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Africa's largest lender by assets, Standard Bank, has been criticised for its lending policies. The recent climate exposure report that it published reveals that it has $4 billion in loans and commitments to the coal, oil and gas sectors on its books. The bank is being called out as 4% of all its lending is to fossil fuel industries. The renewables share only 0.8% of the same.
Saudi Aramco is planning for a loan of about $10 billion. The world's largest oil producer is in early talks with 3 banks to help finance its acquisition of Saudi Basic Industries Corp. It will acquire 70% stakes in the firm. “The company continues to review its financial options as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience”, said the company.
Nayara Energy has raised $750 million through an offshore loan. It has planned to reduce the company's cost of debt and strengthen its balance sheet with this money. According to a source, "The deal structure allows Nayara to leverage its regular export flows to optimise its capital structure and liability profile”. The loan is termed as Prepayment Finance Facility. Under this deal, Nayara will deliver gasoil to BP and Trafigura.