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Peninsula Petroleum Group Increases Its Banking Lines

26 November 2015

Gibraltar, 17 November, 2015. – Peninsula Petroleum Group (PPG), one of the world’s largest marine fuel suppliers, announced the completion of a two year extension and increase of its syndicated credit lines. The facilities are led by ING Bank N.V. together with BNP Paribas and ABN Amro Bank N.V. (as Mandated Lead Arrangers). Société Générale, The Royal Bank of Scotland International Limited and Macquarie Bank Limited remain as participating banks in the lending syndicate with the introduction of Santander Group as a new leading lender. Together with a bilateral line from HSBC in Asia, PPG has secured working capital facilities totalling USD 350 million to further expand its business operations. CEO John A. Bassadone commented “our increased facilities constitute strong support from our key funders and provide Peninsula with significant additional liquidity in order to continue executing our business plan of expanding our physical supply locations as well as further strengthening our established commercial network. The increase in bank funding available is a solid endorsement of Peninsula Petroleum’s sustainable and conservative business model where tight credit management is paramount.” Peninsula Petroleum Group will deliver in excess of 10 million tonnes in 2015 and has developed into an integrated oil company over the past 2 years with a presence in cargo markets, shipping logistics, storage, physical supply as well as its traditional retail bunkering model.