APICORP and NATIXIS to syndicate Glencore fund drive

Arab Petroleum Investments Corporation (APICORP) and NATIXIS have been appointed to syndicate in GCC and the international bank market a two-year $ 200 million syndicated loan for Glencore Energy UK (Glencore).
The syndication was launched on Jan. 21.
The loan will finance pre-payment for Glencore’s purchase of oil products from Morocco-based petroleum refinery Societe Anonyme Marocaine de l’Industrie du Raffinage (SAMIR).
APICORP is the multilateral development bank owned by the 10 nations of the Organization of Arab Petroleum Exporting Countries (OAPEC).
NATIXIS is the corporate, investment management and financial services arm of Paris-based Groupe BPCE.
The loan facility has been structured around a prepayment agreement based upon a commercial contract signed between Glencore and SAMIR under which SAMIR will export part of its Naphtha and Jet Fuel production to Glencore.
Ahmad bin Hamad Al-Nuaimi, APICORP’s CEO and GM, said: “We are pleased to partner with Glencore and SAMIR to bring this exciting transaction to the GCC market.”
The CEO added: “This is a landmark deal that required Glencore’s marketing capabilities in addition to the high quality of SAMIR’s refining operations. It is also the result of our strong cooperation with NATIXIS, widely recognized for its international expertise in commodity finance.”
Since its foundation in 1975, APICORP has played a vital role in fostering the development and growth of the Arab energy industry through equity investments, project loans, trade finance, advisory and research.
Dominique Fraisse, head of Global Energy and Commodities of NATIXIS, said: “We are very satisfied with the close level of cooperation we have achieved with APICORP, which has been a recipe for success for this landmark transaction in Morocco.”
Alex Beard, Glencore’s global head of oil, said: “This transaction is an example of the importance we place on maintaining close relationships with our commercial partners, and demonstrates the active support we can provide to them.”