The commodity trader Gunvor has raised USD500 million for launching a new business entity in the United States, the trader said in a statement on October 16, 2016.
Gunvor U.S. LLC opened an office in Houston, Texas. The company for the first time will carry out trading activity in petroleum products, natural gas, and bitumen.
It was reported that the Russian businessman Gennady Timchenko, who is the founder of Gunvor, was subject to sanctions implemented by the U.S. Department of the Treasury. However, the day before his inclusion into the sanctions list in March 2014, he sold his stake in Gunvor to his business partner Torbjorn Tornqvist.
The credit facility for Gunvor was organized by Cooperatieve Rabobank U.A. and ABN Amro. Among other lenders are ING Capital, Natixis, Societe Generale, and Credit Agricole. In addition, Gunvor U.S. made an agreement on the management of funds with the Bank of Texas.
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