Arab Petroleum Investments Corporation (Apicorp) and Natixis have been appointed to fund a two-year US$200mn loan to Glencore Energy UK (Glencore) for the purchasing of Moroccan oil
The syndication between Apicorp, a development bank owned by Arab petroleum exporting countries, and Natixis, the financial services arm of Paris-based Groupe BPCE, was launched on 21 January 2013.
The loan is expected to finance pre-payment for the company's purchase of oil products from Morocco-based petroleum refinery Societe Anonyme Marocaine de l'Industrie du Raffinage (Samir).
The loan facility was based upon a commercial contract signed between Glencore and Samir under which Samir would export part of its naphtha and jet fuel production to Glencore.
Ahmad Bin Hamad Al Nuaimi, CEO of Apicorp, said, "This is a landmark deal that required Glencore's marketing capabilities, in addition to the high quality of Samir's refining operations."
Dominique Fraisse, head of global energy and commodities of Natixis, said, "Natixis is very pleased to put our 30 years' worth of experience in structured commodity finance to work for the common interest of Glencore and Samir, by coordinating this tailor made and innovative transaction. We are also very satisfied with the close level of cooperation we have achieved with Apicorp."
