Apicorp in $200m Glencore loan deal
Dammam, January 28, 2013
UK-based Glencore Energy has picked up leading banks - Arab Petroleum Investments Corporation (Apicorp) and Natixis, the investment management and financial services arm of French bank Groupe BPCE, for a syndicated loan of $200 million.
Apicorp is a multilateral development bank owned by the ten nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC).
Glencore Energy said the two-year loan will help finance pre-payment for its purchase of oil products from Morocco' strategic supplier of petroleum products Societe Anonyme Marocaine de l'Industrie du Raffinage (Samir).
It operates a crude oil refinery with an overall capacity of 200,000 barrels per day, or 10 million tonnes per year.
The loan facility has been structured around a pre-payment deal based upon a commercial contract signed between Glencore and Samir under which the Moroccan facility will export part of its naphtha and jet fuel production to Glencore.
Apicorp CEO and GM Ahmad Bin Hamad Al Nuaimi expressed delight at partnering with Glencore and Samir to bring this exciting transaction to the GCC market.
"This is a landmark deal that required Glencore’s marketing capabilities in addition to the high quality of Samir’s refining operations. It is also the result of our strong co-operation with Natixis, widely recognized for its international expertise in commodity finance," he added.
Dominique Fraisse, the head of global energy and commodities at Natixis said, "We are pleased to put our 30 years’ worth of experience in structured commodity finance to work for the common interest of Glencore and Samir, by co-ordinating this tailor made and innovative transaction."
Alex Beard, Glencore’s global head of oil said the transaction was an example of the importance the company placed on maintaining close relationships with its commercial partner.
"The excellent co-operation between Glencore, Samir, Natixis and Apicorp enabled the transaction to be structured, documented and underwritten in a smooth and efficient manner," he added.-TradeArabia News Service