Group (“Gunvor”), one of the world’s largest physical energy commodities traders, has closed a new sustainability-linked borrowing base facility (“Facility”) to support operations at Gunvor Refinery Ingolstadt. The EUR 450 million Facility complements Gunvor’s other US $725 million sustainability-linked borrowing base for refining activities in the ARA, and similarly has an interest rate dependent on the company’s year-on-year improvements in multiple sustainability criteria in the areas of “environment”, “social impact” and “governance”. “We’re pleased to be working closely with our banking partners to find new areas of our business for sustainability-linked opportunities,” said Muriel Schwab, Chief Financial Officer, Gunvor Group. “And despite the recent market volatility and uncertainty, it is very promising to see such strong lender support for this approach, as the Ingolstadt facility was heavily over-subscribed.” In 2018, Gunvor was the first energy commodities trading company to close a financing in which the interest rate was dependent on the company’s ability to meet sustainability criteria. Per the deal, Gunvor received a discount on its interest rate as sustainability targets were met; had Gunvor underperformed on the sustainability targets, a premium would have been added to the interest rate. That original facility has been renewed under the same terms. Gunvor continues to view the long-term challenge for companies in the physical energy commodities trading sector to be effectively positioning themselves within the “energy transition.” In 2019, “transitional” commodities (i.e., natural gas, LNG and biofuels) comprised 45% of total trading activity (compared with “traditional” crude oil and oil products), an increase from 28% the year prior. Gunvor also acquired two biofuel plants, and committed to no longer physically trading coal, activities which ceased in 2018. The company is now actively measuring its CO2 footprint while devising a sustainability plan, of which financing is an important aspect. Gunvor is on target to substantially reduce its CO2 footprint in 2020, and will continue to work toward continuous reductions year-over-year. Banks participating in the Ingolstadt Facility included: Bookrunner, Mandated Lead Arranger and Sustainability Coordinator

UniCredit Bank AG

Mandated Lead Arranger

CA Indosuez (Switzerland) S.A
DZ Bank AG Deutsche Zentralgenossenschaftsbank
KfW IPEWX-Bank GmbH

Lead Arranger

Industrial and Commercial Bank of China Ltd., London Branch

Arranger

Bank of China Ltd, London Branch
Commerzbank AG
Erste Group Bank AG
First Abu Dhabi Bank (PJSC)
Raiffeisen Bank International AG

Gunvor Group (“Gunvor”), one of the world’s largest physical energy commodities traders, has successfully met targets for its US $725 million sustainability-linked borrowing base financing and their performance has been subject to third party assurance from PricewaterhouseCoopers. Gunvor is the first energy commodities trading company to close a financing in which the interest rate is dependent on the company’s year-on-year improvements in 15 different sustainability criteria. Gunvor will renew the facility, including sustainability improvement criteria, for another year. “We’re proud to have lived up to the challenge set forth by this innovative financing, which Gunvor created with ING Bank,” said Muriel Schwab, Gunvor Group’s Chief Financial Officer. “Gunvor is already exploring other areas of our operations where we can undertake ‘green’ or ‘sustainability-linked’ financings. There is a lot the trading industry can do in terms of sustainability and the energy transition, and it is a focus of ours at Gunvor.” To achieve the lower interest rate, Gunvor had to meet different sustainability-related key performance indicators that focused on the “environment”, “social impact” and “governance”, and specifically addressed areas like reductions in CO2 emissions, waste and water management, improvements to personnel safety at refineries, transparency reporting related to feedstock origination (within the parameters of the company’s support for the Extractive Industries Transparency Initiative, or EITI), and others. Per the deal, Gunvor received a discount on its interest rate as sustainability targets were met; had Gunvor underperformed on the sustainability targets, a premium would have been added to the interest rate. This year’s performance results over these sustainability targets were subject to independent assurance from PricewaterhouseCoopers. The same terms apply to the renewal, which provides for the working capital requirements of the company’s Antwerp and Rotterdam refineries. Related savings from the lower interest rate go to supplement funding for Gunvor Foundation, the company’s not-for-profit entity dedicated to philanthropic giving. ING also acted as sole Coordinator and Active Bookrunner while maintaining its roles as Security Agent, Facility Agent and Fronting Bank. The banks participating in the Facility included:

ING Belgium, Brussels, Geneva Branch
DBS Bank Ltd., London Branch
Société Générale
Cooperatieve Rabobank U.A.
ABN Amro Bank N.V.
CA Indosuez (Switzerland) SA
Credit Suisse (Switzerland) Ltd.
Mizuho Bank Europe N.V.
Sumitomo Mitsui Trust Bank, Limited (London Branch)
UniCredit Bank AG
KfW IPEX-Bank GmbH
MUFG Bank, Ltd.
Raiffeisen Bank International AG
China Construction Bank (Zurich Branch)

Related savings will go to support new Gunvor Foundation Gunvor Group (“Gunvor”) has closed an innovative US $745 million secured borrowing base facility (“Facility”) that includes performance commitments related to Gunvor’s sustainability targets. Gunvor is the first energy commodities trading company to close a financing in which the interest rate will be dependent on the company’s year-on-year improvements in areas such as transparency, governance and the environment. The Facility, originally launched at US $625 million in 2012, was a renewal to provide for the working capital requirements of the company’s Antwerp and Rotterdam refineries. It was significantly oversubscribed to US $745 million through the addition of new lenders. The Facility was arranged by ING Bank, who acted as sole Coordinator and Active Bookrunner while maintaining its roles as Security Agent, Facility Agent and Fronting Bank. The structure for the sustainability targets was created by Gunvor in collaboration with ING Bank as the Sustainability Coordinator and supported by the consortium of banks. Gunvor will receive a discount on its interest rate if the sustainability targets have been met and vice-versa, if Gunvor severely underperforms on the sustainability targets, a premium will be added to the interest rate. This initiative will serve as a test run for a more expanded future program for the company’s financings. “By partnering with our banks to set goals that achieve substantive results, we are demonstrating the seriousness with which we integrate sustainability into our business.” said Jacques Erni, Gunvor Group CFO. The sustainability targets are focused on the “environment”, “social impact” and “governance”, and specifically address areas like reductions in CO2 emissions, waste and water management, improvements to personnel safety at the refineries, transparency reporting related to feedstock origination (within the parameters of the company’s support for the Extractive Industries Transparency Initiative, or EITI) and others. “Gunvor’s imperative has always been to take actions that are meaningful and credible, and we have worked closely with our banking partners to keep ahead of the market’s evolving expectations for sustainability in business and finance,” said Ben Winterton, Gunvor Group’s head of HSEC (health, safety, environment, human rights and communities). Related savings from the potentially lower interest rate will go to supplement funding for the recently launched Gunvor Foundation, the company’s not-for-profit entity dedicated to philanthropic giving. “ING is happy to be Gunvor’s partner in its sustainability journey. We expect this innovative transaction will serve as an example of how we and our peers can provide energy commodity trading clients with financial solutions which also address the key sustainability challenges in this sector,” said Patrick Arnaud, managing director for Trade Commodity Finance at ING Bank. The Facility’s increase was made possible thanks to the continuous support of the original lenders renewing and some increasing their participation levels, together with new entrants. The banks participating in the Facility are as follows:

ING Belgium, Brussels, Geneva Branch
DBS Bank Ltd., London Branch
Société Générale
Cooperatieve Rabobank U.A.
ABN Amro Bank N.V.
CA Indosuez (Switzerland) SA
Credit Suisse (Switzerland) Ltd.
Mizuho Bank Europe N.V.
Nedbank Limited, London Branch
Sumitomo Mitsui Trust Bank, Limited (London Branch)
UniCredit Bank AG
KfW IPEX-Bank GmbH
MUFG Bank, Ltd.
Raiffeisen Bank International AG

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 industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.GunvorGroup.com or @Gunvor. About Gunvor Foundation Gunvor Foundation provides scholarships, grants, and donations (impact investing) for initiatives that further the mission of empowering individuals to contribute meaningfully to the development of healthy communities, the reduction of poverty, and the improvement of environmental conditions on local and global levels. More information can be found at www.Gunvor-Foundation.com

GER Refinery

Gunvor Petroleum Rotterdam becomes Gunvor Energy Rotterdam

As a part of Gunvor Group’s commitment to support the Energy TransitionEnergy Transition refers to the global shift from reliance on fossil fuels such as coal, oil, and natural gas towards more sustainable and renewable energy sources like solar, wind, hydroelectric,... Read more, we have been making significant investments to expand our trading and transform […]

GER Refinery

Vopak and Port of Antwerp-Bruges to sustainably redevelop former Gunvor site

GER RCF

Gunvor successfully increases obsi revolving credit facility to usd 990 million

Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a USD 990 million Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) in favor of Gunvor SA, Gunvor International B.V., Gunvor Deutschland GmbH, Gunvor Singapore Pte. Ltd., Gunvor Raffinerie Ingolstadt GmbH and Gunvor Petroleum Rotterdam B.V.. The Facility received strong support from Gunvor’s banking and institutional […]

Biofuel GER

Air Products and Gunvor to Cooperate on Green Hydrogen Import Terminal in Rotterdam

Biofuel GER

Gunvor divests stake in rotterdam terminal to ges under long-term energy transition partnership

GES is acquiring part of the assets of Stargate Terminal from Gunvor Group and will develop over 20 hectares of vacant land. GES has ambitious plans to develop a large industrial site at Rotterdam for storage solutions for low carbon products to facilitate the energy transition. This is the first deal announced by the newly […]

GER Refinery

Gunvor se une a la Asociación Española de Operadores de Productos Petrolíferos

AOP suma así a siete grandes compañías dentro de la organización y aumenta su representatividad. Gunvor cuenta con una bioplanta en el País Vasco y otra en Huelva. El grupo Gunvor se ha unido a la Asociación Española de Operadores de Productos Petrolíferos como compañía socia de pleno derecho tras el acuerdo de la junta […]

Biofuel Crude

Energy Intelligence Interview with Torbjörn Törnqvist

Gunvor: Repeat of Q2 Volatility Hard to See Despite having its business model tested during the first half of 2020 commodities trader Gunvor’s robust risk managementRisk Management in the context of energy commodities trading refers to the identification, assessment, and prioritization of uncertainties followed by coordinated and economical application of resources to minimize, monitor, and... […]

Biofuel Crude

Gunvor closes new sustainability-linked borrowing base to support german refinery

GER Refinery

Gunvor meets targets, renews us $725 million sustainabilty-linked facility

Finance GER

Gunvor closes innovative us $745 million facility linked to sustainability targets

Related savings will go to support new Gunvor Foundation Gunvor Group (“Gunvor”) has closed an innovative US $745 million secured borrowing base facility (“Facility”) that includes performance commitments related to Gunvor’s sustainability targets. Gunvor is the first energy commodities trading company to close a financing in which the interest rate will be dependent on the […]

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