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// interactive map · actors and contracts

Atlas of oil financing

Who pays the seller, who advances the money, and who receives the revenues? Follow a cargo, a trader’s financing, an oil-backed loan in Chad and the financing plan for a tanker fleet.

Evidence reviewed on . This translation preserves that review’s limits. The 1 October releases document Volare’s share issuance and Trafigura’s refinancing. Volare trading was then expected around 5 October, after the review; this edition does not verify whether it began. Trafigura’s announcement does not confirm an extension of the March buffer. The EITI Chad page consulted in the review still pointed to the 2023 report published in late 2025; the Chad financing chain retains that historical period.

Four ways to follow the financing

  1. The cargo

    Identify the seller, the borrower, the payment made and the repayment expected.

  2. The trader

    Distinguish the arrangement of credit, its availability and the amount actually borrowed.

  3. The producing country

    Follow the allocation of revenues before they reach the public budget.

  4. The fleet

    Separate the shareholder, commercial manager, capital sought and vessels on order.

UniCredit Bank is identified as AG in the Sienna case and GmbH in Trafigura’s financing. Its 2023 annual report, page 14, documents the legal-form change. Its presence in two cases establishes no financing between their other participants.

The dates below refer to publication. Each record specifies the transaction period and links to the related investigation.

The documented network

18 actors and entities · 19 relationships

Volare confirms share issuance and registration; listing remains expected around October 5. Trafigura separately announces the closing of $4.4bn in USD/CNH facilities, with no established bank financing link to Volare.

Bank · financing and coordinationUniCredit Bank4 relationshipsCargo sellerBP Oil International2 relationshipsBuyer and borrower · SiennaGulf Petrochem2 relationshipsCounterparties specified in the agreementOnward buyers1 relationshipBank · arranging and coordinationSociété Générale2 relationshipsSyndicated facilities · TrafiguraEuropean credit facilities3 relationshipsContingent facility · TrafiguraLiquidity buffer2 relationshipsTrader · multiple commoditiesTrafigura4 relationshipsBank · syndication coordinatorOCBC1 relationshipOctober syndication · TrafiguraUSD and CNH facilities2 relationshipsChad national oil companySHT2 relationshipsCrude oil buyer · ChadGlencore Energy UK2 relationshipsRevenue escrow accountSHT account · Citibank3 relationshipsPrepayment creditorsGlencore and lenders2 relationshipsRecipient of the available balanceChadian Treasury1 relationshipSubscribers · VolarePlacement investors1 relationshipOil shipping companyVolare Shipping3 relationshipsOperating vessels and orderbookVolare fleet1 relationship
Announcement Reported relationship Selected relationshipLines do not show financial scale; select a relationship for its meaning

Four documented cases from different periods. Arrows represent the relationship described in each record, which is not always a payment. At the 4 October review, Volare’s new shares had been issued and registered; settlement and listing remained unconfirmed. The facilities Trafigura announced as closed on 1 October establish no bank financing for Volare. Glencore’s roles as buyer and creditor remain distinct.

Reported relationship

Placement investors → Volare Shipping

Published 1 Oct 2026 · reviewed 4 Oct 2026

Volare confirms issuance and registration of the 30,698,864 new placement shares. The total number of shares reaches 70,319,479.

The limitation

Reported issued and paid-up capital is not the cash proceeds received from the placement. This release does not confirm settlement with investors, expected around October 5 in the September 23 release. Listing remains expected around that date and exercise of the option to issue additional shares is unconfirmed.

What to check next

Settlement, first trading session and stabilization.

Read the sources

Atlas methodology and scope

This timeline is a documentary reconstruction made on 17 Sept 2026. Map dates refer to document publication, not when l0g first knew of or archived them. An older relationship may have changed since its latest source.

Announcements are attributed to the parties that made them. Conditional commitments remain distinct from payments. A missing link means this corpus does not establish it; it does not prove that no relationship exists.

Read the relationships and their history without the map

BP Oil International → Gulf Petrochem

· Reported relationship

The judgment describes BP's sale of fuel oil to Gulf in January 2020.

Limitation: This case does not describe the parties' entire business.

UniCredit Bank → Gulf Petrochem

· Reported relationship

UniCredit Bank AG finances Gulf's purchase, with security over the documents and the cargo.

Limitation: These safeguards did not prevent the failure to repay recorded in the judgment.

UniCredit Bank → BP Oil International

· Reported relationship

BP receives payment under UniCredit's letter of credit on April 2, 2020.

Limitation: The payment covers the financed portion of the cargo.

Onward buyers → UniCredit Bank

· Reported relationship

Approved onward buyers were due to pay UniCredit directly, 90 days after their invoices.

Limitation: This is the intended payment route, not a record of payments received.

SHT → Glencore Energy UK

· Reported relationship

EITI describes sales to Glencore of crude marketed by SHT in 2023.

Limitation: Some public-sector sales use other channels.

Glencore Energy UK → SHT account · Citibank

· Reported relationship

According to EITI, the corresponding proceeds flow into SHT's escrow account at Citibank.

Limitation: Bank statements are unavailable: receipts have not been independently verified.

Glencore and lenders → SHT

· Reported relationship

The report traces prepayments by Glencore and a banking syndicate, backed by oil revenues.

Limitation: Each lender's share is not established here.

SHT account · Citibank → Glencore and lenders

· Reported relationship

The described arrangement allocates proceeds to oil and transport costs, then to debt service.

Limitation: Reported amounts have not been reconciled with Glencore.

SHT account · Citibank → Chadian Treasury

· Reported relationship

The surplus after priority allocations may be transferred to the Treasury.

Limitation: This arrangement does not cover all public revenues.

UniCredit Bank → European credit facilities

· Announcement by the parties

Trafigura names UniCredit Bank GmbH as coordinator of its European credit facilities announced in March 2026.

Limitation: Coordination does not mean providing all the lending.

Société Générale → European credit facilities

· Announcement by the parties

Société Générale is among the active arrangers of Trafigura's European credit facilities.

Limitation: Its financial share is not specified.

European credit facilities → Trafigura

· Announcement by the parties

Trafigura announces these facilities to refinance existing lines and meet general corporate needs.

Limitation: Commitments are neither drawdowns nor financing exclusively for oil.

Société Générale → Liquidity buffer

· Announcement by the parties

Société Générale coordinates the liquidity buffer announced by Trafigura.

Limitation: Several banks participate in the financing.

Liquidity buffer → Trafigura

· Announcement by the parties

Trafigura announces a buffer initially intended to last six months, with extension options.

Limitation: The release confirms neither its use nor its extension in September 2026.

OCBC → USD and CNH facilities

· Reported relationship

Trafigura names Oversea-Chinese Banking Corporation (OCBC) as global coordinator of the facilities whose closing is announced on October 1. Forty financial institutions participate in the transaction.

Limitation: The coordinator role does not mean OCBC alone finances these facilities. Its share of commitments is not specified.

USD and CNH facilities → Trafigura

· Reported relationship

Trafigura announces the closing of approximately $4.4 billion in facilities: revolving credit of $1.1 billion for 365 days and $0.2 billion for five years, a one-year CNH-denominated term loan equivalent to $1.6 billion, and a three-year $1.5 billion term loan.

Limitation: The intended uses are refinancing tranches concluded in 2023 and 2025 and general corporate purposes. The amount represents neither drawdowns nor a net $4.4 billion inflow. These facilities are separate from the March European credit facilities and liquidity buffer; no financing of Volare or extension of that buffer can be inferred.

Trafigura → Volare Shipping

· Announcement by the parties

Trafigura announces the creation of Volare, in which it holds a majority stake. Its maritime business provides commercial management of the fleet.

Limitation: This equity stake does not constitute a guarantee of Volare's debts. The release envisages continued control after the proposed listing.

· Announcement by the parties

The release projects approximately 53% ownership for Trafigura Volare Holdings B.V. at listing, assuming full exercise of the option to issue additional shares.

Limitation: This percentage is forward-looking and conditional. It establishes neither completed dilution nor a guarantee of Volare's debts.

Placement investors → Volare Shipping

· Announcement by the parties

Volare proposes a private placement of approximately $500 million, followed by listing on Euronext Growth Oslo around October 5, 2026.

Limitation: The placement and listing remain conditional, including on successful placement and exchange approval. No receipt of funds is established here.

· Announcement by the parties

Volare announces the conditional allocation of 30,698,864 new shares, for gross proceeds equivalent to approximately $500 million.

Limitation: Settlement is expected around October 5, subject to conditions including exchange approval. The 15% over-allotment uses borrowed shares; the option to issue additional shares has not yet been exercised. No receipt of funds is established here.

· Reported relationship

Volare confirms issuance and registration of the 30,698,864 new placement shares. The total number of shares reaches 70,319,479.

Limitation: Reported issued and paid-up capital is not the cash proceeds received from the placement. This release does not confirm settlement with investors, expected around October 5 in the September 23 release. Listing remains expected around that date and exercise of the option to issue additional shares is unconfirmed.

Volare Shipping → Volare fleet

· Announcement by the parties

Volare reports operating six very large crude carriers (VLCCs) and having eight vessels on order. According to its chief executive, the proposed placement should fully fund this newbuilding programme.

Limitation: The ordered vessels have not all been delivered. The announced use of placement proceeds does not establish payments to shipyards.

· Announcement by the parties

Net proceeds are intended to fund remaining newbuilding commitments, reduce lease liabilities, repay an intercompany loan and cover working capital, fees and general corporate needs.

Limitation: The funds are therefore not exclusively earmarked for new vessels. These stated uses establish neither payments to shipyards nor completed repayments.

· Announcement by the parties

Volare confirms six operating VLCCs and eight on order, with deliveries expected between 2027 and 2028.

Limitation: This timetable remains a forecast. Share issuance establishes neither payments to shipyards nor repayment of the debts mentioned on September 23.

Paying for an oil cargo →The banks behind Trafigura →Chad’s oil and its debt →Reuse the relationships and sources · English JSON →