13 Facts About Gunvor

Gunvor Group Ltd is a Cypriot-domiciled multinational commodity trading company registered in Cyprus, with its main trading office in Geneva, Switzerland.

Gunvor has trading offices in Singapore, the Bahamas, and Dubai, with a network of representative offices around the globe.

Gunvor 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.

Gunvor was co-founded and controlled by Gennady Timchenko together with Torbjorn Tornqvist ; however, due to United States sanctions, Timchenko sold his stake in the company to Tornqvist in March 2014.

Gunvor has traded oil across the world for over twenty years, beginning his career at BP.

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Gunvor has invested in oil storages facilities, railway transportation as well as port facilities and terminals, therefore ensuring a "comparative advantage over their competitors", according to Tornqvist interviewed by the Financial Times.

In 2009, Gunvor made major investments into physical assets such as oil terminals and facilities, the largest being into its oil export terminal in the port of Ust-Luga on the Baltic Sea, outside of St-Petersburg.

Gunvor owns three major European refineries which are based in the Netherlands, Belgium and Germany.

Gunvor has expanded beyond its Russian roots, and trades globally, including in the Middle East, Asia, Africa and the Americas with its main trading hubs located in Geneva, Singapore, Nassau and Dubai.

Gunvor has stated that it intends to develop its new energy trading division so that it will become a more significant part of a more diversified business.

In 2009, Gunvor established its Global Energy division, focused on trading a broad range of energy commodities including Global Coal and Freight, Emissions and Renewables, Natural Gas and LNG and Power.

Gunvor stated in response to the WikiLeaks disclosure that Timchenko and Tornqvist owned "a large majority of Gunvor" and that a "minority stake is owned by an employee benefit trust".

In 2017, a Swedish Radio documentary presented evidence that Gunvor had been involved in a Belarusian oil smuggling scheme featuring corruption at the highest levels in the Belarus government.