Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Gunvor Group Ltd is a Cypriot-domiciled multinational commodity trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, the Bahamas, and Dubai, with a network of representative offices around the globe. Founders: Torbjörn Törnqvist, Gennady Timchenko.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackVitol and Gunvor help keep Russian refined oil flowing, data shows. Remain a significant buyer of refined oil from Russia more than a year after pledging to drastically reduce their business. Russian oil company Lukoil announced it had agreed to sell its foreign subsidiary to oil trader Gunvor Group. This decision comes amid the imposition of US sanctions. Gunvor, one of the world's largest oil traders, founded by Swedish businessman Torbjörn Törnqvist and Vladimir Putin's friend Gennady Timchenko, abandoned its plan to purchase Lukoil's foreign assets after the US Treasury Department announced that the "Kremlin puppet" would never receive a license to operate.
Refuses from new business transactions with Russia, the Company said it would only fulfill current contracts that are not subject to sanctions. Gunvor handles no Russian crude and only very small quantities of products. The heads of some of the world's leading energy traders have said they are ready to return to Russia for business if sanctions are fully lifted, although some have expressed concerns about the prospect in the near future. "If the sanctions are eased in a way that we can return to them, why not? That's our job," Gunvor Group CEO Torbjorn Turnqvist said in an interview.