Latest news with #GunvorGroup
Bloomberg
13-05-2025
- Business
- Bloomberg
Gunvor Financed Gabon's $300 Million Deal For Tullow Oil Assets
Commodity trader Gunvor Group has made another significant oil deal in Gabon, its second since the country sought more control of national assets following a coup d'etat in 2023. State-owned Gabon Oil Company financed $220 million of a $300 million deal for Tullow Oil Plc 's assets in the country through an underwritten prepayment facility from Gunvor's Middle East subsidiary, Tullow said in a filing Tuesday.
Bloomberg
14-04-2025
- Business
- Bloomberg
Oil at $60 Priced In No Demand Growth This Year, Gunvor Says
Oil's slump below $60 a barrel during the worst of last week's rout had priced in zero demand growth this year, and was probably an overreaction, according to the head of research at trader Gunvor Group. Brent futures fell as low as $58.40 on Wednesday — almost $25 below their 2025 high — as the escalating trade war between the US and China sapped confidence across global markets. The slide was compounded by a surprisingly large output increase by the Organization of the Petroleum Exporting Countries and its allies.
Yahoo
25-03-2025
- Business
- Yahoo
Gunvor Head of Trading Is Leaving Amid ‘Generational Shift'
(Bloomberg) -- Gunvor Group's head of trading Stephane Degenne is leaving the company as part of a wider transition in the energy trader's top management. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Libraries Warn They Could Be 'Cut off at the Knees' by DOGE Degenne rose up the ranks at Gunvor as an oil market dealmaker to become one of the company's most senior figures under co-founder and Chief Executive Officer Torbjörn Törnqvist. His departure is part of a 'generational shift in leadership,' a spokesperson for Gunvor said. Degenne's exit comes against the backdrop of a broader changing of the guard in the global commodity trading world, as companies refocus after years of bumper profits and longstanding executives retire. Larger rival Trafigura Group last year announced the second CEO succession in its history, capping a period of upheaval in its senior ranks that saw several of its top traders and executives depart. Gunvor, one of the world's biggest traders of oil and gas, is around 84%-owned by Törnqvist. The company also named Gary Pedersen, who recently joined from Millennium Management LLC as president and CEO of Americas, to its executive committee, as well as Energy Transition Director Fredrik Törnqvist, the son of the co-founder. (Adds job titles of executives in final paragraph) The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Google Is Searching for an Answer to ChatGPT A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
11-03-2025
- Business
- Yahoo
Gunvor Eyes Boosting US Natural Gas Production Assets
(Bloomberg) -- Gunvor Group Chairman Torbjörn Törnqvist said the trading house is looking to buy more assets, building on a flurry of deals it has made by deploying bumper earnings from recent boom years. NJ College to Merge With State School After Financial Stress NYC Congestion Pricing Toll Gains Support Among City Residents Where New York City's Zoning Reform Will Add Housing Buffalo's Billion-Dollar Freeway Fix Is on Ice, But Not Because of Trump Inside the 'Not Architecture' of High Line Designers Diller Scofidio + Renfro 'If I were to pick one area where we want to add, it is US gas production,' Törnqvist said in an interview at CERAWeek by S&P Global in Houston. '$4 natural gas is a good price for the right asset,' he said, adding that the firm already has some natural gas production in the US. Like other energy trading houses, Gunvor has faced an increasingly challenging trading market since the boom years of 2022 and 2023. The company has ramped up investments in gas and physical assets to shore up profits, including a deal to buy 75% of a Spanish power plant last year. Gunvor, which has ordered three liquefied natural gas carriers and has offtake deals with US exporters Delfin Midstream Inc. and Expand Energy Corp., also increased LNG volumes last year. In oil, Gunvor is unlikely to make significant investments in shale at this stage because it is more sensitive to the prices and ultimately has a higher cost than conventional oil, Törnqvist said on Monday. 'We just don't have the know-how for operations,' he said. How Natural Gas Became America's Most Important Export Germany Is Suffering an Identity Crisis 80 Years in the Making The Mysterious Billionaire Behind the World's Most Popular Vapes Disney's Parks Chief Sees Fortnite as Key to Its Future Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
20-02-2025
- Business
- Bloomberg
Ex-Gunvor Manager Convicted of Bribery to Win African Oil Deals
A former manager at Gunvor Group was found guilty by a Swiss court of bribing public officials to secure oil contracts in Africa. G., an ex-trade finance executive at the firm who can't be named under Swiss reporting restrictions, was handed a two-year suspended sentence, the Federal Criminal Court said in a statement on Thursday. G. was also ordered to pay compensation to the state of $950,000.
