Gunvor Group Ltd
Gunvor Secures Financing for Rotterdam Refinery
ROTTERDAM, THE NETHERLANDS--(Marketwired - Aug 17, 2016) - Gunvor Group Ltd is pleased to announce that its subsidiary, Gunvor Petroleum Rotterdam BV, has secured a USD 200 million project financing for the development and infrastructural upgrade of its facilities. The upgraded Rotterdam refinery will complement Gunvor Group's existing refining operations, particularly through integration with its existing European refinery network, which includes refineries in Antwerp, Belgium and Ingolstadt, Germany.
The facility launched at USD 200 million, and as a result of strong support was oversubscribed by almost 40 percent.
"We are pleased that this financing is secured as this will enable us to execute the improvement plans we have developed for the coming years to become even more of a valued asset to the Gunvor organisation," said Erwin Goosen, GPR Refinery Manager.
Coöperatieve Rabobank U.A. ("Rabobank") was mandated as Co-ordinator for the facility, and ING Bank N.V. acted as Agent, Security Agent and Account bank for the facility. ABN AMRO Bank N.V., ING Bank, a branch of ING-Diba AG, Coöperatieve Rabobank U.A., Raiffeisen Bank International AG and Societe Generale Corporate and Investment Banking together acted as Mandated Lead Arrangers and Original Lenders to the facility.
About Gunvor Petroleum Rotterdam (GPR)
GPR, 100% owned by Gunvor Group, is situated in the Port of Rotterdam. The refinery and its international distribution center have direct access to the open sea and the European hinterland, which is a unique location for producing and distributing finished and intermediate products such as LPG, gasoline, diesel and bunker fuel. The Port of Rotterdam is the European center for petrochemical activities and is the engine of the Dutch economy. For more information: http://www.gunvor-nederland.nl/en/
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 and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.gunvorgroup.com or @Gunvor.
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