Peninsula Petroleum increases Asia bank liquidity by $60 million
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by Admin
International marine fuel supplier Peninsula Petroleum Group (PPG) has recently announced the renewal and increase of its Asian receivables finance facility.
PPG’s Asian facility, led by HSBC in participation with United Overseas Bank, sees the total regional facility amount rise from $225 million to $285 million with both lenders increasing their respective ticket sizes and renewing the committed tranche of the facility by a further two years.
The Asian development raises the PPG’s international bank liquidity to a total over $800 million.
The increased lines enhance the diversity and sophistication of Peninsula’s funding package beyond 2021, whilst further enabling the business to provide unique global solutions to clients in the higher price environment expected due to IMO 2020, says CEO John A. Bassadone.
“We are confident that we have the right infrastructure and logistics in place and our worldwide platform is well positioned to face the challenges and opportunities which 2020 brings,” he notes.
“We are also grateful for the endorsement of our business model received once again from our two long standing Asian banking partners and from our entire banking group.
“We have aligned ourselves with the right stakeholders who understand our industry and share the importance we place on compliance and the risk control functions within our business.”
Photo credit: Peninsula Petroleum Group
Published: 7 October, 2019
