Russia: Ust-Luga Seaport in Development Mode
Gunvor Group announces the closing of a USD 675 Million Long-Term Secured Facility to finance the Company’s flagship investment, its Ust Luga Oil Products Terminal in the Russian Federation.
“We are very pleased with the outcome of the Facility, which is non-recourse to Gunvor, as it attracted considerable commitments from international and Russian banks amounting to more than USD 1.3 billion,” said Jacques Erni, Gunvor’s Chief Financial Officer.
“This Facility represents an important step for Gunvor: it not only confirms the trust and strong support from the banking community in our project, but it also allows the Terminal to be optimally leveraged, freeing up capital for other investment opportunities,” said Gia Mai, Gunvor’s Corporate Finance Director.
The Terminal is considered to be the largest rail/ocean transshipment terminal in the world, with a projected capacity of more than 30 million metric tons per annum.
Gunvor managed its construction, development and the successful commencement of its operations for the transshipment of fuel oil since 2011 and light products since May of this year.
Most recently, on August 28, the Terminal completed the first loading of a vessel from its new third jetty, which is capable of serving large tankers with a capacity of up to 300,000 deadweight tons.
When fully completed, the Terminal will have a total storage capacity of about 960,000 cubic metres.
It will be able to simultaneously discharge four 72-railtank car trains and two 47-railtank car trains for fuel oil, and two 72-railtank car trains for light products, with more than one kilometer of berthing space available.
Press Release, September 17, 2013