(Climate Change News, Broadstairs UK, 7 September 2023) The US, Germany and Italy have been accused of backsliding on a Glasgow promise to end public subsidies to fossil fuel projects overseas. They are among rich countries providing billions of dollars of public subsidies to fossil fuel...
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2023/09/29
ECAs: Euler Hermes Deutschland AG, Export-Import Bank of the United States, Japan Bank for International Cooperation, SACE S.p.A., Swiss Export Risk Insurance
Issue: Climate Change, Oil, Gas and Mining
2023/07/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, European Union, G20, Oil, Gas and Mining
Member: Oil Change International
(Price of Oil, Washington, 11 July 2023) Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022. SACE is the biggest...
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2023/06/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Global Trade Review, London, 28 June 2023) Mercuria has secured over US$5bn in new and renewed financing facilities, including its first funding backed by an export credit agency (ECA). The global commodities trader, which focuses on energy products, metals and minerals, says it has closed...
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2023/06/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Hydrocarbon Engineering, Surrey, 13 June 2023) Italy’s State Export Credit Agency (SACE) has signed a financial memorandum with Uzbekistan’s largest oil company, Saneg, concerning an innovative methanol-to-olefin gas chemical complex (GCC MTO), that is currently under construction in the...
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2023/06/29
Country: Indonesia, Italy, Korea, USA
ECAs: Export Import Bank of Korea, Export-Import Bank of the United States, SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
Member: Oil Change International
(Reuters, Jakarta, 24 June 2023) Indonesia's state energy company Pertamina (PERTM.UL) reached a $3.1 billion financing deal with a number of export credit agencies and commercial banks to fund the upgrade of its Balikpapan refinery, the company said on Saturday. The lenders include export...
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2023/04/30
ECAs: SACE S.p.A.
Issue: BRIC countries
(Trade Finance Global, London, 17 April 2023) Today, Deutsche Bank and SACE announced the close of a €57 million, 10-year lending facility in support of local food production in the Republic of Angola. This facility was guaranteed by SACE, the Italian Export Credit Agency (ECA), and...
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2023/04/30
Country: Italy
ECAs: SACE S.p.A.
(Euromaidan Press, Kiev, 26 April 2023) In addition to the previously announced €500 million ($522 million), the Italian Export Credit Agency SACE will allocate an additional €1 billion ($1.1 billion) to support trade and...
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2023/03/30
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Common Approaches, OECD, Oil, Gas and Mining
(Earth Org, Hong Kong, 28 March 2023) ) The new policy will allow Italy’s export credit agency SACE to support various fossil fuel projects, including exploration, production, storage, and distribution. Climate experts have strongly criticised the move, saying it would breach international...
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2023/03/30
Country: Italy, Russia, Ukraine
ECAs: SACE S.p.A.
Issue: Debt
(European Commisson, Brussels, 6 March 2023) The European Commission has approved, under EU State aid rules, an amendment to an existing Italian guarantee scheme, including an up to €3 billion budget increase, for the reinsurance of natural gas and electricity trade credit risk in the context...
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2023/03/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining, Transparency
Member: Re:Common
(ReCommon, Rome, 29 March 2023) The decision by the government of Italy and SACE to break their climate promise made during COP26 in Glasgow has aroused strong indignation. SACE, Italy’s export credit agency, will continue to finance fossil fuel projects abroad until at least 2028, thus...
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2023/03/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Common Approaches, Oil, Gas and Mining
Member: Re:Common
(Global Trade review, London, 22 March 2023) Italy has walked away from a pledge to end support for international fossil fuel projects by the end of last year, indicating it will continue to provide export credit cover for parts of the oil industry in the short term and delaying a decision to...
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2023/02/28
Country: Italy
ECAs: SACE S.p.A.
(WFW, London, 9 February 2023) Watson Farley & Williams (“WFW”) advised HSBC Bank Middle East Limited, acting as Export Credit Agency (ECA) Co-ordinator and Sole Structuring Bank, and HSBC Bank plc (jointly “HSBC”) as Agent and Sustainability Co-ordinator, on a US$300m Push Facility...
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2023/02/27
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Ansamed, Rome, 1 February 2023) Some 26 Italian companies operating in the oil and gas sector visited Kuwait Jan 30-31 as part of a trip organised by the Italian embassy in close collaboration with the Italian Export Credit Agency (SACE), Confindustria, the main association representing...
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2023/01/30
Country: Italy, United Arab Emirates (UAE)
ECAs: SACE S.p.A.
Issue: BRIC countries, Climate Change
(Arabian Business, Abu Dhabi, 27 January 2023) The agreement envisages establishing a framework for mutual reinsurance to enhance the presence of Saudi exports in Italian markets. Saudi Export-Import Bank CEO Saad bin Abdul Aziz Alkhalb hailed the agreement as a step forward in the bank’s...
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2023/01/30
Country: Canada, France, Germany, Italy, Japan, United Kingdom, USA
ECAs: Bpifrance, Euler Hermes Deutschland AG, Export Development Canada, Export-Import Bank of the United States, Japan Bank for International Cooperation, Nippon Export and Investment Insurance, SACE S.p.A., UK Export Finance (UKEF)
Issue: Arms Trade, G7
(UKEF, London, 22 January 2023) Acknowledging the G7 Leaders’ Statement on Support for Ukraine, as heads of the official export credit agency (ECA) schemes of the G7 nations – Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States of America – we wish to express our...
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