Trafigura signs USD1.5 billion loan agreement guaranteed by the Federal Republic of Germany to secure gas supply

November 2, 2026

Seated, left to right: Frédéric Barnaud, Chief Commercial Officer, SEFE, and Richard Holtum, Chief Executive Officer, Trafigura. Standing, left to right: Sebastien Dorkel, SVP Storage & Derivatives Trading & Origination, SEFE; Ed Humphreys, Executive VP, Gas & Hub Trading, SEFE; Charlotte Marchionni, Gas Originator, Trafigura; and Igor Marin, Global Head of Gas, Power and Renewables, Trafigura.

Trafigura has entered into a USD1.5 billion five-year loan agreement, supporting a contract for Trafigura to supply more than 150TWh of natural gas to SEFE Securing Energy for Europe (SEFE) over the next five years.

The loan is supported, in part, by a guarantee under the Untied Loan Guarantee (UFK) of the government of the Federal Republic of Germany, acting through the German ECA Euler Hermes Aktiengesellschaft (“Euler Hermes”). The programme is a tool to secure the long-term delivery of strategic commodities to Germany.

The loan agreement was arranged by a syndicate of nine banks, with KfW IPEX-Bank acting as Facility Agent and Export Credit Agency (ECA) Co-ordinator and Agent.

Trafigura will primarily supply SEFE from its global gas portfolio, with the first delivery scheduled for 1 November 2026.

Igor Marin, Global Head of Gas, Power and Renewables at Trafigura, said: “We are pleased to extend our relationship with SEFE through this new five-year supply agreement. Trafigura’s global gas portfolio and logistics network allow us to deliver reliable supply into Europe, and we are proud to continue contributing to Germany’s energy security with firm deliveries of gas.”

James Murphy-O’Connor, Head of ECA Finance at Trafigura, commented: “This transaction builds on our long-standing relationship with the Federal Republic of Germany and Euler Hermes, and demonstrates the role that ECA-supported financing can play in securing long-term commodity supply. We thank Euler Hermes, KfW IPEX-Bank and the participating banks for their support.”

Frédéric Barnaud, SEFE CCO, said: “With this new agreement, we are continuing our successful collaboration with Trafigura, whose global reach and deep market expertise make it an important partner for SEFE. Such partnerships strengthen our ability to source natural gas from a broad range of origins and reinforce our position as a reliable energy provider for our German and European customers.”

The lending banks include Commerzbank AG, DBS Bank Ltd, London branch, DZ BANK AG, J.P. Morgan, KfW IPEX-Bank, Lloyds and Oversea-Chinese Banking Corporation Limited.