Gunvor Group, one of the world's largest independent commodities trading houses, recently announced the closing of a $675 million long term secured facility to finance the company's flagship Ust Luga Oil Products Terminal investment in Russia.

"We are very pleased with the outcome of the facility, which is non-recourse to Gunvor, as it attracted considerable commitments from international and Russian banks amount to more than $1.3 billion," Chief Financial Officer Jacques Emi said.

Russia's Gazprombank and VTB, Credit Suisse International, ABN Amro, Raiffeisen Bank International and Bank of China all acted as mandated lead arrangers for the deal.

"This facility represents an important step for Gunvor; it not only confirms the trust and strong support from the banking community in our project, but it also allows the terminal to be optimally leveraged, freeing up capital for other investment opportunities," Corporate Finance Director Gia Mai said.

The terminal is considered the largest rail/ocean transshipment terminal in the world, with a projected capacity of more than 30 million metric tons per year.