Gunvor secures financing for Antwerp refinery

Nov. 12, 2014
Gunvor Group Ltd., Geneva, has renewed and increased a secured revolving borrowing base facility to $700 million to finance the growing needs of its 107,500-b/d Independent Belgian Refinery (IBR) in Antwerp, Belgium.

Gunvor Group Ltd., Geneva, has renewed and increased a secured revolving borrowing base facility to $700 million to finance the growing needs of its 107,500-b/d Independent Belgian Refinery (IBR) in Antwerp, Belgium.

The facility, which was oversubscribed and scaled back, originally was launched in October 2012 at $625 million to provide working capital requirements for IBR, Gunvor said.

The facility increase resulted from ongoing and escalated participation levels from original lenders as well as the addition of a new lender, according to Gunvor.

IBR, which is situated north of the Port of Antwerp, consists of 12 processing installations, including units for atmospheric and vacuum distillation, visbreaking, naphtha desulfurization, catalytic reforming, isomerization, gas oil desulfurization, sulfur recovery, naphtha fractionation, and liquid gas separation, IBR said.

During 2013, the refinery processed crude throughputs totaled about 4.4 million tonnes, data from IBR showed.