The “PGN Group,” which specializes in energy and commodity trading, has announced a new agreement for refinancing and an increase in its credit facilities supported by the Abu Dhabi Exports Office, amounting to $400 million.
The agreement was signed by Mohammed Saif Al Suwaidi, the Director-General of the Abu Dhabi Development Fund and Chairman of the Executive Committee of the Abu Dhabi Exports Office, alongside Dya Markova, the Executive Director of Finance, Strategy, and Environmental, Social, and Governance at PGN Group. First Abu Dhabi Bank takes on the role of sole coordinator and lead underwriter. This new deal raises the revolving credit facilities available to the group from $282.5 million, a figure initially allocated in 2025, to $400 million. The process saw oversubscription, exceeding initial expectations, which reflects lenders’ confidence in PGN’s strong business performance and its ambitious growth strategy.
Roy Florencio, CFO of the PGN Group, stated, “We are delighted to finalize this significant agreement with the oversight of both the Abu Dhabi Exports Office and First Abu Dhabi Bank. This move is grounded in the longstanding partnership between PGN and leading regional and international financial institutions, showcasing the trust of our financial partners in the group’s strength.” He added, “The substantial increase in financing facilities will support our efforts to execute our growth and diversification strategy, allowing us to extend our operations into new sectors such as liquefied natural gas and other base metals.”
Expansion
Khalil Fadel Al Mansouri, the Executive Director of the Abu Dhabi Exports Office, remarked, “The increase in financing facilities underscores our ongoing commitment to supporting Emirati companies, empowering them to expand globally and enhancing their competitiveness in international markets.” He further mentioned, “This agreement reflects our strong confidence in PGN Group, which has a vast base of regional and international lenders, and bolsters the role of the Abu Dhabi Exports Office in mobilizing strategic capital to support trade flows and economic diversification, as well as in developing future energy value chains. This partnership contributes to PGN Group’s goals in achieving its developmental aspirations and enhancing its role in facilitating global energy transition.”
The agreement enjoys backing from 14 other lending institutions across the Middle East, in addition to financial entities from Mauritius, South Africa, and Taiwan. Participating banks include Abu Dhabi Commercial Bank, National Bank of Kuwait, Dubai Commercial Bank, AfRASIA Bank, Ras Al Khaimah Bank, Mauritius Bank, BCP (Bank of Commerce and Investment), Emirates NBD, a branch of Nedbank Group in London, Arab Bank, First Commercial Bank, Fujairah National Bank, and Ajman Bank.