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Geneva-based trading firm Gunvor has secured a $420mn borrowing facility to boost its Middle East operations. Gunvor says that the facility will help finance “purchase of oil products, margin calls with the hedge providers and receivables related to physical transactions in the Middle East.” About 20% of Gunvor’s traded crude is sourced from the region. “Gunvor has become one of the region’s main traders and continues to expand with a focus on long-term investment in the Middle East,” says Tawfiq Sadfi, head of Structured Trade Finance at Gunvor.
While the Netherlands’ ABN AMRO Bank was the lead arranger, several key Middle East lenders were involved: the Arab Petroleum Investments Corporation (APICORP), Gulf International Bank, Mashreqbank and Emirates NBD.
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