July 12, 2012 [OPIS] - Gunvor Group Ltd. is moving ahead with plans for its new refinery in Belgium, having successfully launched a $500 million borrowing base secured revolving credit facility (RFC) to support operations.
ING and Rabobank are the two Bookrunning Mandated Lead Arrangers of this facility, which will be used to finance the purchase of crude oil and feedstock for the refinery, blending products, storage and processing at the refinery’s premises, and carrying of receivables.
Gunvor also recently announced the successful completion of a six-month extension of the European one-year tranche of its RFC, as well as Gunvor Singapore Pte. Ltd. signing an oversubscribed $635 million syndicated RCF, which drew considerable new support from local banks in the Asia-Pacific region.
From a European niche player, Gunvor has become an international, vertically integrated energy trading group. In recent years, the company has expanded operations into Asia, Middle East and the Americas.
Gunvor’s acquisition of the former Petroplus refinery in Antwerp, along with its pending purchase of a refinery in Ingolstadt, furthers the company’s plans to diversify and become a truly integrated trading organization.
The Antwerp refinery is located in the center of the Antwerp-Rotterdam-Amsterdam region and has a throughput capacity of 105,000 b/d and a storage capacity of 1.2 million cubic meters.
The Belgian refinery has been shut since January, and Gunvor plans to have it up and running again within the next few months. The acquisition of the 100,000-b/d Ingolstadt refinery is expected to be completed in the third quarter.
