Gunvor Completes Financing to Support Novorossiysk Fuel Oil Terminal

January 23, 2013

LLC Novorossiysk Fuel Oil Terminal (“NFT”), which is jointly owned by Gunvor Group (“Gunvor”) and PJSC Novorossiysk Commercial Sea Port (“NCSP”), has successfully closed a secured 7-year USD $110 million credit facility (the “Facility”) from ZAO Raiffeisenbank.

The proceeds will refinance shareholder loans used to construct the fuel oil terminal and infrastructure, including tanks, rail-car discharging racks, and pipeline.

The fuel oil terminal, which has a capacity of 119,000 m3 and a throughput of 4 million tons a year, was successfully commissioned and received an operating permit in 2012.