Trading firm Gunvor has opened its first office in the US, based in Houston.
The Geneva-based company will initially focus on trading refined products, bitumen and natural gas from its new offices. Gunvor has also secured a $500mn loan to support the new operations.
The new borrowing facility is jointly lead-arranged by Rabobank, New York Branch and ABN Amro Capital USA. The other lenders are ING Capital, Natixis, Societe Generale and Credit Agricole.
Gunvor generated $64bn in revenue last year, with a net profit of $1.25bn.
