Commodity Finance

Commodity finance comprises two key products. The first is commodity-linked loans in the agriculture, oil and gas and mining industries where the lender has the future production or reserves of the commodity as security. These types of deal can be reserves-based loans, pre-export facilities, prepayment facilities, or even streaming, royalty-based loans and factoring. The second are very large unsecured term loan and revolving credit facilities provided annually by commercial banks to the major commodity trading houses and producers – Glencore, Gunvor, Trafigura, Vitol, ADM, Bunge and Castleton for example. These loans, effectively working capital facilities, also enable the major traders to provide loans to commodity producers that lack liquidity, thus ensuring security of commodity supplies and additional profits from that lending due to the arbitrage between the cost of debt for the major traders and what they can on-lend at.

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Shell signs $10bn revolving credit facility
13 December 2019

Aker Energy appoints acting CEO
13 December 2019

FAR launches Sangomar financing plan
13 December 2019

Chesapeake Energy prices $1.5bn term loan
13 December 2019

Pipestone Energy signs $225m reserve-based loan
13 December 2019

Vitol signs ten-year offtake deal with NLNG
13 December 2019

BHP Group's chief transformation officer to depart
13 December 2019

Ghana launches pulp mill PPP
12 December 2019

Angola extends Soyo refinery tender deadline
12 December 2019

Mercuria's Asian RCF: A close (margin) shave
Mercuria's Asian RCF: A close (margin) shave
Aife Howse
12 December 2019

Mercuria’s annual $1.2 billion Asian RCF closed last month. While the downsized deal and significant margin savings suggest the trader has a strong financial position, a continued drop in its oil trading business could spell a different fundraising story for 2020.

Seplat refinances acquisition bridge loan
12 December 2019

Walkabout Resources looking to raise $40m for Lindi Jumbo graphite project
12 December 2019

Dongying halts $300m PXF refi
12 December 2019

Glencore to join Responsible Sourcing Blockchain Network
12 December 2019

Vitol appoints project director for Humber Zero
12 December 2019

Chevron may exit Kitimat LNG project
12 December 2019

EBRD helps finance grain storage infrastructure in Ukraine
12 December 2019

Total gets Libya’s approval to buy Marathon Oil’s assets
12 December 2019

Chevron explores exit from Kitimat LNG project
12 December 2019

EBRD LoC helps Moldova secure winter gas supplies
12 December 2019

China's Jiangxi Copper gets $213m loan from parent
12 December 2019

Egypt signs $1.1bn ITFC deal to support commodity imports
12 December 2019

Vitol seals deal for VALT asphalt busines
12 December 2019

Saudi Aramco becomes world's largest listed company
11 December 2019

Report finds banks 'complicit in financing Indonesia’s fire and haze crisis'
11 December 2019

Kenmare Resources signs $150m debt facilities
11 December 2019

The ebb and flow of North Sea upstream finance
The ebb and flow of North Sea upstream finance
Max Thompson
11 December 2019

The renaissance in North Sea oil field M&As is being driven by new flows of capital and RBL lenders backing mid-cap oil companies acquiring assets from majors’ divesting in the sector. But how much value can these often PE-backed independents and special operators squeeze from older oil assets before they look to offload — or even float them?

US sanctions on Nord Stream 2 pipeline target subsea construction vessels
11 December 2019

Trafigura's 'knock-out' trading profits undermined by write-offs
11 December 2019

Sigma Lithium issues project finance update on Barreiro deposit
11 December 2019

Talos Energy spends $640m on new deals to expand in US Gulf of Mexico
11 December 2019

IndOil Montney refinancing debt
11 December 2019

Amur GPP signs debt package
11 December 2019

EIB agrees €65m loan to lead and zinc group KCM
11 December 2019

W Resources secures revolving credit facility
11 December 2019

Magnis Energy signs EPC contract for graphite project in Tanzania
11 December 2019

NEXI backs loan to Louis Dreyfus Company Brazil
11 December 2019

Mid-Con Energy Partners announces borrowing base redetermination
11 December 2019

Shop talk: Basel IV tests alternative funds in commodity finance
Shop talk: Basel IV tests alternative funds in commodity finance
Aife Howse
10 December 2019

With banks having to implement the finalised version of Basel III (commonly called Basel IV) by 1 January 2022, regulatory requirements are becoming ever complex. TXF spoke to Fasil Nasim, co-founder of alternative fund Audentia Global, to discuss the implications of changing regulations on the commodity trade finance sector.

Petrobras concludes sale of 34 oil fields for $266m
10 December 2019

Petrobras to lease LNG operations in Bahia state
9 December 2019

Chevron's expanded Kitimat LNG gas export licence is approved
9 December 2019

Tullow Oil CEO Paul McDade quits over poor production from Ghana fields
9 December 2019

Perfect 10 Deals of the Year 2019: Voting now open
Perfect 10 Deals of the Year 2019: Voting now open
Max Thompson
9 December 2019

TXF has opened voting for its Perfect 10 Deal of the Year Awards 2019. Please cast your vote on tagmydeals.com to have your say on this year’s most landmark export and commodity finance deals.

Udenna nears close on RBL for gas field acquisition
9 December 2019

Kalium Lakes reaches financial close on Beyondie Sulphate
9 December 2019

Nusantara Resources moves closer to Awak Mas funding
9 December 2019

Genser Energy Ghana reaches financial close on $366m funding
9 December 2019

GFG to buy Duffel aluminium plant from Novelis
9 December 2019

Judge moves Imcopa plant sale as Bunge seeks more information
9 December 2019