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Gunvor Completes Financing to Support Novorossiysk Fuel Oil Terminal

GENEVA, SWITZERLAND--(Marketwire - Jan. 22, 2013) - LLC Novorossiysk Fuel Oil Terminal ("NFT"), which is jointly owned by Gunvor Group ("Gunvor") and PJSC Novorossiysk Commercial Sea Port ("NCSP"), has successfully closed a secured 7-year USD $110 million credit facility (the "Facility") from ZAO Raiffeisenbank.

The proceeds will refinance shareholder loans used to construct the fuel oil terminal and infrastructure, including tanks, rail-car discharging racks, and pipeline.

The fuel oil terminal, which has a capacity of 119,000 m3 and a throughput of 4 million tons a year, was successfully commissioned and received an operating permit in 2012.