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☆ Tullow in $400 million debt deal, Ghana oil marketing pact with Glencore
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tullow Oil (TLW.L) said on Monday it signed a $400 million five-year debt deal with Glencore (GLEN.L) to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields. The facility "significantly de-risks" Tullow's ability to refinance its 2026 notes, Peel Hunt analysts wrote in a note. Tullow's shares were up 3.6% at 31.5 pence in early trade. The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon. Tullow reiterated its free cashflow guidance of $800 million between this year and 2025.

Persons: Arnd, Rahul Dhir, Peel, Tullow, Radhika Anilkumar, Shadia Nasralla, Savio D'Souza, Jason Neely Organizations: REUTERS, Glencore Energy UK Ltd, Peel Hunt, Glencore, Thomson Locations: Baar, Switzerland, Ghana, Gabon, Bengaluru, London

☆ Russian court orders Glencore unit to pay up in Sberbank row
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd WiegmannSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Feb 23 (Reuters) - A Russian arbitration court said it has ordered a subsidiary of Swiss commodities trader Glencore (GLEN.L) to pay about 118 million euros ($125 million) to Russian state lender Sberbank (SBER.MM) amid a row over unpaid oil supplies. Sberbank took legal action against Glencore Energy UK Ltd last year after it alleged the company did not pay for two oil consignments supplied by a subsidiary of Sberbank in March due to sanctions. Glencore declined to comment on the court's ruling, which was issued on Feb. 21 but made public on Thursday. ($1 = 0.9433 euros)Reporting by Reuters; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Russia's Sberbank urges Glencore to resolve dispute over oil bill
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Sberbank has taken legal action to recover debt and penalties from Glencore Energy UK Ltd over the two consignments, supplied by a subsidiary of Russia's largest bank in March. "Glencore is refusing to pay, citing sanctions," Sberbank First Deputy Chairman Alexander Vedyakhin told reporters. "There are different ways of working without violating sanctions... This issue could have been resolved, but unfortunately Glencore is refusing any communications with us." In March, as Western sanctions over Russia's actions in Ukraine started coming into force, Glencore said it would not enter into new trading business in respect of Russian-origin commodities unless directed by the relevant government authorities.

☆ Russia's Sberbank sues Glencore for $116 mln over oil supplies
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Russia's largest lender Sberbank in Moscow, Russia, December 24, 2020. The database showed Sberbank was seeking to recover debt and penalties from Glencore Energy UK Ltd over two agreements, worth roughly 58 million euros each. One related to oil blend supplies to the border of Ukraine and Hungary in March, and the other to supplies to the border of Ukraine and Slovakia in the same month. Russia sent its troops into Ukraine on Feb. 24 for what it calls a "special military operation". ($1 = 1.0073 euros)Reporting by Oksana Kobzeva Writing by Vladimir Soldatkin Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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