Gunvor gets loan backed by Italy

Geneva-based trader Gunvor has closed a 400 million euro ($437 million) loan, backed by the Italian government, to secure supplies of natural gas and LNG for Italian industry.

The five-year term loan is guaranteed by SACE, the Italian export credit agency controlled by the country’s economy and finance ministry.

Gunvor said in a statement that UniCredit acted as a global coordinator.

The goal of the facility is to support Italian industry by securing natural gas and LNG supplies while promoting the export of Italy’s goods and services, the trader said.

Gunvor’s finance chief Jeff Webster said the company “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.”

“In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial,” Ciro Aquino, regional manager Middle East – head of Dubai office SACE, said.

He said that the support is part of SACE’s push strategy aimed at helping Italian companies in exploring new markets while facilitating access to relevant energy supplies.

Gunvor has been trading LNG since 2010, and has grown to become one of the largest independent LNG traders in the world.

The firm reported a lower net profit and LNG volumes in the first half of this year.

It recently signed a long-term deal with Delfin Midstream, the US developer of a floating LNG export project in the Gulf of Mexico, to buy between 0.5 to 1 million tonnes of LNG per year.

Gunvor also recently added LNG Geneva to its fleet of chartered LNG carriers.

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