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DBS Bank has provided a structured trade facility to Chandra Asri, Indonesia’s largest integrated petrochemical producer, to support the company’s efforts to boost export sales.
The US$60mn short-term credit line is made up of both pre-shipment and post-shipment finance, which Tan Su Shan, group head of institutional banking at DBS, says will give the company the ability to “obtain, scale and diversify access to competitive financing”, as well as bolster the country’s balance of payments amid a new government drive to cut raw material imports in favour of local industries.
At the end of last year, the petrochemical firm, which currently operates Indonesia’s only naphtha cracker, brought online a further two chemical plants, producing methyl tert-butyl ether and 1-butene. Chandra Asri says it will use the financing to vertically integrate its operations, expand sales of its products and open up new international trade opportunities.
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Court documents filed by GP Apac – a Singapore subsidiary of UAE-based oil giant GP Global Group – describe how the company ran into financial difficulties during 2020, prompted by pandemic-related disruption, a drop in demand for oil products, record low oil prices and
Its chief restructuring officer and sole director, Rod Sutton of FTI Consulting, says evidence then emerged of “irregular commodity trades and/or fictitious trades where there was no actual transfer of any underlying cargo”.
“This left the group with significant bad debt as the trade receivables due from these ‘trades’ are unlikely to be recoverable,” he says in an affidavit filed in Singapore’s High Court in February and seen by
Impello Global, a trade finance advisory group and trade credit insurance brokerage headquartered in Seattle, has hired Matthew Handwork as its new head of structured trade finance.
Starting with immediate effect, Handwork will work with lenders and manufacturers to grow the firm’s structured trade finance business globally. He will continue to be based in Columbus, Ohio.
Handwork moves from his position as senior vice-president for credit specialties at Marsh JLT Specialty, a post he had been serving in for the past year.
Before that, he was a vice-president at JLT Specialty US from early 2018, continuing in that role for several months after the company was acquired by and merged with Marsh & McLennan in April 2019.
In the latest episode of the GTR News Brief, host Felix Thompson gives a breakdown of recent major stories in trade and trade finance news as covered by GTR. After months of deadlocks, the World Trade Organization has named Nigeria’s Ngozi Okonjo-Iweala as its seventh director general. Global commodity trader Trafigura is set to secure a new sustainability-linked .