Gunvor closes €400 million loan to secure LNG supplies for Italian industry

Geneva-based energy trading firm Gunvor Group has closed a €400 million loan to support the Italian industry by securing natural gas and LNG supplies while promoting the export of Italy’s goods and services.

Illustration only. Image: Gunvor Group

The five-year facility is guaranteed by SACE, the Italian Export Credit Agency (ECA), with UniCredit acting as global coordinator.

“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group’s Chief Financial Officer.

“In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies,” stated Ciro Aquino, Regional Manager Middle East – Head of Dubai Office SACE.

The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets. 

Stefan Koller, Global Head of Asset Based Financing at UniCredit, added: “UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape.”

In a push to contribute to Italy’s energy security and diversification, Snam recently finalized the acquisition of the floating storage and regasification unit (FSRU) BW Singapore which will be deployed offshore Ravenna. The FSRU is expected to start operations in 2025.

With the same goal in mind, another Italian energy major, Eni, signed a long-term agreement for the supply of LNG from Qatar to Italy. Under the 27-year deal, up to one million tons per annum (mtpa) of LNG will be delivered to the FSRU Italia located in the port of Piombiono, in Italy’s Tuscany region. starting in 2026.