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Ukraine agri-producer secures EIB funds
Ukraine agri-producer secures EIB funds
Jonathan Bell
17 October 2014

The European Investment Bank (EIB) has agreed to lend €50 million ($63.4 million) to Firma Astarta-Kiev, a leading Ukrainian agro-industrial producer. The facility is the development bank’s first loan to the Ukrainian private sector.

Ukraine’s Kernel gains EBRD financing through syndicated loan facility
Ukraine’s Kernel gains EBRD financing through syndicated loan facility
Dalia Gebrial
17 October 2014

Ukrainian agribusiness company Kernel Group (Kernel) has gained a $50 million loan from the European Bank for Reconstruction and Development (EBRD).

Noble Group and Cofco complete agribusiness JV
Noble Group and Cofco complete agribusiness JV
Jonathan Bell
16 October 2014

Asia-based commodity trading company Noble Group has announced that it has received settlement of its 51% sale of shares in Noble Agri to the Chinese grain trading company China National Cereals, Oils and Foodstuffs Corporation (Cofco), as well as full repayment of a shareholder loan made to Noble Agri. In total, on 15 October Noble Group has received $3.36 billion due to it.

IFC supports Nigeria’s Seven Energy bond issuance
IFC supports Nigeria’s Seven Energy bond issuance
Jonathan Bell
15 October 2014

International Finance Corporation (IFC) has subscribed to $50 million of notes in the inaugural bond issuances by Nigeria’s Seven Energy International, one of the few companies developing and commercialising stranded gas that is critical for expanding Nigeria's power generation. Seven Energy is Nigeria’s first unlisted oil and gas company to tap the international capital markets.

 Gunvor launches European RCF
Gunvor launches European RCF
Dalia Gebrial
13 October 2014

Gunvor Group (Gunvor) has launched the syndication of its European-centric $900 million revolving credit facility (RCF).

Lundin Mining secures financing for Chilean copper acquisition
Lundin Mining secures financing for Chilean copper acquisition
Jonathan Bell
10 October 2014

Toronto-listed, Lundin Mining has struck an agreement with Freeport-McMoRan to purchase Freeport’s 80% ownership stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure in Chile. Lundin has agreed to pay a cash consideration of $1.8 billion.

Gazprom’s Alexey Miller provides an overview of the global gas market outlook
Gazprom’s Alexey Miller provides an overview of the global gas market outlook
Jonathan Bell
8 October 2014

Alexey Miller CEO and chairman of Gazprom addressed delegates about global gas industry outlooks and problems at the 4th St. Petersburg International Gas Forum held 7-10 October. Below are some excerpts from his address.

Cargill and IFC team for Cote d’Ivoire cocoa programme
Cargill and IFC team for Cote d’Ivoire cocoa programme
Jonathan Bell
8 October 2014

The International Finance Corporation (IFC) and Cargill are investing $2.5 million to strengthen and expand the successful Cargill Coop Academy in Cote d’Ivoire. The funds will provide greater access to advanced business skills training for over 300 cocoa cooperative leaders.

Sberbank arranges major credit lines for Gazprom Neft
Sberbank arranges major credit lines for Gazprom Neft
Jonathan Bell
7 October 2014

With Gazprom Neft impacted by US and EU sanctions, the oil company is having to dig deep with Russian banks for substantial working capital and investment funds.

Vitol signs $7.5 billion RCF
Vitol signs $7.5 billion RCF
Jonathan Bell
7 October 2014

Geneva-headquartered Vitol SA has signed its annual syndicated revolving credit facilities (RCF) totalling $7.5 billion.

Trafigura sees strong bank demand for US borrowing base facility
Trafigura sees strong bank demand for US borrowing base facility
Jonathan Bell
6 October 2014

Trafigura AG, a wholly-owned subsidiary of Trafigura Beheer BV (Trafigura), has renewed its United States borrowing base credit facility, and extended the maturity to two years.

Mercuria completes acquisition of JP Morgan’s physical commodities business
Mercuria completes acquisition of JP Morgan’s physical commodities business
Jonathan Bell
3 October 2014

Mercuria Energy has today successfully completed the acquisition of parts of JP Morgan Chase’s physical commodities business. This follows the initial signing of the definitive purchase and sale agreement in March 2014 (TXF News 19 March 2014).

Trafigura closes new Asian RCF and term loan significantly oversubscribed
Trafigura closes new Asian RCF and term loan significantly oversubscribed
Jonathan Bell
3 October 2014

Commodity trading company Trafigura has closed its new Asian centric revolving credit (RCF) and term loan facilities at $1.73 billion

Video: Payment obligations and their impact
Video: Payment obligations and their impact
Dan Sheriff
30 September 2014

Geoff Wynne of Sullivan and Worcester delivers the law firm's latest breakfast briefing on payment obligations

PTA Bank establishes export credit guarantee programme
PTA Bank establishes export credit guarantee programme
Dalia Gebrial
30 September 2014

Eastern and Southern African Trade and Development Bank (PTA Bank), today announced that it signed a Memorandum of Understanding (MoU) with Deutsche Bank to establish an export credit guarantee programme.

China’s SAFE regulator specifies volume of fraudulent trade financing deals
China’s SAFE regulator specifies volume of fraudulent trade financing deals
Jonathan Bell
26 September 2014

China’s State Administration of Foreign Exchange (SAFE) believes that it has uncovered a total of $10 billion worth of fraudulent trade finance and commodity transactions as part of its continuing investigation into corporate activity. This investigation includes many commodity irregularities in the Chinese ports of Qingdao Penglai.

EBRD funds tech developments in Kazakh oil sector
EBRD funds tech developments in Kazakh oil sector
Jonathan Bell
26 September 2014

The European Bank for Reconstruction and Development (EBRD) has signed a $200 million syndicated loan in Kazakhstan to finance new environmentally friendly technologies and improvements to the efficiency of oilfield operations.

Estonian oil shale sector gets EBRD funding
Estonian oil shale sector gets EBRD funding
Jonathan Bell
24 September 2014

The Estonian oil shale processing company Viru Keemia Grupp (VKG) has obtained a €35 million loan from the European Bank for Reconstruction and Development (EBRD), to finance an environmental upgrade and energy efficiency improvements for its operations.

Canadian SMEs benefit from EDC financing to Philippine’s San Miguel
Canadian SMEs benefit from EDC financing to Philippine’s San Miguel
Jonathan Bell
24 September 2014

Canada’s export credit agency, Export Development Canada (EDC), has signed a $50 million financing for Philippines-based San Miguel Corporation (SMC). EDC’s financing will be leveraged to create opportunities for Canadian companies, particularly small- and-medium-sized enterprises (SMEs), throughout South-East Asia.

CAMAC Energy closes new credit facility for Nigerian offshore oil
CAMAC Energy closes new credit facility for Nigerian offshore oil
Jonathan Bell
17 September 2014

Houston-headquartered, crude oil development company, CAMAC Energy has entered into a new medium-term credit facility for the further development of its offshore licences in Nigeria.

RBI arranges five-year loan for KMG International
RBI arranges five-year loan for KMG International
Jonathan Bell
16 September 2014

Raiffeisen Bank International (RBI) has arranged a five-year, $200 million loan for the Amsterdam-headquartered oil and oil products refining and trading group KazMunayGas International (KMG International NV).

Indonesia’s Adaro Energy secures refi loan
Indonesia’s Adaro Energy secures refi loan
Jonathan Bell
15 September 2014

Adaro Indonesia, a subsidiary of coal mining company Adaro Energy has secured a $1 billion loan. The funds will be used to refinance its maturing debt this year and reduce interest payments.

New wave of sanctions hits Russia’s banks and energy companies
New wave of sanctions hits Russia’s banks and energy companies
Dalia Gebrial
12 September 2014

A new wave of coordinated sanctions, announced by the EU and the US today will target the biggest players in Russia’s vital energy and banking sectors. These latest changes constitute a considerable broadening of previously implemented sanctions, which only banned the export of high technology oil equipment into Russia.

Ghana Cocobod signs annual PXF oversubscribed with options
Ghana Cocobod signs annual PXF oversubscribed with options
Jonathan Bell
12 September 2014

The signing for the Ghana Cocoa Board (Cocobod) annual pre export finance (PXF) facility has taken place with the marketing agency securing $1.7 billion for the Ghanaian cocoa crop 2014-2015 season.

Golden Star signs loan for Ghana’s Wassa gold deposit
Golden Star signs loan for Ghana’s Wassa gold deposit
Jonathan Bell
11 September 2014

Mining company Golden Star Resources has signed a new loan to develop a potential underground gold deposit at Wassa in Ghana.

SG and IFC team for loan to Moldovan agri-sector
SG and IFC team for loan to Moldovan agri-sector
Jonathan Bell
11 September 2014

Société Générale CIB (SG CIB) has arranged a syndicated pre-export financing (PXF) in conjunction with the International Finance Corporation (IFC) to finance a grain and oilseeds company in Moldova.

Oman Oil signs heavily oversubscribed mega RCF with bank syndicate
Oman Oil signs heavily oversubscribed mega RCF with bank syndicate
Jonathan Bell
10 September 2014

Oman Oil Company (OOC), the Sultanate’s energy investment arm, has signed a revolving credit facility (RCF) agreement totalling $1.85 billion with 16 local, regional and international banks.

Dana Gas secures financing for UAE Zora gas field
Dana Gas secures financing for UAE Zora gas field
Jonathan Bell
10 September 2014

Sharjah-headquartered private sector natural gas company, Dana Gas, has secured a $100 million term loan facility for the Zora gas field development project.

Gazprom: Will $55 billion be enough to get gas to somewhere near China?
Gazprom: Will $55 billion be enough to get gas to somewhere near China?
Guest Contributor
9 September 2014

Our mystery blogger contemplates the challenges Russia faces forging closer ties with China

IFC loan to Amerra gives LatAm SME agri-business a boost
IFC loan to Amerra gives LatAm SME agri-business a boost
Jonathan Bell
8 September 2014

The International Finance Corporation (IFC) is providing a $10 million to Amerra Latin America Finance (ALAF) to increase its lending to enterprises operating in Latin America’s agricultural commodity supply chain

ABN AMRO recruitment drive continues in Asia
ABN AMRO recruitment drive continues in Asia
Dalia Gebrial
8 September 2014

The Dutch state-owned bank, ABN AMRO, has launched an Asian corporate finance advisory business. The move comes as part of an attempt to build its range of wholesale banking services for Energy, Commodities & Transportation (ECT) clients.

Russia looks eastward as Western sanctions intensify
Russia looks eastward as Western sanctions intensify
Dalia Gebrial
5 September 2014

As Western governments blacklist more of Russia’s key companies over the conflict in Ukraine, Russia has accelerated its initiative to build alternative trade relationships in Asia.

Gunvor renews and increases Middle East facility
Gunvor renews and increases Middle East facility
Jonathan Bell
5 September 2014

Energy and metals trading company Gunvor Group - comprising Gunvor SA, Gunvor Middle East DMCC and Gunvor Singapore - has signed a $420 million secured, uncommitted borrowing base facility with an international bank syndicate led by ABN AMRO Bank.

Success for Russia’s EuroChem as it secures project financing
Success for Russia’s EuroChem as it secures project financing
Jonathan Bell
5 September 2014

Russian fertiliser producer EuroChem has secured a major loan from a syndicate of international and Russian banks to meet the financing requirements for the development of the Usolskiy potash project.

Guyana Goldfields completes Aurora Gold project financing
Guyana Goldfields completes Aurora Gold project financing
Jonathan Bell
5 September 2014

Toronto-headquartered, Guyana Goldfields, and its wholly-owned subsidiary, AGM Inc has closed the $185 million, loan portion, of its project financing to fund the development and construction of the 100%-owned Aurora Gold project located in Guyana, South America.

India’s Lucid Colloids secures IFC funds to support SME farmers
India’s Lucid Colloids secures IFC funds to support SME farmers
Jonathan Bell
3 September 2014

International Finance Corporation’s (IFC) is providing $27.5 million to finance the expansion and backward integration plans of Lucid Colloids and support for small farmers in India, boosting their productivity and incomes.

Afrexim arranges loan for A-Z Petroleum for Ghana expansion
Afrexim arranges loan for A-Z Petroleum for Ghana expansion
Jonathan Bell
2 September 2014

African Export-Import Bank (Afreximbank) has arranged an $80 million loan for the Nigerian oil company A-Z Petroleum Products, to part help finance the group’s distribution expansion into Ghana.

Mercuria secures first Japanese yen facility
Mercuria secures first Japanese yen facility
Jonathan Bell
29 August 2014

Commodity trading company, Mercuria, has secured its first ever significant loan in Japanese yen.

ING and UniCredit lead Kernel PXF to financial close
ING and UniCredit lead Kernel PXF to financial close
Jonathan Bell
29 August 2014

ING Bank and UniCredit (Austria) acting as the coordinating mandated lead arrangers and bookrunners have signed a new $320 million syndicated pre-export finance (PXF) facility for the Ukrainian agri-producer and processing group Kernel Holding.

EBRD loan for Ukrainian sugar beet producer
EBRD loan for Ukrainian sugar beet producer
Dominik Kloiber
28 August 2014

The European Bank for Reconstruction and Development (EBRD) has signed a €20 million ($26.3 million) loan to Astarta, Ukraine’s leading agribusiness operator and sugar beet producer.

Bringing agri-financing to centre stage
Bringing agri-financing to centre stage
Jonathan Bell
26 August 2014

The Fin4Ag conference held in Nairobi this year was the largest and most expansive event ever staged focusing specifically on agri-financing.

CTA demonstrates its unique role in style with Fin4Ag
CTA demonstrates its unique role in style with Fin4Ag
Jonathan Bell
26 August 2014

TXF talks to Michael Hailu, director of the Technical Centre for Agricultural and Rural Cooperation (CTA) about the unique role of the organisation.

Changing the landscape to secure agri-financing opportunities
Changing the landscape to secure agri-financing opportunities
Jonathan Bell
26 August 2014

TXF talks with Lamon Rutten, manager of policies, markets & ICT at the Technical Centre for Agricultural and Rural Cooperation (CTA) about his vision for a changed landscape in agrifinancing throughout the African Caribbean Pacific (ACP) countries.

Finding real scale with warehouse receipt finance
Finding real scale with warehouse receipt finance
Helen Castell
26 August 2014

One of the biggest challenges with warehouse receipt finance is that it needs to reach a certain scale before the perceived benefits to farmers and traders justify the high costs associated with warehousing and collateral management.

Nine-country assessment of WRF provides way forward
Nine-country assessment of WRF provides way forward
Helen Castell
26 August 2014

A new study into warehouse receipts and collateral management was unveiled at the Fin4Ag conference in Nairobi.

Building commodity exchanges with integrity
Building commodity exchanges with integrity
Jonathan Bell
26 August 2014

The first ‘modern’ commodity exchanges in Africa were created in Zambia and Zimbabwe in 1994, and in South Africa in 1995. While the first two failed, the South African Futures Exchange (SAFEX), a response to the government’s withdrawal from agricultural trade, went on to become Africa’s largest.

Evaluating a pan-African proposition
Evaluating a pan-African proposition
Jonathan Bell
26 August 2014

Collateral management is an essential element in the warehouse receipt finance process and the further extension of commodity exchanges. And closely associated with that, the concept of a pan-African collateral management company is something that many are pushing for.

Exploring new frontiers in agri-finance
Exploring new frontiers in agri-finance
Helen Castell
26 August 2014

Agriculture is thinking beyond the challenges it often faces with bank finance by stepping boldly into new frontiers. While farmers tap next-generation financing sources like crowdfunding, specialist funds are lining up to invest in the sector and tools like factoring are being adapted to fit agribusiness needs.

Afreximbank’s crucial role in value-added agri projects
Afreximbank’s crucial role in value-added agri projects
Jonathan Bell
26 August 2014

“Africa requires $21 billion over the next 10 years to fill the finance gap in agricultural financing,” remarked Jean-Louis Ekra, president of African Export-Import Bank (Afreximbank) during the ‘Best practices in agri-value chain finance’ session on day one of the Fin4Ag conference in Nairobi.

Applying capital market tools for agri-financing
Applying capital market tools for agri-financing
Hesham Zakai
26 August 2014

With an immense amount of financing required in African agriculture, bank financing alone – at least in the current climate – is insufficient. The same was true of Brazil and the agricultural sector in the early nineties, paving the way for the introduction of the capital markets into the commodities sphere there.