Gunvor Group completes the syndication of a $675 million credit for the oil products terminal in Ust-Luga

The Gunvor Group has announced the completion of the syndication of the credit line in the amount of $675 million to finance the strategic investment project of the group – the oil products terminal in the port of Ust-Luga, the group reports. The 100% subsidiary of Gunvor Rosneftbunker Plc. (the operator of the terminal) acted as the borrower without the gurantee of the parent company.

The transaction demonstrated the high level of the confidence of the banks in the Gunvor Group. “Despite the fact that the credit line has been attracted without the guarantees of Gunvor, international and Russian banks were ready to provide more than $1.3 billion”, the Chief Financial Director of Gunvor Group, Jacques Erni said.