BGN signed an agreement with Abu Dhabi Exports Office (ADEX), the export financing arm of Abu Dhabi Fund for Development (ADFD), and with the banks Mashreq and Abu Dhabi Commercial Bank (ADCB), for a financing arrangement of up to US$100 million.
The agreement was signed by Khalil Al Mansoori, Acting Director General of the Abu Dhabi Exports Office; Rüya Bayegan, Group CEO of BGN; Asif Karmally, Executive Head of International Corporate Banking at ADCB; and Joel Van Dusen, Senior Executive Vice President and Group Head of Corporate and Investment Banking Group of Mashreqbank.
Over the years, BGN has developed very strong and long-lasting relationships with banks, national energy companies and shipping companies in the Gulf region, including Al Seer Marine of Abu Dhabi. This inaugural initiative for BGN into ECA-backed (export credit agency) finance will support the company in procuring energy commodities for export from the UAE. The syndicated financing arrangement, which is a revolving credit line, is embedded with an accordion feature whereby regional banks and their overseas affiliates can contribute additional funding.
Yannick Luce, Chief Financial Officer of BGN, said: “We are pleased to collaborate with ADEX, and with leading banks in the UAE, to assist the country with the strategic export of energy and other commodities to global markets. As BGN continues to grow and diversify its trading activity across various commodity classes and geographies, so our financing needs will continue to expand and evolve. This new up to USD$100m syndicated revolving credit facility will complement our existing strong liquidity base and healthy banking relationships across the Middle East, Asia, North America, Europe and Africa.”
The signing ceremony in Abu Dhabi was witnessed by His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office; Abdulla AlShamsi, Chief Business Officer of ADCB Group; as well as other senior officials from ADEX, BGN, ADCB and Mashreqbank.