Gunvor Group Ltd, the Geneva-headquartered trading house, has extended its ESG loan portfolio to more than $1 billion after it renewed a $725 million facility for its two other European refineries.
Muriel Schwab, Gunvor’s Chief Financial Officer, said: “Despite the recent market volatility and uncertainty, it is very promising to see such strong lender support for this approach, as the Ingolstadt facility was heavily over-subscribed.”
Gunvor agreed to a $505 million one-year loan with a consortium of banks to fund operations at its Ingolstadt, Germany refinery. The so-called ESG loan ties lending rates to environmental, social and governance targets.
Gunvor’s facility was oversubscribed to 520 million euros but it decided to keep the deal size at 450 million euros, a spokesman said.
Scheduled maintenance on Gunvor’s 88,000 barrel a day Rotterdam refinery was postponed during the crisis. But the refinery turnaround has now begun on a small scale, following government virus safety regulations, according to a Gunvor spokesman, and the plant remains closed.
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