GENEVA, SWITZERLAND--(Marketwire - Dec. 18, 2012) - Gunvor Group ("Gunvor") has mandated Deutsche Bank AG, London Branch (Bookrunner) and VTB Bank (Austria) AG as Mandated Lead Arrangers to arrange and underwrite a USD $100 million Secured Acquisition Facility (the "Facility") to finance the acquisition of former Petroplus refinery and marketing activity in Ingolstadt, Germany.
Gunvor is pleased with the successful completion of this Facility considering the current challenging European refining market. This Facility, which is the first of its kind for this sector in Continental Europe in the recent years, recognizes the value of the Ingolstadt assets and confidence in Gunvor's business plan.
Gunvor closed its acquisition of the assets in Ingolstadt on August 23, which consist of Gunvor Raffinerie Ingolstadt GmbH and the refinery's German marketing arm, Gunvor Deutschland GmbH. The German companies, which have retained all of their more than 400 employees, serve the markets in Southern Germany und Upper Austria, and restored important fuel supply and competition to the land-locked area.
Recent Gunvor Ingolstadt news:
- Gunvor Acquires Stake in TAL Pipeline (6 December)
- Gunvor Starts Ingolstadt Refinery (27 August)
Recent Gunvor financings:
About Gunvor Refinery Ingolstadt (GRI)
GRI is an inland refinery operating in a niche market. Crude oil supply arrives via the TAL pipeline system, a 753 kilometer pipeline connection from the marine shipping terminal in Trieste, Italy. Products are shipped from the on-site truck-loading rack and railcar-loading facilities. This enables a stable distribution into the local markets. Light products and middle distillates such as gasoline, diesel, heating oil and jet fuel are sold predominantly in Germany and Austria.
About Gunvor Deutschland
Gunvor Deutschland GmbH is the German marketing subsidiary of Gunvor, the main distributor for all refinery products from Ingolstadt and imports and exports to/from Germany. Gunvor Deutschland consists of two separate business units being the direct end consumer and industry business and the wholesale and bulk supply business. The product portfolio includes all kind of finished and semi-finished refinery products as well as feedstocks for blending and conversion.
About Gunvor Group
Gunvor Group, one of the world's largest independent commodity trading companies by turnover, provides integrated trading products and logistics services for participants in the worldwide oil and energy markets. The company's trading offices are in Geneva, Singapore, Nassau and Dubai, with a network of representative offices around the globe. Follow Gunvor on Twitter: @Gunvor.