Commodities
trader Gunvor has secured a one-year $725 million credit facility from
13 banks to provide working capital for its refining operations in
the Amsterdam-Rotterdam-Antwerp (ARA) area, the company said Tuesday.
The "borrowing base" facility,
which reflects the amount lenders will loan based on the value of the
collateral, will back Gunvor's refineries at Antwerp (107,500 b/d, with 1.1-million-cbm storage capacity) and at Rotterdam (88,000 b/d).
It will also aid its involvement in the 1.09-million-cbm Maasvlakte oil terminal
at Rotterdam, operated by Vopak, in which it acquired a share through
the takeover of Kuwait Petroleum International's Europoort refinery in
early 2016.
The latest financing deal was coordinated by ING Bank and will run for 364 days
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