(EnergyAsia, January 24 2013, Thursday) — Commodities trader Gunvor Group said it and partner Novorossiysk Commercial Sea Port (NCSP) have secured a seven-year credit facility for US$110 million from ZAO Raiffeisenbank for their jointly-owned fuel oil terminal in the Black Sea.

Their equally-owned Novorossiysk Fuel Oil Terminal (NFT) will draw on the facility to refinance shareholder loans used to construct the fuel oil terminal and infrastructure including tanks, rail-car discharging racks, and pipeline.

The Gunvor-operated terminal, which has a capacity of 119,000 cubic metres and a throughput of four million tons a year, started up last year.

Novorossiysk, Russia’s largest port, is the main port for the country’s energy and commodity exports.

Gunvor, which is expanding its oil storage investment, has a 17% stake in Petroterminal de Panamá, SA (PTP), that is partly owned by the Panama government. The Russian trader fully owns the Ust-Luga oil products terminal in the Baltic Sea.