December 19, 2012 [Gunvor Group] - Gunvor Group, together with Crédit Agricole and Natixis, acting as Co-Arrangers, designed a collateral-pooled facility to support its crude oil operations and future developments in the Americas.
The USD $530 million facility was fully subscribed by six core banks in record time, packing in about two months. The facility will serve the storage of crude oil in Panama and the downstream sales to refiners in South and North America, including the United States.
Gunvor has an 17 percent stake in Petroterminal de Panamá, S.A. (PTP), which is a cooperative venture between the Government of the Republic of Panama and private industry. PTP owns 9.2 million barrels of storage capacity and state of the art blending capabilities, as well as an oil pipeline that runs 131 kilometers through the Panamanian Isthmus (reversed to now run from the Atlantic Terminal of Chiriqui Grande to the Pacific Terminal of Puerto Armuelles).