Page 8 - BB Energy Brochure
P. 8

CEO’s Message

                                                              trusted and transparent relationship with our banking and
                                                              financial partners has allowed us to continue growing our
                                                              financing lines to US$ 3.4 billion.

                                                              In October 2021, we launched a debut US$ 500 million US
                                                              borrowing base facility using the KomGo platform - the
                                                              first digital borrowing base in the USA, which positions
                                                              BB Energy at the forefront of innovation and transpar-
                                                              ency in the trade finance sector. We also successfully re-
                                                              financed a syndicated Revolving Credit Facility (RCF) for
                                                              US$ 210 million.

                                                              In a continuing drive to improve governance, we have
                                                              established several committees under the remit of our
                                                              CFO, Jacques Erni, and invited to the Board of Directors,
                                                              Dominique Beretti, ex-global Head of Trade and Com-
                                                              modities Finance at Société Générale and Gaby Abdel-
                                                              nour ex-CEO of JP Morgan Asia.

                                                              In addition to the increase in our trading flows in the
                                                              regions where we have historically operated, BB Energy
          Mohamed Bassatne                                    continued to expand its investments both in downstream
                                                              and trading flows in growth regions such as Africa and
                                                              Latin America during 2021. We opened new offices in
          We are living in an increasingly volatile and complicated   Casablanca and reached our target of ten operational
          world. We have barely recovered from the Covid pandemic   retail stations under our brand ‘Société Pétrolière’.
          to find ourselves unexpectedly hit, on 24 February 2022,   We hope this will create more synergies to supply the
          by the war in Europe. This upheaval has not only trig-  Moroccan market with Diesel in order to further support
          gered a geopolitical crisis which has shaken the world’s   our end users.
          economy spiraling the price of oil to over a decade’s high
          at US$ 120 per barrel; but like in all wars the innocents   In 2021, the growth of our crude trading activity stood
          suffer.                                             out in North America, where traded volumes increased by
                                                              over 40% from 2020. We were also successful in growing
          BB Energy’s global and diversified business footprint, ex-  our distillate transactions by almost 27% during 2021;
          cellent customer relationships, market knowledge, logis-  this growth was largely due to securing strategic short
          tical expertise, and most importantly our robust business   positions in Latin America. Consequently, the substan-
          model built on three key pillars - Agility, Adaptability,   tial increase of our distillate portfolio allowed BB Energy
          and Reliability - have been critical to ensure our contin-  USA to become a key player in that market.
          ued success and overcome the rising pressure and vol-
          atility on the global energy and commodities markets.   BB Energy has continued to support the Energy Transi-
                                                              tion and the path to Net-Zero. We have embarked on a
          Market disruptions emphasized BB Energy’s outstand-  transformational journey towards cleaner and greener
          ing market knowledge and logistical expertise in helping   energy. In January 2020, the Group established a
          our customers to realign their supply chains. We swiftly   division dedicated to managing and investing in renew-
          found attractive sources of supplies and as a result   able energy and emission reduction projects, titled BBE
          our trading volumes increased across the board. I am   RED (Renewable Energy Division). Since its inception,
          therefore pleased to report that BB Energy successfully   BBE RED has grown rapidly in activity and size, with more
          navigated these challenges to achieve another strong   than 20, and growing, highly skilled personnel with ex-
          performance in 2021. We increased our trading volumes   pertise  spanning across  the renewables  space working
          by 24% compared to 2020 financial year, reaching a total   towards BB Energy’s transition. Through a focused ac-
          of 41 million tonnes, and a turnover of US$21 billion   quisition and investment strategy, we have built up the
          dollars.                                            company’s  operations  in solar  energy  generation  and
                                                              carbon emission reduction initiatives.
          Another  significant  challenge  faced  by  the  industry  is
          access to financing and liquidity to support the increased   In April 2021, the Group acquired Solar Century Africa
          level of volatility in global markets. BB Energy’s long-term   (SCA), an integrated solar company which develops,

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