Gunvor Closes New USD 675 Mil. Financing for Ust Luga Oil Products Terminal
GENEVA, SWITZERLAND -- (Marketwired) -- 09/16/13 -- Gunvor Group
("Gunvor" or the "Company") announces the closing of a USD 675
Million Long-Term Secured Facility (the "Facility") to finance the
Company's flagship investment, its Ust Luga Oil Products Terminal in
the Russian Federation (the "Terminal").
"We are very pleased with the outcome of the Facility, which is
non-recourse to Gunvor, as it attracted considerable commitments from
international and Russian banks amounting to more than USD 1.3
billion," said Jacques Erni, Gunvor's Chief Financial Officer.
While less than one percent of Gunvor's financing has historically
derived from Russian financial institutions, the Company sought to
balance the considerable international interest in this Facility with
Gunvor's global strategy to encourage local financing of trading and
assets (see: "Gunvor closes almost one billion dollars in new,
local-sourced bank financing").
Credit Suisse International acted as Coordinator and Mandated Lead
Arranger ("MLA"); Gazprombank OJSC, Raiffeisen Bank International AG,
ZAO Raiffeisenbank, Natixis, Bank of China (UK) Limited as MLA; ABN
AMRO Bank N.V. as Lead Arranger and VTB Bank (Deutschland) AG as
"This Facility represents an important step for Gunvor: it not only
confirms the trust and strong support from the banking community in
our project, but it also allows the Terminal to be optimally
leveraged, freeing up capital for other investment opportunities,"
said Gia Mai, Gunvor's Corporate Finance Director.
The Terminal is considered to be the largest rail/ocean transshipment
terminal in the world, with a projected capacity of more than 30
million metric tons per annum. Gunvor managed its construction,
development and the successful commencement of its operations for the
transshipment of fuel oil since 2011 and light products since May of
Most recently, on August 28, the Terminal completed the first loading
of a vessel from its new third jetty, which is capable of serving
large tankers with a capacity of up to 300,000 deadweight tons.
When fully completed, the Terminal will have a total storage capacity
of about 960,000 cubic metres. It will be able to simultaneously
discharge four 72-railtank car trains and two 47-railtank car trains
for fuel oil, and two 72-railtank car trains for light products, with
more than one kilometer of berthing space available.
The Terminal significantly enhances Gunvor's logistics capabilities
involved in refined petroleum products transportation and exports
from Russia, as well as providing a material stable earnings stream
for the Group.
About Gunvor Group
Gunvor Group is one of the world's largest independent commodities
trading houses by turnover, creating logistics solutions that safely
and efficiently move physical energy from where it is sourced and
stored to where it is demanded most. With strategic investments in
energy infrastructure-refineries, pipelines, storage, terminals and
coal mining-Gunvor further generates sustainable value across the
global supply chain for its customers. More information can be found
at www.gunvorgroup.com or @Gunvor.
Seth Thomas Pietras
+41 79 870 6290
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