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Vitol veteran joins Cornerstone Global
Vitol veteran joins Cornerstone Global
Dalia Gebrial
18 March 2015

Cornerstone Global Commodities (Cornerstone) – the global brokerage firm specialising in energy derivatives – has recruited Duncan Preston from Swiss-based commodity trader Vitol.

EBRD helps fund Egypt’s agricultural commodities trade
EBRD helps fund Egypt’s agricultural commodities trade
Jonathan Bell
18 March 2015

The European Bank for Reconstruction and Development (EBRD) is providing a $20 million loan, to partly finance the working capital of Medsofts, a family-owned company based in Egypt, and one of the key agricultural commodity importers and supply chain managers in the country.

JB's weekly round up - 17 March 2015
JB's weekly round up - 17 March 2015
Jonathan Bell
17 March 2015

Last week Valerie Colville and Francisco Anzola of CC Solutions did a wonderful job (alongside UKEF and Milbank) as the hosts with the most at the inaugural London school.

Trafigura names Christophe Salmon as new CFO – as of October 2015
Trafigura names Christophe Salmon as new CFO – as of October 2015
Jonathan Bell
16 March 2015

Commodity trading company Trafigura Beheer has today announced that Christophe Salmon will become the company’s new chief financial officer (CFO) as of 1 October 2015.

Mercuria looks to expand marine fuel business
Mercuria looks to expand marine fuel business
Jonathan Bell
12 March 2015

Commodity trader Mercuria Energy is expanding its marine fuel division - Minerva Maritime Fuel – with the announcement today that it is looking to hire 20 to 40 bunker fuel specialists.

IFC and CelsiusPro partner to expand access to insurance and finance for Ukrainian farmers
IFC and CelsiusPro partner to expand access to insurance and finance for Ukrainian farmers
Jonathan Bell
12 March 2015

The World Bank group and Swiss index-insurance specialist CelsiusPro have partnered to make agricultural insurance in Ukraine more affordable for smaller companies, expanding farmers’ access to financial services and helping boost agricultural productivity.

JB's weekly round up - 10 March 2015
JB's weekly round up - 10 March 2015
Jonathan Bell
10 March 2015

After a great deal of help from those in the industry, we are delighted to share the first edition of our brochure for TXF Paris 2015.

Absa leads in club RBL deal for PetroSA Ghana
Absa leads in club RBL deal for PetroSA Ghana
Jonathan Bell
9 March 2015

PetroSA Ghana, a subsidiary of South Africa's National Oil Company PetroSA, has signed a new reserve based lending (RBL) credit facility with a club of lenders.

Bunge signs deal with essDOCs to move to electronic bills of lading
Bunge signs deal with essDOCs to move to electronic bills of lading
Jonathan Bell
6 March 2015

Agricultural and food commodity trading company Bunge has become the latest global trading house to move its documentation to full electronic format through an agreement with essDOCS, the electronic trade enabling company.

Noble Group hits back at unfounded accountancy allegations
Noble Group hits back at unfounded accountancy allegations
Jonathan Bell
5 March 2015

Hong Kong-headquartered commodity trading company Noble Group has hit back strongly today refuting allegations from a hitherto unknown entity – Iceberg Research - that it had used inappropriate accounting methods to among other things, disguise the correct value of certain assets and overstate the value of long-term commodity contracts.

SMBC and JBIC combine for loans to Turkish-Japanese steel JV
SMBC and JBIC combine for loans to Turkish-Japanese steel JV
Jonathan Bell
3 March 2015

Sumitomo Mitsui Banking Corporation (SMBC) and the Japan Bank for International Cooperation (JBIC) have teamed to provide loans to a joint venture (JV) company in Turkey to support steel production and sales.

TXF announces winners of 2014 Perfect10: Deals of the Year
TXF announces winners of 2014 Perfect10: Deals of the Year
Dalia Gebrial
3 March 2015

TXF are proud to announce the winners of our Perfect10: Deals of the Year 2014 awards for both export and project finance, and natural resources and commodities finance.

JB's weekly round up - 3 March 2015
JB's weekly round up - 3 March 2015
Jonathan Bell
3 March 2015

Last week in London TXF held an evening presentation related to its first ECA data report for 2014.

Trader interview series: Part 3. Mercuria moves from strength to strength
Trader interview series: Part 3. Mercuria moves from strength to strength
Helen Castell
25 February 2015

In the third interview of our commodity trader series, Mercuria Energy Trading CFO, Guillaume Vermersch, tells Helen Castell how its deal to buy JPMorgan’s physical commodity books has transformed its business, why the repo structure will survive Qingdao, and how more transparency from traders would help them shape regulations.

UniCredit and EBRD combine for Kazakh chrome mining finance
UniCredit and EBRD combine for Kazakh chrome mining finance
Jonathan Bell
24 February 2015

UniCredit and the European Bank for Reconstruction and Development (EBRD) have combined to provide a credit facility for Kazakhstan’s Voskhod Chromium.

Paraguay’s Sudameris Bank secures IFC funds to finance agri exporters
Paraguay’s Sudameris Bank secures IFC funds to finance agri exporters
Jonathan Bell
24 February 2015

Sudameris Bank in Paraguay has secured funds from the International Finance Corporation (IFC) to finance exporters in the country’s agribusiness sector.

Who will be next to finance Russian exports?
Who will be next to finance Russian exports?
Ruslan Kharlamov
20 February 2015

The Russian economy depends on exports of natural resources and commodities. The Federal Statistics Service reports that these accounted for half a trillion dollars in 2013, or 93% of all export revenues. Oil, gas, and petroleum products fetched $377 billion followed by metals ($55 billion), chemicals ($31 billion), and agricultural products ($16 billion). European banks financed the bulk of these trade flows.

BOAD and African bank club arrange financing for Benin cotton crop
BOAD and African bank club arrange financing for Benin cotton crop
Jonathan Bell
18 February 2015

The West African Development Bank (BOAD) has raised XOF115 billion ($196.3 million) to support the 2014-2015 cotton season in Benin. This is the third consecutive year that the development bank is working with commercial banks to arrange the loan for Benin.

Colombia’s Ecopetrol signs major syndicated loan
Colombia’s Ecopetrol signs major syndicated loan
Jonathan Bell
18 February 2015

Colombian state oil company Ecopetrol has secured a major loan from a syndicate of eight international banks. The visit to the international debt market is a rare outing for the company.

China’s nerves of steel
China’s nerves of steel
Dr. Rebecca Harding
18 February 2015

Why January’s drop in exports may not be such bad news | Chinese exports in January 2015 fell by 3.3% compared to a year earlier.

JB's weekly round up - 17 February 2015
JB's weekly round up - 17 February 2015
Jonathan Bell
17 February 2015

TXF is gearing up for our Natural Resources & Commodities Finance event, which will be held in the beautiful city of Amsterdam on May 20-21.

National Petroleum Services secures refinancing facility
National Petroleum Services secures refinancing facility
Jonathan Bell
16 February 2015

The Dubai-headquartered oil and gas services provider National Petroleum Services Group (NPS) has successfully secured a $200 million refinancing arrangement through local and international banks. The deal demonstrates confidence in NPS’s strong track record and will accelerate the expansion of the company’s growing regional footprint.

Rosneft makes early repayment to creditors
Rosneft makes early repayment to creditors
Jonathan Bell
13 February 2015

Russian oil company Rosneft has made an early repayment to creditors in relation to part of the loan it obtained to finance the acquisition of TNK-BP back in 2013.

IEA: Russia to be biggest loser in transformed oil industry
IEA: Russia to be biggest loser in transformed oil industry
Hesham Zakai
11 February 2015

The continuing energy price crisis, coupled with the depreciation of the rouble and international sanctions, will see Russia emerge as the energy industry’s ‘top loser’ in the next few years, the International Energy Agency’s medium-term oil market report (MTOMR) has found.

Oil and gas project risk in North Africa outstrips reward
Oil and gas project risk in North Africa outstrips reward
Hesham Zakai
11 February 2015

Oil and gas exploration and production (E&P) projects in North Africa are not sufficiently attractive enough today to counteract the risks of doing business there, according to Total E&P’s vice president for North Africa Jean-Daniel Blasco.

Rosneft’s Sechin takes aim at OPEC and West
Rosneft’s Sechin takes aim at OPEC and West
Hesham Zakai
10 February 2015

Rosneft’s chief executive Igor Sechin has hit out at oil cartel OPEC over its stance during the current energy price crisis, while also accusing the West of distorting the oil market.

Petrobras appoints new CEO and CFO
Petrobras appoints new CEO and CFO
Jonathan Bell
6 February 2015

Following resignations of top officials at the Brazilian oil company Petrobras, the company has appointed a new CEO, CFO and other senior officials.

SACE backs bond issued by Italian agri-food firm
SACE backs bond issued by Italian agri-food firm
Dalia Gebrial
5 February 2015

Italian export credit agency (ECA), SACE, has announced that it will underwrite a bond to be issued by De Cecco, an Italian firm specialised in the production of pasta, extra-virgin olive oil, prepared sauces and tomato derivatives bakery.

Glencore buys a 50% stake in ADM’s northern Brazil export terminal
Glencore buys a 50% stake in ADM’s northern Brazil export terminal
Jonathan Bell
4 February 2015

Archer Daniels Midland (ADM) has reached an agreement to sell to Glencore a 50% stake in its export terminal in Barcarena, in the northern Brazilian state of Pará.

JB's weekly round up - 03 February 2015
JB's weekly round up - 03 February 2015
Jonathan Bell
3 February 2015

As the second part of the unique TXF Commodity Traders Interview Series, we speak with specialist trading company Ocean Partners’ managing director Siva Pillay about the rise of their base metals trading operations.

Trafigura hires new CFO for North America
Trafigura hires new CFO for North America
Jonathan Bell
30 January 2015

Commodity trading company Trafigura has hired a new chief financial officer for its North American operations.

Trafigura launches European revolver
Trafigura launches European revolver
Jonathan Bell
26 January 2015

Commodity trading company Trafigura has launched syndication of its annual major European revolving credit facility (RCF). Eight international banks are acting as initial mandated lead arrangers.

Trader interview series: Part 2. Ocean Partners secures strong market niche
Trader interview series: Part 2. Ocean Partners secures strong market niche
Helen Castell
23 January 2015

In the second of our series of exclusive interviews with the world’s top commodity traders, Helen Castell talks to Siva Pillay, managing director at Ocean Partners. Find out why the Qingdao scandal should have been foreseen, how boutiques are rivalling traditional trade banks and what overcrowding is doing to the concentrates market.

Gazprom signs bilateral loans with two European banks
Gazprom signs bilateral loans with two European banks
Jonathan Bell
22 January 2015

Russia’s Gazprom has signed two bilateral loans with Western European banks, overall totalling €740 million ($837 million).

Plains All American secures major credit facility
Plains All American secures major credit facility
Jonathan Bell
20 January 2015

Houston-headquartered energy company, Plains All American Pipeline, has secured a major new credit facility, giving it the additional liquidity needed for working capital and acquisition purposes.

Brazil’s Biosev secures new credit facility
Brazil’s Biosev secures new credit facility
Jonathan Bell
19 January 2015

Biosev, the Brazilian sugar and ethanol arm of French commodity trading firm Louis Dreyfus, has signed a loan with an international bank group, designed to increase its liquidity and extend the maturity profile of its debt.

ITFC signs Murabaha financing with Burkina Faso’s SOFITEX
ITFC signs Murabaha financing with Burkina Faso’s SOFITEX
Dalia Gebrial
14 January 2015

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) has signed a Murabaha agreement with the government of Burkina Faso and SOFITEX (Société Burkinabè des Fibres Textiles), the cotton exporter and importer of agricultural inputs.

JB's weekly round up - 13 January 2015 - part 1
JB's weekly round up - 13 January 2015 - part 1
Jonathan Bell
13 January 2015

Welcome back to an already turbulent 2015, as the market tries to make sense of where the price of crude oil will ultimately end up.

Dubai Aluminium sees success with syndicated loan
Dubai Aluminium sees success with syndicated loan
Jonathan Bell
12 January 2015

Dubai Aluminium (DUBAL), a wholly owned operating subsidiary of Emirates Global Aluminium (EGA), has completed the syndication of a major corporate loan facility with regional and international banks.

MIGA provides guarantee for agribusiness investment in Zambia
MIGA provides guarantee for agribusiness investment in Zambia
Jonathan Bell
12 January 2015

The Multilateral Investment Guarantee Agency (MIGA) has agreed to provide support for an investment in a maize and wheat-milling operation in Zambia. The investment will support agricultural value-chain development through improvements

Russian fertiliser producer Acron signs five-year PXF deal
Russian fertiliser producer Acron signs five-year PXF deal
Jonathan Bell
7 January 2015

Russian fertiliser producer Acron Group has signed a major syndicated pre-export financing (PXF) arrangement with an international bank group.

Chesapeake Energy closes unsecured RCF
Chesapeake Energy closes unsecured RCF
Jonathan Bell
29 December 2014

US natural gas and crude oil producer ~Chesapeake Energy Corporation^ has closed a new revolving credit facility (RCF) on an unsecured basis.

Mawson West secures new loan and debt restructuring package with Galena and Trafi
Mawson West secures new loan and debt restructuring package with Galena and Trafi
Jonathan Bell
23 December 2014

Australian-headquartered mining company, Mawson West, with strategic copper assets in the Democratic Republic of Congo (DRC), has secured a new loan and arranged a restructuring package

GISA Netherlands signs oversubscribed syndicated RCF
GISA Netherlands signs oversubscribed syndicated RCF
Dalia Gebrial
23 December 2014

The metals mining company, GISA Netherlands (GISA), a subsidiary of Gerald Group, has announced the signing of a substantially oversubscribed syndicated revolving credit facility (RCF) with a club of European banks.

Senegal agri-sector receives boost with Afreximbank funding
Senegal agri-sector receives boost with Afreximbank funding
Jonathan Bell
22 December 2014

The Senegalese agri-sector is set for a boost with new funding announced today by the African Export-Import bank (Afreximbank).

Enagás renews and extends multi-currency financing facility
Enagás renews and extends multi-currency financing facility
Jonathan Bell
22 December 2014

Spanish gas operating company, Enagás, has renewed its multi-currency financing facility which it signed originally in 2013, through a self-arranged deal with a club of international banks.

VTB provides finance for Armenia’s Teghout copper mine
VTB provides finance for Armenia’s Teghout copper mine
Jonathan Bell
22 December 2014

VTB Bank has announced that it will provide financing for one of Armenia’s largest mining projects – the development of the enrichment plant at the Teghout copper-molybdenum mining facility in the Lori region of the country.

Mercuria Energy hires former OW Bunker team
Mercuria Energy hires former OW Bunker team
Jonathan Bell
17 December 2014

Swiss-headquartered commodity trading company Mercuria Energy has moved more intensely into the shipping fuel sector with the hire of personnel from the Danish-owned OW Bunker.

Russia’s Alrosa secures funds from VTB and UniCredit
Russia’s Alrosa secures funds from VTB and UniCredit
Jonathan Bell
16 December 2014

As a result of liquidity improvement measures taken by the company, Russian diamond producer Alrosa has reached two separate new financing agreements with VTB Bank and UniCredit.

Gazprombank pushes loan repayment from Ukraine’s Ostchem
Gazprombank pushes loan repayment from Ukraine’s Ostchem
Jonathan Bell
15 December 2014

Gazprombank is seeking immediate repayment of a major US dollar-denominated loan to Ukrainian fertiliser producer Ostchem Holdings.