(Corrects to say loan facility for natural gas storage, not construction of natural gas storage facilities, in paragraph 1)
(Reuters) - Geneva-based energy trader Gunvor Group on Wednesday said it has closed a 570 million euro ($597.65 million) loan facility for natural gas storage in Europe.
The credit arrangement has been supported by eight banks, enabling the arrangement to expand to cover eight eligible natural gas storage locations, up from three, the company said.
"Thanks to a doubling of support from our banking partners, the flexibility and scope of this facility increases considerably," said Milos Spasic, Gunvor's Head of STF Energy EMEA & Latam.
"We're now able to cover an expanded number of European storage facilities at a critical time in the market."
The facility was structured by Rabobank U.A. with its commodity trading subsidiary Brightfield Trading B.V.
(This story has been corrected to say loan facility for natural gas storage, not construction of natural gas storage facilities, in paragraph 1)
($1 = 0.9537 euros)