 | |
| Company type | Private |
|---|---|
| Industry | Commodity |
| Founded | 2000 |
| Founders | Gennady Timchenko Torbjörn Törnqvist |
| Headquarters | |
Area served | Global |
Key people | Torbjörn Törnqvist |
| Services | Energy trading, raw materials |
| Revenue | US$150 billion (2022)[1] |
| Owner | Torbjörn Törnqvist (87%) Employees (13%)[2] |
Number of employees | 1,700 (2022)[1] |
| Website | gunvorgroup |
Gunvor Group Ltd is a multinational energy commodities trading company registered in Cyprus,[3] with its main trading office in Geneva, Switzerland.[1] Gunvor also has trading offices in Singapore, Houston, Stamford, London, Calgary, and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil and petroleum products upstream and delivering it to market via pipelines and tankers. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist.
The company, which was founded in 2000, is the fourth largest crude oil trader in the world after Glencore, Vitol and Trafigura.[4]
Today, Gunvor originates most of its crude oil from the Americas.[5] It also trades African, Asian, and South-American oil products and is active on all continents.[6] The company has stopped trading Russian crude oil, and only transacts "very small volumes of Russian oil products, a few tens of thousands of tonnes" that are compliant with international economic sanctions.[7] Natural gas and liquefied natural gas (LNG) accounted for 44% of the firm's traded volumes in 2021.[8]
- ^ a b c d "Gunvor". GunvorGroup.com.
- ^ "What does U.S. know about Putin's oil wealth?". Reuters. March 21, 2014 – via www.reuters.com.
- ^ "Oil traders and Cyprus". Financial Times.
- ^ "Gunvor nearly doubles cash reserves". Financial Times. 2014-09-26. Retrieved 2014-09-26.
- ^ "Crude Oil - Gunvor Group". gunvorgroup.com.
- ^ Paul Samson (2009-04-23). "Gunvor expands into US, Latin America". Nefte Compass (requires a subscription). Energy Intelligence Group, Inc. Archived from the original on 2009-08-01. Retrieved 2009-05-30.
- ^ "Russian oil trade: Dubai pulls out all the stops to edge out Switzerland", Public Eye, November 21, 2023.
- ^ "Commodity trader Gunvor triples profit to record $2.36bn in 2022 | Financial Times". www.ft.com. Retrieved 2023-09-13.