World News
Gulf Petrochem Group Inks US$150m Financing Deal
Gulf Petrochem Group (GP) today announced a new US$ 150 million financing deal provided from a group of international and local financial institutions based in the GCC and lead by Emirates NBD.
"In an environment of continued low global oil prices, the financing will be used to support the group’s activities around the world," said GP.
Speaking about the deal, GP’s Group Director, Prerit Goel said: "Amidst current market conditions it is a testament to our operations and business plans that we were able to raise this amount of capital. The banks involved have all expressed their admiration of our robust growth plans. As a group, we are determined to stay the course and to deliver on our long-term strategic ambitions.
"Following the closure of this raise, we are currently studying to tap the capital markets with a strong focus on the Islamic finance and Sukuk market in Asia particularly, Malaysia and Indonesia.
Sreehari Iyer, GP’s Group CFO said: “The positive response we received from the banking community during our meetings was extremely welcoming. This competitive new source of funding will help us to achieve our global growth ambitions and showcases the financial trust in our business during these uncertain economic times.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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