Trading House Gunvor to Sell Bulk of Terminals in Russia

Source: Reuters 6/19/2015, Location: Asia

Trading house Gunvor wants to sell the bulk of its terminals in Russia, chief executive Torbjorn Tornqvist was quoted as saying by Interfax news agency.

Gunvor's assets include the Ust-Luga oil products terminal on the Baltic Sea and the Novorossiisk fuel oil terminal on the Black Sea. Tornqvist was quoted by Interfax as saying that Gunvor also wanted to invest in Russia in the future.

Russian businessman Gennady Timchenko sold his 50-percent voting stake in Gunvor to Tornqvist, another co-founder and chief executive, in March 2014, a day before the United States slapped sanctions on him and other allies of Russian President Vladimir Putin over the crisis in Ukraine.

Gunvor quickly expanded into new markets, including base metals trading, while cutting its exposure to Russia, which had long been responsible for a large chunk of its business.


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