LONDON Oct 3 Swiss-based commodities trading
house Gunvor Group said on Monday it had secured $500
million in loans to support its newly established energy
operations in Houston in the United States.
The company said its U.S. team would initially trade refined
products, natural gas and bitumen.
In spite of the weakness in the oil price this year, Gunvor
has managed to secure funding for its operations. In August, it
raised $200 million in project financing to upgrade its 88,000
barrel per day Rotterdam oil refinery.
A weaker oil price tends to be a boon to refiners, who can
profit from more generous refining margins.
In May, Gunvor Group closed a syndicated revolving credit
facility of $1.04 billion to fund new and existing operations in
the Asia Pacific region.
The loan was initially launched at $750 million but was
increased after being heavily oversubscribed.
Gunvor, which reported a rise in trading volumes to 180
million tonnes in 2015 from 137 million tonnes the year before,
is one of the world's largest commodity traders.
(Reporting by Amanda Cooper; editing by David Clarke)