(BNAmericas, Santiago, 12 July 2022) Brazilian steelmaker CSN has secured a credit facility worth US$375mn with Italian export credit agency SACE as part of the expansion plan for mining arm CSN Mineração. The funds will be used to buy equipment from Italian firms. The credit facility involves...
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(ECA Watch, Ottawa, 30 June 2022) Sanctions on Russian fossil fuel exports have generated conflict over ECA support for African fossil fuel development. Existing ECA African projects include, for example, UKEF's reluctance to end discussion of...
more(Banktrack, Nijmegen, 20 May 2022) The coalition to #StopEACOP celebrates this week’s news that five banks including Deutsche Bank, Citi, JPMorgan Chase, Wells Fargo and Morgan Stanley have confirmed they will not join the project loan to finance the East African Crude Oil Pipeline (EACOP)....
more(New York Times, Kampala, 8 April 2022) Vanessa Nakate, Ugandan climate justice activist, notes that this week, the panel of climate experts convened by the UN delivered a clear message: To stand a chance of curbing dangerous climate change, we can’t afford to build more fossil fuel...
more(Reuters, Rome, 1 March 2022) Russia's invasion of Ukraine has prompted Italy to put on hold its share of financing for the $21 billion Arctic LNG 2 project led by privately-owned Russian gas producer Novatek (NVTK.MM), two sources close to the matter told Reuters on Tuesday. Italian state...
more(Global Trade Review, London, 9 March 2022) Export credit agencies and trade credit insurers have hurriedly axed coverage for Russia and Belarus as the deepening conflict and...
more(Reuters, Rome, 25 January 2022) Italy approved a long-awaited decree needed for the Treasury to buy credit insurance agency SACE from state lender Cassa Depositi e Prestiti (CDP) in a deal expected to be worth around 4.25 billion euros ($4.81 billion). The Treasury wants to directly control...
more(Jersey Evening Post, St Helier, 12 January 2022) The UK and Italy have started discussions on a new export and investment partnership aimed at boosting trade between the two countries, the International Trade Secretary announced. Italy is the world’s eighth-largest economy and trade between...
more(Reuters, Moscow, 8 December 2021) Russia's Amur Gas Chemical Complex (Amur GCC) has secured $9.1 billion in loans maturing in 2035, Sibur, which co-owns the plant with China's Sinopec, said in a statement on Wednesday. International banks will provide $2.6 billion for the Amur GCC with...
more(Reuters, Moscow, 30 November 2021) Russian gas producer Novatek (NVTK.MM) said on Tuesday its Arctic LNG 2 plant has signed loan agreements with foreign and Russian banks worth 9.5 billion euros ($10.8 billion), securing necessary external financing for the project. Earlier this year, Novatek...
more(Insurance News Net, Dubai, 5 October 2021) Etihad Credit Insurance (ECI), the UAE Federal export credit company and the French Export Credit Agency Bpifrance Assurance Export have signed a reinsurance agreement to increase joint Emirati and French projects globally. The agreement will further...
more(Offshore Enginer, New York, 22 October 2021)Italy's biggest banking group Intesa Sanpaolo could help fund Novatek's Arctic LNG 2 project even as some European governments show lukewarm support for the giant Russian gas project. Antonio Fallico, chairman of group unit Banca Intesa Russia, told...
more(Offshore Technology, London, 16 September 2021) Dutch floating production storage and offloading (FPSO) operator SBM Offshore has completed the largest project financing in its history, of the vessel FPSO Sepetiba, for a total of $1.6bn. SBM Offshore was established in 1862 and its main...
more(ANSA, Rome, 14 September 2021) The global economy's rebound from the effects of the COVID-19 pandemic will see Italian exports return to pre-pandemic levels this year and grow further in the coming years, export credit agency SACE said in a report on Tuesday. SACE forecast that Italian exports...
more(Global Legal Chronicle, Rome, 2 September 2021) A syndicate of lenders, including Cassa Depositi e Prestiti, KfW IPEX-Bank, Société Générale, Banco Santander and Instituto de Crédito Oficial E.P.E. – ICO, provided a US$811 million syndicated credit facility backed by the Italian export credit...
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