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Peninsula Petroleum Group, one of the world's leading sellers of marine fuel, has announced the completion of a two-year extension and increase of its syndicated credit lines.

The facilities are led by ING Bank N.V. together with BNP Paribas and ABN Amro Bank N.V. (as mandated lead arrangers). Société Générale, The Royal Bank of Scotland International Limited and Macquarie Bank Limited remain as participating banks in the lending syndicate with the introduction of Santander Group as a new leading lender.

Together with a bilateral line from HSBC in Asia, Peninsula Petroleum says it has secured working capital facilities totalling US$ 350 million "to further expand its business operations".

CEO John A. Bassadone commented: "Our increased facilities constitute strong support from our key funders and provide Peninsula with significant additional liquidity in order to continue executing our business plan of expanding our physical supply locations as well as further strengthening our established commercial network.

"The increase in bank funding available is a solid endorsement of Peninsula Petroleum's sustainable and conservative business model where tight credit management is paramount."

Peninsula Petroleum says it will deliver in excess of 10 million tonnes in 2015. The company has developed into an integrated oil business over the past two years with a presence in cargo markets, shipping logistics, storage, physical supply as well as its traditional retail bunkering model.