Gunvor’s chief financial officer, Jacques Erni, said, “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 $1.3 billion.”

Arrangers include Russia’s Gazprombank among several other European banks, coming under Gunvor’s global strategy to encourage local financing of trading and assets.

The Ust Luga terminal is considered to be the largest rail/ocean transhipment terminal in the world, according to Gunvor’s statement, with a projected capacity of more than 30 million metric tons per annum.

Located on Russia’s small sliver of Baltic Sea coast, the terminal provides an important transportation and export point for the country’s refined products.

Once completed, the terminal will have a total storage capacity of about 960,000 cbm, and will be able to discharge four 72-railtank car trains and two 47-railtank car trains for fuel oil, and two 72-railtank car trains for light products.

Gunvor commenced fuel oil shipments from Ust Luga in 2011, and light products since May this year. The terminal’s third jetty came into operation at the end of August, which is capable of serving tankers of up to 300,000 deadweight tons.