Gunvor Launches $500 Million Credit Facility for Belgian Refinery

Date : 07/11/2012 @ 4:43AM
Source : Dow Jones News
Stock : Ing Grp., N.V. (ING)
Quote : 17.0  -0.13 (-0.76%) @ 4:02PM

Gunvor Launches $500 Million Credit Facility for Belgian Refinery

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By Jenny Gross

LONDON--Gunvor Group Ltd. has launched a $500 million credit facility to help finance its new refinery in Belgium, the group said in a statement Wednesday.

Cyprus-based Gunvor, one of the world's largest independent traders of commodities, said in March it had agreed to buy the Antwerp refinery from insolvent Swiss-based refiner Petroplus Holdings AG.

"One of the pillars of Gunvor's growth strategy is the investment in energy infrastructure complementary to our trading function," said Gunvor Chief Executive Torbjorn Tornqvist, according to the statement. "The strong interest already shown by large international banks for joining the facility demonstrates confidence in Gunvor's approach."

ING and Rabobank are the two bookrunning mandated lead arrangers of the facility, which will be used to finance the purchase of crude oil and feedstock for the refinery.

Write to Jenny Gross at jenny.gross@dowjones.com; Twitter: @jgginlondon

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