Mercuria Energy Trading, a wholly owned Singapore trading company owned by Geneva-based Mercuria Energy Group Ltd, has secured $755 million (€570 million) one-year and three-year syndicated revolving credit facility, 57% or 1.6 times oversubscribed than its original launch at $480 million. Commitments from 29 international banks were strong despite ongoing concerns about the eurozone crisis and possible global recession. Mercuria Energy Trading, incorporated in Singapore in 2004, is the regional headquarters for principal trading and providing key marketing support and services to the entire Group. Mercuria Energy is trading a diversified base of crude oil, petroleum products, coal and dry freight. It also provides storage, blending, transport and distribution services. Currently, the company has more than 160 staff headcount as well as offices in Singapore, Beijing (China), Dubai (Emirates), Jakarta (Indonesia) and Mumbai (India). The company also has a joint venture arrangement with a local marketing company in Bangkok (Thailand). Proceeds of the facility will be used to refinance existing debt and to finance general corporate and working capital requirements of the company. The facility has tenors of one and three years. ‘Our Singapore regional hub Mercuria Energy Trading Pte Ltd has successfully closed its third fundraising exercise in Asia for a final amount of $755 million. The facility has been largely oversubscribed (1.6 times) attracting more and more Asian banks,’ says Mercuria Energy Group CFO Guillaume Vermersch. With a 2011 turnover of around $70 to 80 billion, Mercuria is one of the world’s largest independent energy merchants. Underpinning the Group’s market activities is a significant portfolio of strategic physical assets. Mercuria’s infrastructure capabilities include oil and petroleum products storage terminals in North and South America, Europe, Africa and Asia.