Geneva-based Gunvor has signed up for a new $540m loan to expand its biodiesel trading activity in a bid to promote greener energy in line with the European Union’s climate targets.
The borrowing base facility, whose bookrunners are Credit Agricole and Rabobank, is structured around the trading giant’s biofuel assets including inventories and production plants.
“Biofuels, along with other ‘transitional’ commodities, are increasingly important to Gunvor’s trading mix,” said Gunvor chief financial officer Muriel Schwab in a statement.
