Commodity dealer Gunvor Group has made one other important oil deal in Gabon, its second because the nation sought extra management of nationwide belongings following a coup d’etat in 2023.
State-owned Gabon Oil Firm financed $220 million of a $300 million deal for Tullow Oil Plc’s belongings within the nation by an underwritten prepayment facility from Gunvor’s Center East subsidiary, Tullow stated in a submitting Tuesday.
Gunvor final 12 months supplied round $800 million to assist Gabon finance one other nationalization deal, the acquisition of Carlyle Group’s Assala Vitality. A spokesperson for Gunvor declined to touch upon the deal.
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Popping out of essentially the most worthwhile interval of their histories, buying and selling companies are funneling money into asset offers and prepayments to lock in additional profitable oil provide contracts as extra competitors from nationwide oil firms and hedge funds lowers buying and selling margins in oil markets.
The Tullow belongings are set to supply round 10,000 barrels of oil a day this 12 months, the corporate stated, including that it’ll use the funds to scale back its debt profile. The corporate has been organising offers to promote belongings and convey down debt forward of $1.39 billion in maturities subsequent 12 months.
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