Trading giant Trafigura has extended a $500m credit facility so it can keep buying and shipping out Saudi Arabian cargoes.
The shipowner and charterer said a new deal was signed with the Saudi Export-Import Bank by the lender’s deputy chief executive, Naif Al-Shammari, and Trafigura’s chief financial officer, Christophe Salmon.
“This agreement shall facilitate the purchase of domestically produced commodities from the Kingdom of Saudi Arabia and enable Trafigura to connect Saudi producers to more than 156 markets worldwide,” the group said.
Chief executive Jeremy Weir added that commodities such as oil products, copper and gold will be included in the scope of the agreement.
“We are delighted to have signed this important finance agreement with Saudi EXIM Bank that will further develop our business relationships in the country,” he added.
The lender aims to grow Saudi non-crude exports, providing financing services, guarantees and export credit insurance.
Al-Shammari said: “Such credit facilities come as part of our ongoing efforts to expand the global reach of Saudi exports.”
“Our collaboration with Trafigura aligns with Vision 2030 goals and will play a pivotal role in unlocking promising investment and trade opportunities between the Kingdom and countries worldwide. This strategic endeavour will pave the way for driving global economic growth and advancing international trade,” he added.
Last week, Trafigura revealed its succession plan to cover for the departure of one of its big three managers next year.
The group has created a new management committee after former chief operating officer Mike Wainwright said he would retire.
Wainwright is now chief transformation officer as he prepares for his departure.
The UK national together with Weir and executive director Jose Larocca stepped up to run the group when founder Claude Dauphin died in 2015.
