Raiffeisenbank has given a US$110mn financing package for a fuel oil terminal in Russia.

The loan has been made on a seven-year (added hyphen) tenor and will support Novorossiysk fuel oil terminal, co-owned by Gunvor and Novorossiysk.

The proceeds will be used to refinance existing debt and for the construction of terminal infrastructure, including tanks, rail-card discharging racks and pipeline. The fuel oil terminal, which has a capacity of 119,000 m3 and a throughput of 4 million tonnes a year, was successfully commissioned and received an operating permit in 2012.