Cyprus-registered
commodity trader Gunvor Group said Tuesday it completed a seven-year,
$110 million credit facility from ZAO Raiffeisenbank to refinance loans
used to redevelop Russia's Novorossiysk fuel-oil terminal on the Black
Sea.
A credit facility allows a company to borrow a set amount of money over a period of time.
The fuel-oil terminal has a capacity of 119,000 cubic meters
and throughput of 4 million metric tons a year, Gunvor Group said. The
terminal is jointly owned by PJSC Novorossiysk Commercial Sea Port and
Gunvor Group.
Loadings at Novorossiysk have been disrupted by bad weather
since late last week, and storms could continued to prevent loadings at
the terminal, a spokesman for the Russian pipeline monopoly Transneft
(TRNFP.RS) said Tuesday.