Harrogate-based Green Oil, a new commodity trading firm established this year, is targeting expansion into Europe and a tripling of staff numbers over the next three years, following International Trade Finance from Santander Corporate & Commercial.
In particular, the facilities will also allow Green Oil to commence commodity trading with multinational petrochemical companies within Europe.
Set up by Tariq Malik, Green Oil is focused on supplying high-grade industrial chemicals to manufacturers.
Initially focused on working with UK firms, over the next three years Green Oil intends to develop its portfolio of industrial chemicals and widen its customer base within the European Union, as well as the US and Asia.
Mr Malik said:
“We have been extremely impressed with the service from Santander throughout this process and could not have launched Green Oil International without their support.
“The team there has embraced our business plan and remains fully supportive of our growth strategy.”
David Stuart, relationship director, Santander Corporate & Commercial, said:
“We have been thoroughly impressed by the knowledge and dedication of Tariq.
“One of the key advantages of Green Oil is that its managers have industrial manufacturing and supply chain management experience coupled with strong financial capabilities, and is able to offer its clients a comprehensive service.”
Andrew Joy, international director, Santander Corporate and Commercial, said:
“We were able to provide a structured trade finance facility which gives the business a great platform for future growth.
“This was achieved by working closely with Green Oil to understand their trade cycle and the type of transactions the company undertakes.”