EMEA News
Black Sea Fuel Terminal Gets $110M Loan
The Novorossiysk Fuel Oil Terminal on the Black Sea in Russia has received $110 million in debt financing, part of which will pay for the construction of a fuel oil terminal and other infrastructure, Reuters reports.
Oil trader Gunvor Group Ltd. (Gunvor) and Novorossiysk Commercial Sea Port, who jointly own the facility, received the seven-year loan from ZAO Raiffeisenbank.
The money will fund the terminal itself, tanks, rail-car discharging racks, and a pipeline, and will also refinance existing shareholder loans.
The terminal was commissioned in 2012 and has a capacity of 119,000 cubic meters with a throughput of 4 million tonnes per year.
Gunvor announced last fall that it had signed a one-year contract to export Russian oil producer OAO Rosneft's refined products through the Novorossiysk terminal as well as its Ust-Luga terminal on the Baltic Sea.
