Gunvor USA LLC has opened a trading office in Houston that will trade natural gas, refined products and asphalt/bitumen. The venture is backed with a US$500 million credit facility.
Gunvor USA is a unit of Gunvor Group Ltd. of Geneva, Switzerland, one of the largest independent energy commodity traders in the world based on turnover, according to the company.
The credit facility is jointly lead-arranged by Coöperatieve Rabobank U.A., New York branch, which will also serve as administrative agent, and ABN Amro Capital USA LLC. The other lenders are ING Capital LLC, Natixis, New York branch, Société Générale and Credit Agricole Corporate and Investment Bank. As part of its establishment in the United States, Gunvor USA has initiated a relationship with Bank of Texas, Houston branch. Bank of Texas has been appointed as Gunvor USA's primary cash management bank.
In 2015, Gunvor Group generated US$64 billion in revenue and moved 180 million metric tonnes of physical energy and commodities. It has investments in industrial infrastructure including refineries, pipelines, storage, terminals, mining and in the upstream.