Trading giant Trafigura has extended a $500m credit facility so it can keep buying and shipping out Saudi Arabian cargoes.

The shipowner and charterer said a new deal was signed with the Saudi Export-Import Bank by the lender’s deputy chief executive, Naif Al-Shammari, and Trafigura’s chief financial officer, Christophe Salmon.

“This agreement shall facilitate the purchase of domestically produced commodities from the Kingdom of Saudi Arabia and enable Trafigura to connect Saudi producers to more than 156 markets worldwide,” the group said.