(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: Germany, Ukraine
ECAs: Euler Hermes Deutschland AG
(Yahoo Finance, Berlin, 22 June 2023) The German government has loosened its requirements for export credit guarantees for companies doing business with Ukraine in an effort to shore up economic recovery in the country, the economy ministry said Thursday. Effective immediately, the application...
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2023/06/29
Country: Japan
ECAs: Nippon Export and Investment Insurance
Issue: BRIC countries
(Zawya, Dubai, 19 June 2023) Japan’s export credit agency, Nippon Export and Investment Insurance (NEXI), has acquired a stake in the African Trade Insurance Agency (ATI), a Pan-African guarantee institution, following a capital infusion of $14.8 million. The equity investment supports the...
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2023/06/29
Issue: Debt, European Union
(Global Trade Review, London, 19 June 2023) The EU is weighing the launch of an export credit facility that could reinsure member state export credit agencies (ECAs) and refinance commercial loans, as it seeks to arrest the relative decline in exports from the bloc to key overseas markets. The...
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2023/06/29
Country: Ukraine
Issue: Debt
(Global Trade Review, London, 19 June 2023) Ukraine’s central bank has lifted restrictions on domestic firms’ repayments on loans backed by foreign export credit agencies (ECAs), wagering that the move will help attract much-needed foreign investment and financing for imports. The National Bank...
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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: Norway, Turkey
Issue: Climate Change
(Enviro News, Lagos, 9 June 2023) The Norwegian government has been accused of climate hypocrisy after it emerged that the government export credit agency, Eksfin, has approved finance for the Sakarya gas field in the Black Sea. The Sakarya gas field project, owned by Turkish Petroleum, a...
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2023/06/29
Country: Brazil
Issue: Climate Change, Oil, Gas and Mining
(Yahoo Finance, Brazil, 20 June 2023) SBM Offshore is pleased to announce it has signed the project financing of its floating production storage and offloading unit (FPSO) Alexandre de Gusmão for a total of US$1.615 billion. The project financing is provided by a consortium of 12 international...
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2023/06/29
Issue: Climate Change, OECD, Oil, Gas and Mining
(Byline Times, London, 16 June 2023) OECD countries are continuing to pour tens of billions of pounds into fossil fuel projects, despite their obligations to switch to clean energy sources. Advanced economies are breaking their own climate change obligations by investing massively in fossil...
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2023/06/29
Issue: Climate Change, OECD, Oil, Gas and Mining
(Price of Oil, Paris, 23 June 2023) The Organisation for Economic Co-operation and Development (OECD) recently agreed on terms and conditions for climate-friendly export financing as part of its revised ...
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2023/06/29
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Oil, Gas and Mining
(Upstream Online, London, 23 June 2023) The UK’s top court has thrown out an application by Friends of the Earth (FoE) to appeal a case it lost earlier this year against the government’s funding of TotalEnergies’ $20 billion Mozambique LNG project. FoE had argued in the Court of Appeal in...
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2023/06/29
Issue: Climate Change, Debt, OECD
(TFX News, London, 31 May 2023) The spectre of increasing sovereign debt has the potential to swamp future export finance deals and projects in several African jurisdictions. The changes to the OECD Arrangement on officially supported export credit...
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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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2023/05/31
Country: Sweden
Issue: Climate Change, European Union, Oil, Gas and Mining
(Swedwatch, Stockholm, 27 April 2023) Despite promises to make financial flows consistent with a low-carbon economy, EU member states continue to provide financial support to the fossil fuel industry through export credits. It is time that the EU Commission replaces its outdated policy with new...
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2023/05/30
Country: Denmark
ECAs: Denmark EKF
Issue: European Union
(ScandAsia, Bangkok, 18 May 2023) The European Commission has approved Danish measures to set up Denmark’s Export and Investment Fund. The fund has a total estimated value of over €4 billion. It aims at supporting economic development, competitiveness, innovation, and growth for Danish...
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