Gunvor Petroleum Rotterdam BV (GPR), a subsidiary of Gunvor Group Ltd., Geneva, has secured project financing for a series of planned development and infrastructural upgrades at its 88,000-b/d refinery and supporting product distribution network in Rotterdam, the Netherlands.
The facility launched at $200 million, and as a result of strong support, was oversubscribed by nearly 40%, Gunvor said.
The financing will enable execution of improvement plans developed for the Rotterdam operations over the coming years as part of a program to further increase its value within the Gunvor portfolio, said Erwin Goosen, GPR’s refinery manager.
Without disclosing specific details regarding the nature or scope of upgrades to be supported by the financing, the company said Rotterdam’s upgrading program would integrate the refinery with Gunvor’s existing European refinery network, which includes the 110,000-b/d refinery in Antwerp, Belgium, and the 107,500-b/d refinery in Ingolstadt, Germany.
The company did not reveal a timeline for when it would complete the upgrades at Rotterdam.
Gunvor completed its purchase of the Rotterdam refinery and distribution network from Kuwait Petroleum International Ltd. earlier this year as part of an ongoing strategy to integrate and optimize its refining assets (OGJ Online, Feb. 2, 2016).
Located at the Port of Rotterdam, the GPR refinery includes several crude oil processing units, a gasoline production plant, a lube oil plant, and extensive distribution center and tank terminal, which provide direct access to international waterways for transport of finished and intermediate products to markets within and beyond Europe.
Contact Robert Brelsford at [email protected].
