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Tue 22 Jan 2013 14:37

Financing completed for Novo fuel oil terminal


Proceeds will refinance loans used to construct the fuel oil terminal and develop its infrastructure.

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

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

The fuel oil terminal, which has a total capacity of 119,000 cubic metres and a throughput of 4 million tonnes per year, was successfully commissioned and received an operating permit in 2012.

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