Commodities trader Trafigura has joined a group of lenders to provide a $1 billi...
LONDON - Commodities trader Trafigura has joined a group of lenders to provide a $1 billion loan backed by future oil sales to Chinese independent refiner, Shandong Qingyuan, in a deal which underscores the opening up of China to trading houses.
Based in Shandong province — home to many of the non-state refineries known as teapots — Qingyuan operates a 104,000 barrel per day refinery and is one of China’s largest independently run lubricant producers.
Prepayments are widely-used in commodity finance as they are considered one of the most secure forms of lending. Lenders provide upfront cash and get repaid with future physical oil sales.Independent refineries hit the world stage in 2015 when Beijing lifted a ban on private companies importing their own oil. They are now tapping global financial markets in greater numbers.
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