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RLPC-Gunvor closes $110 mln loan for Russian fuel oil terminal
January 22, 2013 / 12:32 PM / 5 years ago

RLPC-Gunvor closes $110 mln loan for Russian fuel oil terminal

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)

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