Deal with a US refinery goes up in flames just days after it was signed, trapping about 3-million barrels of ICBCS-owned oil
New York — A team from ICBC Standard bank Plc celebrated in London in June 2019 after closing its first major US refinery deal and gaining a foothold in the biggest energy market in the world.
ICBCS — a joint venture between Industrial and Commercial Bank of China, the world’s biggest-listed lender by assets, and SA’s Standard Bank, Africa’s biggest lender — is still trying to recoup losses from the deal. “That’s something that would make a bank quite nervous,” said Kurt Barrow, an IHS Markit consultancy vice-president. “That collateral is king to them,” he said, referring to the fuels.ICBCS started talks with PES in 2018, when the Philadelphia refiner was working through a previous bankruptcy. PES had been working with Bank of America, but switched to ICBCS as BofA wanted to raise its borrowing rates, according to two sources familiar with the plan.
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