Swiss-based commodity trading company Gunvor Group’s subsidiary Gunvor Petroleum Rotterdam has secured a project financing of $200m for the development and infrastructural upgrade of its facilities.
Gunvor’s existing refining operations are complemented by the modernised Rotterdam refinery, in particular through integration with its existing refinery network in Europe. The network includes refineries in Antwerp, Belgium, and Ingolstadt, Germany. The financing was secured from a group of European lenders and oversubscribed by almost 40%.
"Gunvor’s existing refining operations are complemented by the modernised Rotterdam refinery, in particular through integration with its existing refinery network in Europe." GPR refinery manager Erwin Goosen said: “We are pleased that this financing is secured as this will enable us to execute the improvement plans we have developed for the coming years to become even more of a valued asset to the Gunvor organisation.”
In February this year, Gunvor completed its acquisition of the Kuwait Petroleum Europoort refinery in Rotterdam, the Netherlands, from Kuwait Petroleum International. Following the acquisition, the refinery continued to operate in line with Gunvor’s integration and optimisation strategies.
At present, the company is responsible for more than 1,000 refining jobs in Europe and almost 300,000b/d of installed refining capacity.
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