Gunvor's managers buy out Tornqvist's CEO as the company seeks to 'definitive re-set'
Torbjorn Tornqvist, the CEO of global commodity trading firm Gunvor, will sell his entire shareholding as part of a management buyout. This comes after the U.S. labeled the company the "Kremlin’s puppet" because it had previously been linked to Russia. Gary Pedersen, the Americas director who was hired just last year by the firm, will take on the role of CEO. Gunvor stated…
Sources say that RPT-Gunvor is weighing the US energy push, which could strengthen Washington ties.
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Gunvor considers US energy push, which could strengthen Washington ties
Sources familiar with the situation said that Gunvor, a commodity trader, has been in active discussions to invest into U.S. oil and gas producing assets. This could help to repair relations with the Trump Administration after the fallout of Gunvor's attempt to purchase the foreign assets of the sanctioned Russian company Lukoil. Gunvor dropped its offer to purchase Lukoil assets after the U.S. Gunvor was interested in increasing its U.S.
Lukoil to Sell International Assets
Russia's Lukoil is selling its international assets after the U.S. imposed sanctions on the company.Washington refused to approve the sale of assets to Swiss commodity trader Gunvor, throwing Lukoil's operations in disarray and leading to a scramble of potential buyers.The U.S. Treasury cleared potential buyers to talk to Lukoil until December 13. They will need separate approval for specific deals. U.S.
Russia's Lukoil talks to potential foreign buyers about its assets
Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained. The company wants to maintain the operation of assets even after they are sold and transferred to new owners.
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. Carlyle private equity firm is looking at options to purchase foreign assets of Russian oil giant Lukoil. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked its attempt to sell assets ahead of the November 21, sanctions deadline. Lukoil produces 2% of the world's oil at home and abroad.
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. private-equity giant Carlyle is looking at options to purchase foreign assets of Russian oil major Lukoil. As part of its efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked Lukoil from selling assets to Swiss-based Gunvor before the deadline of November 21, 2015.
Oil Prices Rise as US Shutdown Talks Advance, Oversupply Concerns Remain
Oil prices edged higher on Monday as investors assessed moves aimed at ending the U.S. government shutdown while concerns around oversupply in the crude market persisted.Brent crude futures rose 43 cents, or around 0.7%, to $64.06 a barrel by 1409 GMT. U.S. West Texas Intermediate crude was at $60.18 a barrel, also up about 43 cents or 0.7%.The U.S. Senate on Sunday moved…
Lukoil Declares Force Majeure in Iraq as Operations Strain Under US Sanctions
Lukoil declared force majeure at its Iraqi oil field, sources told Reuters on Monday, and Bulgaria was poised to seize its Burgas refinery, as the Russian company's international operations buckled under the strain of U.S. sanctions.The force majeure at the West Qurna-2 field in Iraq marks the biggest fallout yet from the sanctions imposed on Russian oil majors Lukoil and Rosneft last month as part of U.S.
US sanctions threaten to disrupt Lukoil's international assets
The sale of Lukoil's overseas assets to Swiss commodity traders Gunvor has been blocked by Washington, which is a result of U.S. sanctions. Lukoil has a global footprint that includes upstream oil and natural gas projects, refineries, and fuel distribution networks in Europe, Central Asia and the Middle East. The company produces a half-million barrels of crude oil per day…
Lukoil Struggles to Maintain Overseas Operations Amidst Sanctions
Russian oil major Lukoil is struggling to keep operations running at its sprawling foreign businesses as Western sanctions disrupt oil loadings in Iraq, pump stations in Finland and trading in Switzerland, sources said.The United States and the United Kingdom last month imposed sanctions on Russia's second-largest oil company, complicating how it carries out its normal operations.The U.S. Treasury Department issued a licence giving companies until November 21.
Bulgaria Temporarily Bans Fuel Exports to EU Following Lukoil Sanctions
Bulgaria's parliament temporarily banned on Friday exports of some fuels, mainly diesel and aviation fuel, to EU member states to ensure the stability of the local market following U.S. sanctions on Russia's Lukoil, which runs the country's biggest oil refinery.Last week, Bulgaria announced it would take measures to secure uninterrupted supplies of oil and oil derivatives after the U.S.
Energy Traders Steer Shipping Toward Greener Horizons
The maritime industry is charting a new course toward decarbonization, yet this time round it is not only traditional shipowners at the helm. Major energy and commodity traders, whose shipping operations often carry large carbon footprints, are now investing in cleaner and more efficient shipping. With the International Maritime Organization (IMO) calling for a 40% reduction in shipping’s carbon intensity by 2030 from 2008 levels…
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers.
Glencore's memo shows that the head of LNG is promoted to be in charge of oil and gas trading.
According to a memo sent to Glencore staff, Maxim Kolupaev has been promoted to head the entire oil and gas division of the company when Alex Sanna leaves at the end 2025. Trading houses often make as much money from gas and LNG as they do in their oil and fuel business, as LNG production increases globally and Europe replaces Russian natural gas with U.S.-produced LNG.
Glencore's memo shows that the head of LNG is promoted to be in charge of oil and gas trading.
According to a memo sent to Glencore staff, Maxim Kolupaev has been promoted to head the entire oil and gas division of the company when Alex Sanna leaves at the end 2025. Trading houses often make as much money from gas and LNG as they do in their oil and fuel business, as LNG production increases globally and Europe replaces Russian natural gas with U.S.-produced LNG.
Gunvor expands its precious metals trading into physical trading
Gunvor, a global commodity trading company, has announced that it is expanding its precious-metals business beyond trading derivatives to include physical metal. The company also revealed that it has hired experts in London and Singapore's trading hubs. Gunvor's growth in this sector coincides with an upswing that has seen the gold price double since late 2022, as investors sought refuge from geopolitical and economic turmoil.
Castleton Oil Traders Geneva team to focus on oil, according to sources
Castleton Commodities International, a trader specializing in energy commodities, has established a team based in Geneva, Switzerland, in the last few weeks, as part of its efforts to expand in oil trading. Two sources familiar with this matter confirmed it on Wednesday. Sources said that the Stamford-based company hired Roberto Rosales as the leader of the Geneva-based team.
Danish trader InCommodities has appointed Gunvor's Brockmeyer as its U.S. expansion manager
Rich Brockmeyer, former Gunvor executive, was appointed as the new CEO of InCommodites for North America. The group plans to increase its penetration into the U.S. gas and power market. Brockmeyer, who most recently served as the Executive Committee member of energy trader Gunvor and oversaw North American power and natural gas operations, will join InCommodities on September 2.
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy. Sources cautioned, however, that there is no guarantee of a deal and the talks could end without an agreement.