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The facility will have a total production capacity of 350 kpta; approximately 70% will be SAF, with the remainder a mixture of bio-naphtha and bio-propane. With full flexibility between 100% SAF and 100% HVO and cutting-edge pretreatment capabilities, the VARO facility will be positioned at the forefront of the SAF industry.

Gunvor’s site provides VARO with a strategic location for the project at the heart of Europe’s energy hub, and GER’s existing industrial infrastructure will allow for its rapid development. Production is expected to commence by Q4 2026, enabling the facility to contribute to the significant growth in European SAF demand that is expected in the coming years. Gunvor will further participate through an operations and maintenance agreement and other investments.

This partnership furthers Gunvor’s goal of repositioning its traditional industrial site in Rotterdam to contribute to the Energy Transition, while creating sustainable jobs for the local economy. SAF that will be produced has on average 90% less Green House Gas (GHG) emissions compared to conventional jet fuel and will provide this to key airline customers.

About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Gunvor, which generated turnover of US $150 billion on volumes of 165 million MT in 2022, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit gunvor.group.

About VARO
VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to decarbonise. Engine 1 includes manufacturing, storage, distribution, marketing, and trading of conventional energies. Engine 2 activities are focused on sustainable energies and include biofuels, biogas, green hydrogen, e-mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022-26 period, with two-third committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO is a Swiss-based private company.

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About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

About Gunvor USA
Gunvor USA LLC is a wholly-owned indirect subsidiary of Gunvor Group Ltd, one of the world’s largest independent commodities trading houses by turnover. Gunvor Group creates logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at gunvor.group or @Gunvor

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Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V.

The Facility received strong support from Gunvor’s existing banking and institutional partners and welcomed four new participants.

The Facility will support Gunvor in connection with its obligations to issue directly or indirectly off-balance sheet instruments as part of its business in the form of standby letters of credit, bid bonds, performance bonds, and various other types of guarantee instruments.

“The sizeable increase in the Facility reflects Gunvor’s growth over the past two years and our desire to expand globally,” said Jeff Webster, Gunvor’s Chief Financial Officer. “This is a clear demonstration of the commitment of our banking and insurance partners to support our strategy.”

ING Bank N.V. (“ING”) acted as sole Coordinator and Documentation Agent in the Facility. Société Générale will continue its role as the Facility Agent and Coöperatieve Rabobank U.A., ING Bank N.V., Amsterdam, Lancy/Geneva Branch, Natixis, Raiffeisen Bank International AG, Société Générale and SMBC Bank International Plc are the Issuing Banks.

The Facility, which was launched at US $1 billion was significantly oversubscribed after syndication and subsequently increased to US $1.37 billion.

The participation banks and institutions in the Facility are as follows:

• ABC International Bank Plc
• Abu Dhabi Commercial Bank PJSC
• Atradius
• Bank of China Limited, London Branch
• CA Indosuez (Switzerland) SA
• China Construction Bank Corporation, Beijing, Swiss Branch Zurich
• Commercial Bank of Dubai PSC
• Commerzbank AG, London Branch
• Coöperatieve Rabobank U.A.
• Credendo Guarantees & Specialty Risks
• Credit Suisse (Switzerland) Ltd.
• DBS Bank Ltd., London Branch
• Deutsche Bank AG, Amsterdam Branch
• DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
• Erste Group Bank AG
• Euler Hermes SA
• First Abu Dhabi Bank (PJSC)
• HCC International Insurance Company Plc
• Industrial and Commercial Bank of China Limited, London Branch
• ING Bank N.V.
• Liberty Mutual Insurance Europe SE
• Lloyds Bank PLC
• Markel Insurance SE
• Mizuho Bank, Ltd
• Natixis
• Raiffeisen Bank International AG
• SMBC Bank International plc
• Société Générale
• Sumitomo Mitsui Trust Bank, Limited (London Branch)
• UBS Switzerland AG

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The Facility, which was launched initially at US $550 million in April 2023, benefited from strong support from a total of 26 existing and new banks and closed significantly oversubscribed by over 88 percent, increasing the total facility amount from the previous year. The Borrower has further upsized the Facility by US $90 million via an accordion feature, which was structured to accommodate two banks that joined the Facility after June 2023, bringing the total Facility amount to US$1.125 billion as of 14 July 2023.

The 364-day Facility, which is guaranteed by the Company and includes two 12-month extension options, is intended to refinance the Borrower’s existing indebtedness, and for general corporate and working capital purposes.

This is the second time the Borrower is using the sustainability-linked loan structure, which was first introduced in the Company’s European flagship corporate facility in 2021 and adopted in the Asian RCF in 2022. It includes ambitious sustainability Key Performance Indicators (KPIs) covering climate change and Human Rights, which will be tested annually and verified externally, to showcase Gunvor’s commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses. The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the impact of the Group’s assets, JVs and suppliers on Human Rights.

“The successful renewal of our Asian RCF is the result of the deep collaboration between Gunvor and its banking partners, supported by our strong performance and positive outlook. We are also glad to welcome new lenders joining our anchor facility”, said Jean Rohr, Gunvor’s Regional CFO for Asia-Pacific.

Abu Dhabi Commercial Bank PJSC, China CITIC Bank International Limited, DBS Bank Ltd., MUFG Bank, Ltd., Natixis, Singapore Branch and Oversea-Chinese Banking Corporation Ltd were mandated to arrange the Facility and acted as the Active Bookrunning Mandated Lead Arrangers for the Facility, with Agricultural Bank of China Limited, Singapore Branch, Arab Petroleum Investments Corporation (APICORP), Emirates NBD Bank (P.J.S.C), Singapore Branch, First Abu Dhabi Bank PJSC – Singapore Branch and State Bank of India, Singapore Branch joined as the Bookrunning Mandated Lead Arrangers. Natixis, Singapore Branch also acted as Facility Agent and Sustainability Coordinator of the Facility.

Coöperatieve Rabobank U.A., Singapore Branch, Crédit Agricole Corporate and Investment Bank, Singapore Branch and ING Bank N.V., Singapore Branch are Senior Mandated Lead Arrangers.

Indian Bank, Singapore joined as a new Mandated Lead Arranger, whereas Credit Suisse (Switzerland) Ltd., Société Générale, a public limited company incorporated in France, acting through its Hong Kong branch, Mizuho Bank, Ltd and UBS AG, Singapore Branch remain as Mandated Lead Arrangers.

Furthermore, Habib Bank Limited, Singapore Branch joined as a new Lead Arranger, while Krung Thai Bank Public Company Limited, Singapore Branch, Sumitomo Mitsui Banking Corporation Singapore Branch remain as Lead Arrangers.

Sumitomo Mitsui Trust Bank, Limited Singapore Branch, Banque Internationale de Commerce – BRED (Suisse) SA, Commerzbank Aktiengesellschaft, Singapore Branch, National Bank of Fujairah PJSC and United Overseas Bank Limited remain as Arrangers, with BCP Bank (Mauritius) Ltd. joining as a new Arranger.

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Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (“ArcLight”), a leading middle-market infrastructure investor, to fund two of the LNG carriers. Gunvor will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor’s global position in the LNG market. All four vessels will enter long-term time charters with Clearlake Shipping, a subsidiary of Gunvor. Delivery will take place during 2026 and 2027.

Celsius and Gunvor are committed to push boundaries for available design improvements to reduce environmental impact. These vessels’ highly efficient design minimize​s CO2 emissions and methane slip from operations via installation of air lubrication, enhanced reliquefication capacity, optimization of hull shape and use of the best available paint system to reduce the vessels’ friction in water. The vessels will be built to ABS class with Enviro+ notation for improved criteria for environmental protection.

Operational experience from Celsius’ current vessels demonstrates the efficiency of this design. The new order for four vessels at CMHI will be similar to the “ultra eco” Celsius vessels on order in Korea with improvements for emissions and reduced fuel consumption. The new vessels will be fitted with ME-GA propulsion.

Gunvor’s Co-Head of LNG, Kalpesh Patel, remarked: “We are very pleased to further expand our relationship with Celsius while demonstrating our commitment to the industry, both as charterers and now through our first major equity investment in LNG carriers. Importantly, these vessels are in line with Gunvor’s commitment to cut Scope 1 and 2 emissions by 40% by 2025. We have further committed to convert 100% of our fleet to eco-vessels by 2027. Gunvor imposes strict Carbon Intensity ratings in our vetting process, and these efficient vessels are critical for Gunvor as we strive to deliver physical energy to our customers with the lowest possible carbon footprint.”

Celsius Chairman, Jeppe Jensen, said: “We are very pleased to continue the growth of the LNG fleet and to expand the relationship with Clearlake and Gunvor. Celsius Copenhagen, our first LNG carrier, was delivered to Clearlake in 2020, and the relationship with Clearlake has further strengthened with this latest transaction. We are very pleased to further develop this business and to continue to deliver competitive and efficient services to Clearlake and Gunvor Group Ltd.”

With this transaction, Celsius Tankers’ LNG fleet now counts 18 x 180,000 CBM vessels technically managed in-house by Celsius Tech Limited.

ArcLight Partner, Lucius Taylor, commented: “This investment is highly complementary to ArcLight’s thesis in strategic natural gas infrastructure.  We are excited to partner with Celsius, a highly sophisticated ship owner and operator with industry leading ESG credentials.”

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — and in shipping assets that together complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated US $150 billion in revenue on 165 million MT of volumes, is also one of the leading independent global traders of liquefied natural gas (LNG).

About Celsius Tankers
Celsius Group is a leading ship owner and operator focusing on sustainable, infrastructure-like investments and special opportunities within the maritime industry. Celsius Group has a diversified fleet of +40 vessels across LNGCs, Product & Chemical Tankers as well as Container Feeders including newbuildings on order. Celsius Tankers’ LNGC fleet now totals 18 ultra efficient vessels, four vessels in operation and 14 Newbuildings on order. Celsius Group has an active approach to ESG including employee well being, reduction in carbon emissions and health & safety. Celsius Group has committed to the UN sustainable Development Goals with special focus on climate action, decent work and economic growth and life below water.

About ArcLight
ArcLight Capital Partners, LLC is an experienced, middle-market, value add infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, U.S.A., ArcLight’s investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm’s approximately 1,800-person asset management operational partner. More information about ArcLight can be found at www.arclight.com.

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Gunvor Singapore Pte. Ltd. (“Gunvor Singapore”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $600 million borrowing base facility (“Facility”) to support the working capital needs of its Asian fuel oil business. The Facility, which has a one-year tenure and an accordion feature, covers import finance and funding of inventory, receivables and hedging positions, and will use Komgo’s new innovative digital solution for monitoring and reporting.

The Facility and Security agent is Natixis CIB, Singapore Branch. Other participating banks include ING Bank N.V. Singapore Branch, Credit Agricole Corporate and Investment Bank Singapore Branch, and Abu Dhabi Commercial Bank PJSC. Arab Banking Corporation B.S.C. Singapore branch, joined via accordion.

For the first time in any of its facilities, Gunvor has appointed digital trade service provider Komgo to be Digital Agent on the Facility. Komgo’s solutions will be deployed for monitoring of inventory, receivables, liabilities and hedging, and will further provide a digital reporting tool to reduce manual operations while increasing transparency for lenders. This will help automate, simplify and authenticate reporting, ensuring greater transactional security.

Gunvor is a key player in the fuel oil market in Singapore, a core industry in the South East Asian trading hub, and draws on the region’s sophisticated storage and shipping infrastructure for its blending and logistics activities.

“The strong support Gunvor received from both its core banks and new ones underscores the important role the Company plays in the regional maritime and shipping industry,” said Melissa Widjaja, Head of Structured Trade Finance Asia-Pacific at Gunvor. “Gunvor will continue to grow and serve the growing logistics needs of the Asia-Pacific region.”

“We are proud to be entrusted by Gunvor Singapore to lead this financing activity. Besides supporting our client’s growth and development in the regional maritime and shipping industry, we are happy to be part of this digital transformation of a conventional type of financing to reduce operational handling and reporting,” said L-Thanh Nguyen, Head of Global Trade, Asia Pacific, Natixis Corporate and Investment Banking.

“This deployment is particularly important in Asia, where this type of financing is less common than in other regions,” said Nicolas Djelalian, Managing Director, Komgo Asia. “We believe the transformation of how banks and corporates use data to communicate will bring tremendous value to the entire ecosystem, and we’re excited to be at the forefront of this innovation.”

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• Vasiliki Papalli, Group Administration Director: Ms. Papalli, joined Gunvor in October 2013, and has been handling the corporate restructuring and the companies setup in the various jurisdictions of the Group, as well as the overall management of the Nicosia headquarters office. She has more than 15 years of experience in the corporate secretarial sector. Ms. Papalli previously worked for PricewaterhouseCoopers from 2007-2013.
• Fredrik Törnqvist, Energy Transition Director: Mr. Törnqvist serves as the Energy Transition Director at Gunvor Group, and Head of Nyera, the company’s renewables investment vehicle. He joined Gunvor in 2019 as a market analyst for Gunvor’s natural gas desk, one of the largest physical natural gas traders in Europe. He began his career at PricewaterhouseCoopers, where he provided financial audit and advisory services to some of the world’s largest public companies. He then joined investment advisory and asset management firm Whiteridge Advisors, where he was involved in a range of activities including Venture Capital, Private Equity, Business Development and Government Advisory.

The Gunvor Group Ltd Board of Directors now comprises:

• Mr. Torbjörn Törnqvist, Chairman and CEO
• Mr. Gerhard Auer, Director
• Mr. Georgios Loizou, Director
• Mr. Mats Nilsson, Director
• Ms. Vasiliki Papalli, Director
• Mr. Menelaos (Melinos) Pissourios, Director
• Mr. Fredrik Törnqvist, Director

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Under the HOA, Chesapeake will supply up to 2 million tonnes of LNG per annum to Gunvor with the purchase price indexed to Japan Korea Marker (“JKM”) for a period of 15 years. Following the execution of the HOA, Chesapeake and Gunvor will jointly select the most optimal liquefaction facility in the United States to liquify the gas produced by Chesapeake and deliver the LNG to Gunvor on a Free-on-Board (“FOB”) basis with a targeted start date in 2027.

Nick Dell’Osso, Chesapeake President and Chief Executive Officer, said “This agreement reflects the powerful combination of the premium rock, returns, and runway of our competitively positioned Haynesville natural gas assets combined with the strength of our balance sheet and financial position to securely supply global LNG markets. We are pleased to partner with Gunvor, a leading global commodity and energy logistics company with a deep LNG track record, to deliver independently certified reliable, affordable, lower carbon energy to markets in need. Today marks an important initial step on our path to being LNG ready and we look forward to entering into additional agreements while export capacity continues to come online.”

Kalpesh Patel, Co-Head of LNG Trading and a member of the Executive Committee of Gunvor, said: “We are excited to establish this partnership with Chesapeake which will further enhance our global LNG portfolio. Our trading expertise together with our robust shipping fleet will not only contribute to the competitive shipping costs but  also ensure reliable offtake operations for Chesapeake and the liquefaction facility which we will jointly select. We very much look forward to the long-term relationship with Chesapeake.”

About Chesapeake
Headquartered in Oklahoma City, Chesapeake Energy Corporation is powered by dedicated and innovative employees who are focused on discovering and responsibly developing our leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.

About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2021 generated US $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

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