Gunvor completes financing to support Novorossiysk Fuel Oil Terminal
LLC Novorossiysk Fuel Oil Terminal (“NFT”), which is jointly owned by Gunvor Group (“Gunvor”) and PJSC Novorossiysk Commercial Sea Port (“NCSP”), has successfully closed a secured 7-year USD $110 million credit facility (the “Facility”) from ZAO Raiffeisenbank, Gunvor Group informs.
The proceeds will refinance shareholder loans used to construct the fuel oil terminal and infrastructure, including tanks, rail-car discharging racks, and pipeline.
The fuel oil terminal, which has a capacity of 119,000 m3 and a throughput of 4 million tons a year, was successfully commissioned and received an operating permit in 2012.
Gunvor Group is one of the world’s largest independent commodity trading companies by turnover, providing integrated trading products and logistics services for participants in the worldwide oil and energy markets. Gunvor’s main trading centers are in Geneva, Singapore, the Bahamas and Dubai. We also operate through service centers, representative offices and branches in locations throughout the world.