Shandong Qingyuan Group signs $430m pre-financing facility

Shandong Qingyuan Group has signed a new $430 million one-year-and-four-month pre-financing facility that will be used to procure crude oil exclusively from Trafigura (also guarantor). The feedstock will then be refined into a base oil and sold to offtaker CNOOC. The deal comprises four tranches...