Glencore aims to raise $550m for Kurdish Oil Deal

By John Lee.

According to a report from Reuters, commodities giant Glencore will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil.

Industry sources told the news agency that investors are exercising caution despite the 12 percent bond yield, and that Glencore has received investor commitments for between $200 million and $400 million.

Rival oil traders such as Vitol, Petraco and Trafigura are reported to have borrowed about $2 billion from banks to lend to Erbil, which is to repay the debt in oil.

(Source: Reuters)

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