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Guvnor receives finance for refinery

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Hydrocarbon Engineering,

Gunvor Group Ltd has announced that its subsidiary, Gunvor Petroleum Rotterdam BV, has secured a US$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 US$200 million, and as a result of strong support was oversubscribed by almost 40%.

"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.

Cooperatieve 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, Cooperatieve 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.

Adapted from press release by Francesca Brindle

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