Islandsbanki is providing an initial EUR 10m over 25 years to develop a 10,000-tonne facility in Hafnarfjordur.
There is also a credit line of EUR 12m to support further growth.
The first phase is expected to be ready for use next autumn and the project finalised at the end of the year.
Storage could be increased to 14,000 tonnes if required.
Islandsbanki is the company's largest creditor.
Eimskip
