Glencore has launched syndication on a US$200mn pre-payment facility for the purchase of oil products from Morocco-based Société Anonyme Marocaine de l’Industrie du Raffinage (Samir).

The two-year loan is being arranged in the GCC by Arab Petroleum Investments Corporation (Apicorp) and French bank Natixis. It has been structured around a pre-payment agreement based on a contract signed between Glencore and Samir for the sale of naphtha and jet fuel to the commodity trader.

Ahmad Bin Hamad Al Nuaimi, Apicorp’s CEO says: “This is a landmark deal that required Glencore’s marketing capabilities in addition to the high quality of Samir’s refining operations. It is also the result of our strong co-operation with Natixis, widely recognised for its international expertise in commodity finance.”

Dominique Fraisse, head of global energy and commodities at Natixis, adds: “Natixis is very pleased (…) to work for the common interest of Glencore and Samir, by co-ordinating this tailor-made and innovative transaction.”