GE Capital and Gunvor Launch EUR 225 Mil. Receivables Financing Program
(firmenpresse) - GENEVA, SWITZERLAND -- (Marketwired) -- 07/29/13 -- Gunvor Group and GE Capital have launched a EUR 225 mil. factoring program for Gunvor's receivables portfolio to finance part of Gunvor's German refining business. The deal is a part of Gunvor's broader strategy to diversify its financing base while reducing liquidity risk throughout its businesses.
"By freeing up trade finance lines we are creating more liquidity and more opportunity. So instead of just getting a bigger gas tank, factoring makes our financing engine more efficient," said Gunvor's Chief Financial Officer Jerome Schurink.
Gunvor is one of the first trading houses to establish a factoring program as a way to diversify how its supports its operations. This deal represents the largest single receivable finance program in Germany. Advantages to the approach include:
GE Capital has a longstanding presence in Europe, especially in Germany, where it is a leading developer and provider of factoring solutions This level of expertise was central to the formation of the relationship with Gunvor, whose German refining portfolio has annual sales of more than EUR 4 bil., requiring a strong partner.
"Gunvor's growth over the years has been driven by the innovative approaches its financing team has taken to support the company's trading and logistics expertise," said Jorg Diewald, Chief Commercial Officer at GE Capital Germany. "GE Capital looks forward to a successful cooperation with Gunvor which might even lead to other projects beyond financing-building on both companies' footprint in the oil and gas industry."
Gunvor's German entities, which consist of more than 350 employees, consist of Gunvor Raffinerie Ingolstadt GmbH, and the refinery's German marketing arm, Gunvor Deutschland GmbH. They serve the markets in Southern Germany und Upper Austria-providing an important fuel supply and competition to the land-locked area.
Contacts:
Gunvor Group
Seth Thomas Pietras
Communications Director
+41 79 870 6290
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 29.07.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 282391
Anzahl Zeichen: 0
contact information:
Town:
GENEVA, SWITZERLAND
Kategorie:
Oil & Gas
Diese Pressemitteilung wurde bisher 195 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"GE Capital and Gunvor Launch EUR 225 Mil. Receivables Financing Program"
steht unter der journalistisch-redaktionellen Verantwortung von
Gunvor Group (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
