22.3 C
Dubai
Sunday, December 3, 2023
spot_img

Trafigura wins UAE export facility from Abu Dhabi

[ad_1]

Trafigura has secured a loan facility from the Abu Dhabi Export Office (Adex), the latest in a series of financing deals the trader has secured with the country’s export finance agency and the Export Credit Agency (ECA).

Adex, the export finance arm of the Abu Dhabi Development Fund, is providing $125 million of the $135 million loan to meet Trafigura’s working capital needs and support traders in buying “metals, minerals and refined hydrocarbons” from the UAE aviation.

Japanese bank SMBC will provide the remaining $10 million of the two-year loan and act as loan coordinator and agent, Trafigura said in a statement.

“The loan provided by Adex and SMBC will enable Trafigura to build wider relationships with UAE exporters and increase imports of our strategic commodities,” said Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Development Fund and Executive Chairman of Adex Export Council.

“These initiatives contribute to the UAE’s economic diversification efforts, increase trade with the rest of the world, and strengthen the presence of UAE goods on international markets.”

Trafigura spokesman told GTR The company has committed to sourcing minimum quantities of Emirati goods, but declined to provide details.

In recent months, Trafigura has shown eagerness to work with official export credit providers on financing deals, although so far the deals have focused on securing imports, not exports.

SMBC also acted as lender on Trafigura’s $500 million loan, announced in february And with the support of Italian ECA Sace, it supports the import of non-ferrous metals and other raw materials to Italy.

In October and December last year, the trader reached two supply transactions guaranteed by Germany’s ECA Euler Hermes Aktiengesellschaft respectively, Metallic and natural gas go to germany.

The Abu Dhabi deal also comes at a time of upheaval for Trafigura’s metals trading business after it discovered a nickel shipment it said was bought by the trader Does not contain any nickell, described by traders as suspected fraud, lost as much as $577 million.

Last month Trafigura announced that its former head of nickel and cobalt trading Socrates Economou being replaced.

[ad_2]

Source link

Related Articles

Discover the Stories of Three Zayed Sustainability Prize Finalists Fighting to Transform the World

Launched in 2008 to honor the legacy of Sheikh Zayed bin Sultan Al Nahyan, the Zayed Sustainability Prize is set to announce this year's...

Witness: Abu Dhabi Unveils Hydrogen-Fueled City Bus with Zero Emissions

China-based technology company Wisdom Motor is gearing up to introduce its custom-designed hydrogen-powered city buses to Abu Dhabi through a collaboration with the Integrated...

Abu Dhabi Greenlights AED 7.6 Billion Housing Package Benefiting Over 5,600 Emiratis

Housing Package On Wednesday, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive...

Prohibition of Entry for Certain Vehicles into Abu Dhabi for a Three-Day Period

On Wednesday, the Integrated Transport Centre implemented a temporary ban on specific vehicles entering Abu Dhabi. This ban primarily targets heavy vehicles, including trucks...

“Abu Dhabi Unveils New Rail Services to Enhance Transportation Network”

Rail Services  In a recent announcement, Etihad Rail and Abu Dhabi National Oil Company (Adnoc) have revealed plans to establish railway services connecting Abu...

Latest Articles