Oil and Gas

Energy trader Gunvor launches new $540 mln biodiesel loan

LONDON, Dec 4 (Reuters) - Gunvor Group has closed a new $540 million borrowing base facility to support biodiesel trading as the company shifts its strategy to promote cleaner products in line with EU climate targets, the company said on Friday.

The bookrunners for the deal were Credit Agricole and Rabobank. The loan is structured around the company’s biofuel inventories, including two biofuel processing plants in Spain.

The Geneva-based firm has been trading biofuels since 2009. About half of Gunvor’s traded volumes are considered “transitional” commodities, including biofuels, natural gas and liquefied natural gas. (Reporting by Julia Payne; Editing by Susan Fenton)