Gunvor Group has launched a $500m borrowing base to secure a revolving credit facility (RCF) to support the operations at its new refinery, the Antwerp refinery, located in the centre of the Antwerp-Rotterdam-Amsterdam region.

The Antwerp refinery has a production capacity of 105,000 barrels per day and a storage capacity of 1.2 million m3 and the company will use the RCF to purchase crude oil and feedstock for the refinery for blending products, storage and processing at the refinery’s premises, and carrying of receivables.

Gunvor Group CEO Torbjorn Tornqvist said, "One of the pillars of Gunvor’s growth strategy is the investment in energy infrastructure complementary to our trading function."

The company acquired the Antwerp refinery from Petroplus and also has plans to acquire of its refinery located in Ingolstadt, Germany.

The $500m RCF will be arranged by ING and Rabobank.

The company also completed a six-month extension of the European one-year tranche of its RFC, as well as Gunvor Singapore signing an oversubscribed $635m syndicated RCF, which is supported from local banks in the Asia Pacific Region.

Cyprus based Gunvor Group is an independent commodity trading company and provides integrated trading products and logistics services for oil and energy markets.

Petroplus is a Switzerland based independent refiner and wholesaler of petroleum products.