LONDON, Jan 22 (Reuters) - Oil and commodities trader Gunvor and Novorossiysk Commercial Sea Port have closed a $110 million, seven-year loan for their jointly-owned Novorossiysk Fuel Oil Terminal on the Black Sea, Gunvor said in a statement on Tuesday.
The deal marks another foray into the loan market for Gunvor, which has tapped this source of financing a number of times over the past 12 months, sealing deals worth over $2.5 billion, according to Thomson Reuters LPC data.
The latest loan, which is being provided by ZAO Raiffeisenbank, will be used to refinance shareholder loans and for the construction of a fuel oil terminal and other infrastructure at the terminal including tanks, rail-car discharging racks and a pipeline.
The terminal, which was commissioned in 2012, has a capacity of 119,000 cubic metres, with a throughput of 4 million tons a year. Novorossiysk on the Black Sea is Russia’s largest port and the main outlet for Russian energy and commodity exports. (Reporting by Alasdair Reilly. Editing by Jane Merriman)