Gunvor closes $725 million deal for refining operations

Gunvor SA and Gunvor Belgium N.V., both subsidiaries of Gunvor Group, have closed a $725 million borrowing base facility, which will provide working capital for Gunvor’s refining activities in the Amsterdam-Rotterdam-Antwerp (ARA) region. The Facility was launched at $700 million and was oversubscribed at $805 million, before being scaled back to $725 million.

Gunvor’s operations in the ARA consist of Gunvor Petroleum Antwerp, Gunvor Petroleum Rotterdam (GPR) and the Maasvlakte Olie Terminal (MOT)—the latter two of which were added to the Facility this year. Gunvor acquired GPR and its share in MOT in February.

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