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Baseefa Ltd

Gunvor to raise $500m credit for Belgian refinery

11 July 2012

Oil trader Gunvor said on July 11 it had started to raise a $500 million credit facility to support the operations of its refinery in Antwerp, Belgium, purchased from insolvent refiner Petroplus. The revolving credit facility, led by ING and Rabobank, will be used to finance crude oil and feedstock purchases for the 105,000 barrel per day plant.

The Antwerp refinery was acquired by Gunvor from Petroplus last March
The Antwerp refinery was acquired by Gunvor from Petroplus last March

Gunvor, a top five oil trading house, has bought two Petroplus plants in Belgium and Germany in a bid to become an integrated oil company.

The group said in June it had signed a $635 million loan agreement with mostly Asian banks despite the difficulties faced by smaller players in gaining access to credit.

Gunvor sold 1.26 million barrels per day in 2010 and is co-owned by Russian Prime Minister Vladimir Putin's long-time acquaintance Gennady Timchenko. Its other co-owner, Torbjorn Tornqvist, is a Swedish national who serves as chief executive.

Its turnover rose from $43 billion in 2007 to $69 billion in 2010 and the firm now has major operations in Amsterdam, Geneva and Singapore and is one of the world's largest independent commodity traders.


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