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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