Latest news with #Gunvor
Reuters
3 days ago
- Business
- Reuters
Vitol paid out $10.6 billion to shareholders in buybacks in 2024
LONDON, July 28 (Reuters) - Global commodity trading house Vitol Group paid $10.6 billion to employees who own shares in the company, through its annual share buyback scheme in 2024, company filings seen by Reuters showed. Vitol's $10.6 billion in buyback payments were up from the $6.4 billion it paid in 2023 - extending its highest ever. Buybacks rose in 2024 as a continuation of record earnings even though profits started to drop from all-time highs. Vitol made around $8-8.5 billion in net profit last year, down from $13 billion in 2023 and $15 billion in 2022. Vitol and rival global commodity traders such as Trafigura and Gunvor made lower net profit in their 2024 financial year, as markets stabilised after a period of turmoil in 2022-2023 as trading houses made record earnings during Europe's energy crisis and Russia's invasion of Ukraine. As well as funding its share buybacks, Vitol has been putting its bumper earnings towards investments in upstream and downstream assets across the globe. In 2024 Vitol acquired Italian refining company Saras. It has also diversified from its traditionally oil-heavy portfolio, increasing its activities in the natural gas trading business, as well as coal and metals. The total equity attributable to company owners for the 2024 financial year was $30.6 billion, down from $32.4 billion in 2023 according to the earnings document.
Bloomberg
7 days ago
- Business
- Bloomberg
Trading House Gunvor Enters Japan's Growing Power Futures Market
Commodity trader Gunvor Group has entered the Japanese power market, joining a wave of foreign firms looking to expand into the fast-growing sector. Gunvor executed its first Japan power futures trade in late-June, according to the company's spokesperson. The firm also plans to open an office in Tokyo as part of its long-term commitment to the region, following its entry into the Australian power market in 2024, the spokesperson said.
Reuters
09-07-2025
- Business
- Reuters
Gunvor plans to halt oil terminal activities at Europoort refinery
LONDON, July 9 (Reuters) - Global commodities trading house Gunvor intends to mothball the terminal activities at its Europoort oil refinery in Rotterdam, Netherlands, a company spokesperson said on Wednesday. Gunvor will consult the works council at the refinery over its plans, the spokesperson added. Seven months ago the company announced its intention to mothball the processing units at the refinery and use it as a terminal only. Gunvor said the decision to mothball the terminal was taken because of an "uncertain investment climate in the Netherlands", a statement read without providing further detail. The company added that energy transition projects it is developing at the site, including a deal with Varo to produce sustainable aviation fuel, will not be affected.
Reuters
12-06-2025
- Business
- Reuters
Decision on oil refiner Italiana Petroli's sale expected around end-June, sources say
MILAN, June 12 (Reuters) - Italiana Petroli, which is currently in talks with three suitors interested in buying the oil refiner, is expected to take a decision on the potential 3 billion euro ($3.5 billion) deal around the end of this month, two sources with knowledge of the matter said on Thursday. Global commodity trader Gunvor, State Oil Company of Azerbaijan (SOCAR) and Abu Dhabi-based Bin Butti Group have all presented binding offers to buy the 100% of the privately-held group, sources previously said. One of the two sources told Reuters that other industrial groups from the Middle East have reached out to the Italian company to signal their interest in case ongoing negotiations fall through and the seller decides to re-open the process. One of the sticking points in current talks is the valuation, the sources said, adding the seller - the Brachetti Peretti family - is seeking around 3 billion euros. Italiana Petroli and Gunvor declined to comment. SOCAR and Bin Butti Group were not immediately available to comment on negotiations. The refiner last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. The group, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations. It increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets. It currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east. Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8633 euros)
CNA
05-06-2025
- Business
- CNA
Trafigura warns of volatility in 2025 as first-half profit inches up
LONDON :Commodities traders could struggle to capitalise on politically driven market volatility rather than supply and demand disruptions in 2025, trading house Trafigura said on Thursday, as it reported a slight rise in first-half net profit. The unlisted Swiss-based trading house reported a 3 per cent rise in net profit to approximately $1.52 billion for the six months ending March 31, stabilising after a sharp drop in its 2024 full-year results, when the company discovered a $1.1 billion fraud in Mongolia. Trafigura, alongside rivals Vitol and Gunvor, also reaped lower profits in 2024 as the post-pandemic recovery and commodity price shocks following Russia's invasion of Ukraine faded, ending a boom period for commodities in 2022-2023. The first half of its 2025 financial year coincided with the beginning of U.S. President Trump's second term, whose trade and foreign policies have thrown global markets into turmoil. While market volatility is often seen as an opportunity for traders, Trafigura struck a cautious tone about the nature of the volatility rocking markets in 2025. "Increased volatility may not necessarily translate into physical trading opportunities, as current market movements are driven more by policy-focused decisions rather than traditional supply-demand disruptions, Trafigura Chief Financial Officer Stephan Jansma said, adding that he anticipated that turbulence would continue in the second half of the year. "This is clearly a volatile environment and not one that supports strong commodity demand," the firm's chief economist, Saad Rahim, said. The period also marked a leadership transition at Trafigura, with Richard Holtum taking over from Jeremy Weir on January 1. Holtum said the firm serves as a "shock absorber for volatility and risks in global supply chains." REVENUES DOWN ON OIL AND GAS First-half revenues fell by 4 per cent to $119.2 billion, due to lower commodity prices, the firm said, with oil and gas volumes unchanged on the year at around 7.2 million barrels per day. Trafigura traded 9.9 million metric tons of non-ferrous metals, down from 10.4 million in the same period last year, citing a focus on "profitable tonnages." Bulk minerals volumes fell to 43.4 million tons, compared to 54.7 million in the first half of 2024.
