Trafigura signs US$1.5bn loan as German gas deal lifts annual supplies 30%

Trafigura has signed a US$1.5bn five-year loan agreement supported by a partial German government guarantee, financing an expanded natural-gas supply contract that will increase annual deliveries to Germany by approximately 30 per cent.

The commodities trader has agreed to supply SEFE Securing Energy for Europe with 30 terawatt-hours (TWh) of natural gas annually over five years, beginning on 1 November 2026. The agreement covers a total of 150 TWh, replacing an existing four-year contract under which annual deliveries were approximately 23 TWh.

The financing has been arranged through a syndicate of nine banks, with KfW IPEX-Bank acting as facility agent, export credit agency coordinator and agent. The German lender has committed US$300m to the transaction.

The loan benefits from partial guarantee support under the German government’s Untied Loan Guarantee (UFK) programme, administered through Euler Hermes. The scheme supports financing linked to securing long-term supplies of strategically important commodities.

Unlike conventional export credit guarantees, which typically support overseas buyers purchasing goods from a domestic exporter, the UFK mechanism helps Germany secure commodity supplies from international markets.

For Trafigura, the financing supports a substantial increase in contracted gas deliveries while providing bank liquidity alongside the company’s existing global commodity trading and logistics operations.

For SEFE, the enlarged agreement strengthens contracted supply arrangements as Germany continues to manage energy security risks and dependence on international gas markets.

The financing also highlights the role of government-supported credit structures in managing the substantial funding requirements associated with long-term commodity supply contracts.

It was previously reported that Trafigura renewed a separate US$150m UAE export facility, supported by up to US$100m of trade credit insurance. That arrangement concerns UAE-origin exports and is distinct from the new German gas financing.

The latest transaction represents a considerably larger commitment and links financing to contracted commodity deliveries over a five-year period.

Although the loan agreement has been signed, the proportion covered by the government guarantee, borrowing margins, security arrangements and initial utilisation have not been publicly disclosed.

The transaction illustrates how export credit agency-backed financing can be deployed to support the security of essential commodity supplies, rather than solely to promote traditional cross-border exports.