Gunvor secures new us $1.135 billion lng syndicated borrowing base facility

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

Tranche A: US $1.775 billion 364-day Revolving Credit Facility with three 364-day extension options
Tranche B: US $490 million 3-year Revolving Credit Facility with one 364-day extension option

Thanks to strong support from existing and new banking partners, the Facility ended up substantially upsized versus last year. Additional liquidity was successfully raised in both tranches.

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

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

The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified.

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

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

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

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

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

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

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover creating logistics solutions that safely and efficiently move physical energy, bulk materials and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com

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

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

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

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

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

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

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

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

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

About Gunvor Group
Gunvor Group Ltd is one of the world’s largest independent commodities trading houses by turnover creating logistics solutions that safely and efficiently move physical energy, bulk materials and base metals from where they are sourced and stored to where they are demanded most. Gunvor Group, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com.

SINGAPORE – Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Group”), has closed a US $1.2 billion sustainability-linked, syndicated revolving credit facility (“RCF” or “Facility”) on 14 June 2024.

The Facility, which was launched initially at US $750 million in April 2024, benefited from strong support from Gunvor’s banking partners and attracted new banks, and closed significantly oversubscribed by over 60%, increasing the total facility amount from the previous year. The Borrower has further upsized the Facility by US $120 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after signing, bringing the total Facility amount to US$1.32 billion as of 12 July 2024.

The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, will be used for general corporate and working capital purposes, including the refinancing of the Borrower’s existing US$ 1.035 billion 2023 Asia Sustainability-linked Revolving Credit Facility.

Similar to previous financings, the Facility includes four sustainability Key Performance Indicators (KPIs) supporting the Group’s strong commitment to improve the environmental 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 tested annually and verified externally in line with LMA SLL principles.

"The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners. The strong relationship we have with our core financing partners, enhanced by the welcome addition of several new lenders into our upsized anchor facility, demonstrates their support for the Group’s strong performance and positive outlook," said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific.

Abu Dhabi Commercial Bank PJSC, China CITIC Bank International Limited, DBS Bank Ltd., MUFG Bank, Ltd. and Oversea-Chinese Banking Corporation Limited were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility. Agricultural Bank of China Limited, Singapore Branch, Arab Petroleum Investments Corporation, Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC – Singapore Branch, Natixis, Singapore Branch and State Bank of India, Singapore Branch remain as the Bookrunning Mandated Lead Arrangers. Indian Bank and Union Bank of India, DIFC Branch, Dubai joined as new Bookrunning Mandated Lead Arrangers. DBS Bank Ltd. also acted as syndication coordination agent, while Natixis, Singapore Branch also acted as Facility Agent, legal and documentation agent and sustainability coordinator of the Facility.

Coöperatieve Rabobank U.A., Singapore Branch, UBS AG, Crédit Agricole Corporate and Investment Bank, Singapore Branch, and ING Bank N.V., Singapore Branch are Senior Mandated Lead Arrangers.

China CITIC Bank Corporation Limited, Shanghai Branch joined as a new Mandated Lead Arranger, while Mizuho Bank, Ltd, Société Générale, a public limited company incorporated in France, acting through its Hong Kong branch, and United Overseas Bank Limited are Mandated Lead Arrangers.

Furthermore, Westpac Banking Corporation, Singapore Branch, Bank of China Limited, Singapore Branch and China Construction Bank Corporation Singapore Branch all joined as new Lead Arrangers, whereas Commerzbank Aktiengesellschaft, Singapore Branch, Habib Bank Limited, Singapore Branch, Krung Thai Bank Public Company Limited, Singapore Branch, and Sumitomo Mitsui Banking Corporation Singapore Branch are the Lead Arrangers.

Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce - BRED (Suisse) SA, and National Bank of Fujairah PJSC remain as Arrangers.

About Gunvor Group
Gunvor Group is one of the world's largest independent commodities trading houses by trading volume, creating logistics solutions that safely and efficiently move physical energy from where it is sourced to where it is demanded most. With strategic investments in industrial infrastructure (refineries, pipelines, storage and terminals), Gunvor further generates sustainable value across the global supply chain for its customers. The Group's 3 main trading hubs are in Geneva, Singapore and Houston, with other trading offices in Stamford, Dubai, London and Shanghai, supported by a network of more than 20 representative and other trading offices around the globe.

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.

GENEVA – Gunvor Group, a leading global physical energy trading company, has closed a EUR 400 million, 5-year term loan (the “Facility”) guaranteed by SACE, the Italian Export Credit Agency (“ECA”) with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe.

“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group Chief Financial Officer.

"In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies," stated Ciro Aquino Regional Manager Middle East – Head of Dubai Office SACE. The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets.

“UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape,” said Stefan Koller, Global Head of Asset Based Financing at UniCredit.

UniCredit Bank AG acted as Global Coordinator, Bookrunner, Documentation Agent and is the Facility Agent. Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V. and Unicredit Bank AG act as Mandated Lead Arrangers and Erste Group Bank AG acts as Lead Arranger for the Facility.

Clifford Chance, as Legal Counsel to SACE and UniCredit, contributed to finalising the transaction.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy 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.

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.

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.

Finance

Gunvor secures US $2.265 billion sustainability-linked, multi-currency revolving credit facility

GENEVA – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.265 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA: Thanks to strong support from existing and new banking […]

Finance

Gunvor USA upsizes Credit Facility to US $2.3 billion

Finance

Gunvor secures US $1.32 billion sustainability-linked syndicated RCF with over-subscription and accordion

Finance

Gabon National Oil Company partners with Gunvor on Assala Energy acquisition

LIBREVILLE – The Gabon National Oil Company (Gabon Oil Company), which exercised its pre-emptive rights in November 2023 and subsequently entered into a sale and purchase agreement with Carlyle in February 2024, is pleased to announce the successful completion of its acquisition of Assala Energy, an oil exploration and production company active in Gabon, whose […]

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 Transition, LLC (“Glenfarne”), has signed a Heads of Agreement (“HOA”) with Gunvor Group through its subsidiary Gunvor Singapore […]

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 […]

Finance

Gunvor closes new EUR 400 million facility backed by Italy’s SACE

Gunvor Group has closed a EUR 400 million, 5-year term loan guaranteed by SACE, the Italian Export Credit Agency with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services.

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 […]

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