Gunvor Group

Gunvor Group Ltd is a multinational energy commodities trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, Houston, Stamford, London and Dubai, with a network of representative offices around the globe. The company 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. Its operations consist of securing crude oil and petroleum products upstream and delivering it to market via pipelines and tankers. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist. The company, which was founded in 2000, is the fourth largest crude oil trader in the world after Glencore, Vitol, and Trafigura. The company was co-founded and controlled by Gennady Timchenko and Torbjörn Törnqvist (after whose mother the company is named); however, due to United States sanctions, Timchenko sold his entire stake in the company to Törnqvist in March 2014. Since then, Gunvor has focused on its international business, while Mr Timchenko retrenched to Russia, having nothing further to do with the company. Today, Gunvor originates most of its crude oil from the Americas, with less than 5 percent coming from Russia. It also trades African, Asian, and South-American oil products and is active on all continents. Natural gas and liquefied natural gas (LNG) accounted for 44% of the firm's traded volumes in 2021. Early years Gennady Timchenko and Torbjörn Törnqvist began working together in 1997, and formalized Gunvor in 2000. In 2003, the company started operations in Geneva.