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Geneva, 3 May, 2012
Gunvor Group completes purchase of Petroplus’s Antwerp refinery

Gunvor Group, one of the world's major independent commodity trading companies, has announced that it has successfully completed the purchase of Petroplus’s refinery in Antwerp.

Independent Belgian Refinery N.V., as the new - 100% Gunvor-owned and Belgian subsidiary is named - has obtained all the necessary permits, licenses and authorisations from the relevant Belgian authorities in order to operate the refinery.

It will retain the services of all 200+ existing members of staff and invest the required capital expenditure to maintain and improve the current safety, operational and environmental standards. The refinery’s operations were suspended in early January as a result of Petroplus’s financial situation, but will now be restarted within the next few days. It has a processing capability of more than 100,000 barrels of oil per day, and storage capacity of more than 1.2 million cubic metres.

Gunvor also completed negotiations with Petroplus Marketing AG to buy the remaining inventory of stock located at the refinery.

Torbjorn Tornqvist, Chairman and CEO of Gunvor Group, commented: “We are very pleased to have completed the purchase for what will be a significant asset for the group as we look to expand our presence and trading activities in the ARA region, as well as continuing our wider strategy of diversification from pure trading operations. We would like to thank the tremendous efforts and cooperation of the unions and employees, the federal and local authorities and all other parties involved in getting this transaction completed so swiftly.”

Geneva, 3 May, 2012
Gunvor Refutes Unsubstantiated Accusations Made in The Economist

An article in the 5 May edition of The Economist makes untrue and unsubstantiated allegations about Gunvor Group ("Gunvor"), one of the world's major independent commodity trading companies. The company refutes these statements and fabrications that are damaging commercially and reputationally.

Gunvor goes on record to challenge all the allegations made in this ill-researched and irresponsible article.

Torbjorn Tornqvist, Chairman of Gunvor said: "I am shocked that a piece such as this could appear in a serious business publication. The article is predicated on what The Economist itself admits is unproven and unprovable speculation that has been categorically refuted by the foremost authority on pricing in the international commodity markets, Platts Crude Oil Marketwire."

"The article clearly and repeatedly violates long standing journalistic canons on objectivity, fairness and procedure," continued Tornqvist. "Specifically, instead of letting facts drive the story The Economist chose to establish a premise and then attempt to find the facts to support their premise. They failed to do that - yet published anyway. We can only wonder why."

Gunvor devoted very considerable amounts of time and resources trying to assist The Economist with its misguided line of questioning over several years. Yet, despite facts that made hollow their allegations, The Economist insisted on publishing a highly inaccurate article.

From the start, it has been clear The Economist was uninterested in factual discussion and simply determined to pursue an agenda against Gunvor; even refusing to provide the data it claimed to underlie its allegations.

Gunvor is considering all available options open to it in order to repair any damage caused by the publication of such false allegations.

Geneva, 2 March, 2012
Gunvor Group bids successfully to purchase Petroplus’s Antwerp refinery

Gunvor Group, one of the world's major independent commodity trading companies, has announced that it has successfully bid to purchase Petroplus’s refinery in Antwerp.

The transaction is expected to be completed formally within 6 to 8 weeks, with the support from the local and Belgium state authorities. Gunvor has the intention to restart operations as soon as possible, following the refinery’s closure in early February as a result of Petroplus’s financial situation. The facility has a processing capability of more than 100,000 barrels of oil per day, and storage capacity of more than 1.2 million cubic metres.

Gunvor is committed to operating the refinery on a long term basis and all existing staff will be retained.

The purchase of the refinery is in line with Gunvor’s recent infrastructure investment programme and its stated strategy to become vertically integrated. In this context, the Antwerp refinery will become a key part of the group’s existing extensive trading activities in the ARA region.

Torbjorn Tornqvist, Chairman and CEO of Gunvor Group, commented: ‘We are delighted to have won the bid for what will be a significant asset for the group as we look to expand our presence and trading activities in the ARA region, as well as continuing our wider strategy of diversification from pure trading operations. We know the refinery at Antwerp well and have staff who in previous roles actually worked there. Given that, and the fact that Petroplus have invested heavily in the refinery in recent years, we are confident we will be able to integrate it fully with our trading operation to ensure it becomes a profitable and sustainable part of our infrastructure portfolio.’

Geneva, 6 July 2011
Gunvor and Volga Resources to finance purchase of 51% of OOO Kolmar coal mine

Lonestate Assets Ltd ("Lonestate"), a company controlled by Anatoly Mitroshin, announces that it has agreed to purchase 51% in OOO Kolmar ("Kolmar"), the Siberian coal mining company from existing shareholders, represented by InterGeo.

Lonestate will fund the acquisition through a loan convertible into equity provided by Montlink Ltd ("Montlink"), a 50/50 joint venture between Gunvor, one of the world's leading independent commodity trading groups and Volga Resources, the Luxembourg-based investment fund. The remaining 49% of Kolmar is owned by Bixcut Holdings Ltd ("Bixcut"), a company also controlled by Mr Mitroshin.

Bixcut and Montlink are entering into a comprehensive partnership agreement regarding the future joint development of the Kolmar Group which will cover joint investments to bring high quality coking coal reserves into production for export and domestic use.

Commenting on the deal, Anatoly Mitroshin said, "I am delighted to announce the partnership for the development of Kolmar with Gunvor and Volga Resources. Together we are investing in one of the most prospective regions in Russia, Siberia and the Far East. We are committed to the development of Kolmar into a high class and efficient operation using the latest international technology for underground mining in a harsh environment."

Torbjorn Tornqvist, CEO and Founder of Gunvor, added, "This deal marks our first entry into Russian coal mining and we are delighted to be able to play a major part in the development of Kolmar in a way that combines our knowledge of the Russian energy sector with our proven commodity trading skills. The development of Kolmar will also lead to the creation of many new and qualified jobs in Yakutia."

Geneva, 31 August 2011
Gunvor supplies diesel cargo to Libya’s Arabian Gulf Oil Company

Gunvor SA, the Geneva-based trading arm of Gunvor Group Ltd, one of the world’s leading independent commodity trading companies, confirmed today that it has discharged a cargo of diesel for use in power generation in Libya, supplied to the Arabian Gulf Oil Company (AGOCO). An AGOCO spokesperson from Benghazi said: “It was vital for us to avoid power black-outs, but because our funds were frozen and our crude production was stopped, we faced an extremely difficult situation. Gunvor’s willingness to supply us during these difficult times has been much appreciated.”

Geneva, 17 August 2011
Gunvor opens Dubai office

Gunvor Group, one of the world’s leading independent commodity trading companies, has announced that it has opened a new office in Dubai, as of August 1st 2011. It is a branch office of the Group with all trading activity booked through either Geneva or Singapore.

The new office will play an integral part in Gunvor’s ongoing, and expanding, operations in the Middle East. It is envisaged that the office will be resourced with a small number of staff and supported by Geneva and Singapore.

Geneva, 21 June 2011
US$ 1,550,000,000 Revolving Credit Facility
Gunvor Group Ltd ("Gunvor Group" or the "Company") is pleased to announce the successful signing of a US$1,550,000,000 Revolving Credit Facility (the "Facility") in favour of Gunvor International B.V. ("Gunvor International"), Gunvor SA and Gunvor Singapore Pte Ltd ("Gunvor Singapore") (together the "Borrowers").

The Facility was arranged by ABN AMRO Bank N.V., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, ING Bank N.V., Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as "Rabobank International"), Société Générale Corporate & Investment Banking and The Hongkong and Shanghai Banking Corporation Limited (together the "Bookrunning Mandated Lead Arrangers"). China Development Bank joined the Facility during general syndication as Bookrunning Mandated Lead Arranger.

BNP Paribas, Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Natixis, Société Générale Corporate & Investment Banking and The Hongkong and Shanghai Banking Corporation Limited were active Bookrunners.

The Facility, which is guaranteed by the Company, will be used for general corporate purposes and to refinance Gunvor International's existing US$1,060,000,000 revolving credit facility dated 23rd June 2010.

The Facility which was launched at US$1,100,000,000 was significantly oversubscribed and subsequently increased to US$1,550,000,000. The participating banks in the Facility are as follows:

Mandated Lead Arrangers and Bookrunners

Geneva, 2 March 2011
Gunvor Group Announcement
Gunvor Group, one of the world's leading energy trading companies, announces that it has decided to put on hold its development of trading in the European power market due to the current difficult market conditions. The decision does not affect any other activity of the company, such as LNG and Gas which are developing satisfactorily, and, according to plan.

Geneva, 23 February 2011
Gunvor 2010 Statement
The Gunvor Group, one of the worlds leading energy trading companies, announces an 11% increase in volume year-to-year to 104 Million Tons and a turn-over of USD 65 Billion, up from USD 53 Billion in 2009.

Trading conditions were less favorable than in the previous year with narrower margins resulting from increased competition and less price volatility. The company expanded its operations into new commodities such as coal and gas as well as increasing its geographical presence.

Significant investments were made, mainly into logistical facilities and trading infrastructure.

Commenting on the future, Torbjörn Tornqvist, Gunvor's CEO said, "Despite the narrower margins, 2010 was still a good year for Gunvor and we have seen a stronger start to 2011. The oil price is anybody's guess. There are still capacity slacks along the entire oil chain and a crude oil price of over USD 100 per barrel would not appear to be warranted given current fundamentals. However political risk and uncertainty particularly in the Middle East, financial and other macroeconomic aspects may very well drive prices higher. I expect to see a higher level of volatility 2011 compared to 2010."

Geneva, 24 June 2010
Strong demand leads Gunvor to increase its facility to US$1,030,000,000
Gunvor International B.V. ("Gunvor International" or the "Company") and Gunvor Singapore Pte Ltd ("Gunvor Singapore") are pleased to announce the successful signing of their US$1,030,000,000 Revolving Credit Facility (the "Facility") which was significantly oversubscribed and increased from the initial launch amount of US$750,000,000.

The Facility was arranged by BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Fortis Bank (Nederland) N.V., The Hongkong and Shanghai Banking Corporation Limited, ING Bank, Natixis, Rabobank International and Société Générale Corporate & Investment Banking (together the "Bookrunning Mandated Lead Arrangers").

A total of 16 banks committed during general syndication in addition to the 9 Bookrunning Mandated Lead Arrangers.

This Facility will be used for general corporate purposes and to refinance the Company's existing US$600,000,000 364-day revolving credit facility dated 30th June 2009. The Facility consists of 2 tranches split as follows:

  • Tranche A - Gunvor International: a US$785,000,000 364-day revolving credit facility available to Gunvor International ; and
  • Tranche B - Gunvor Singapore: a US$245,000,000 364-day revolving credit facility available to Gunvor Singapore and guaranteed by Gunvor International.

    • An accordion clause will allow for a limited increase in the Facility Amount. Bank of Baroda, Mega ICBC and West LB have already committed to join through this clause.

    Geneva, 28 May 2010
    New Coal and Power Hires for Gunvor Energy Trading Division
    Gunvor International B.V. ("Gunvor"), one of the world's major independent energy companies, continues to develop and enhance its world class energy trading team with the announcement of a number of key appointments in its Global Coal and European Gas & Power divisions.

    Global Coal:
    Henry Liew will join Gunvor as VP Coal - Asia on 1 June 2010, responsible for Origination and Marketing in Asia. Prior to joining Gunvor, Henry was responsible for growing the market share for thermal coal in Asian markets as an Executive Director with Straits Asia Resources, the Indonesian producer with more than 9 million tons per year of production and prior to that Henry held several business development and marketing positions in Asia, including BHP Billiton. Over the last 16 years, Henry has lived and worked in China, Hong Kong, Australia, and Singapore, during which time he held key roles in the marketing of raw materials including coal, iron ore, manganese alloys, magnesium and aluminium within Asia. He will be based in Singapore.

    Filippo Faralla will join Gunvor as VP Coal - South Africa on 1June 2010, responsible for Origination and Marketing in RSA. Filippo comes from Vitol's coal trading business where he was responsible for coal investments. Previously he was part of the management team with Riversdale Mining, responsible for the acquisition and development of its anthracite mine and Mozambique coking coal project. Prior to this he was the General Manager, at African Carbon, the largest char (devolatilised coal) producer in South Africa prior to its sale to Xstrata. A mineral process engineer by training, Filippo started his career in the South African mining industry, before spending a number of years with Accenture, in their London office. He will be based in Johannesburg, South Africa.

    Commenting on these appointments, Matt Brock and Lee Kirk, Heads of Gunvor Coal & Freight, together said: "We are delighted to welcome the new members to the Gunvor Global Coal team. These appointments reflect our commitment to further expand our presence and capabilities in key global coal markets and to develop our long term partnerships with selected upstream producers and downstream clients, providing superior access to markets."

    European Gas & Power:
    Christoph Bilshausen joins Gunvor as as Head of Origination - CEE, effective 1 August 2010. He will join Gunvor from Gazprom Marketing and Trading Germania where he was building the origination for Germany and Central Europe. He brings 10 years experience in the European energy trading markets from several European energy companies. Prior to joining Gazprom, Christoph was Vice President Origination CEE at Essent International. Before this, he had a number of positions in risk management and front office at Statkraft markets and Trianel Energy trading in Germany, focusing on structured products in continental Europe. He will be based in Geneva, Switzerland.

    Geneva, 11 May 2010
    HSBC joins syndicate arranging Gunvor's $750m Revolving Credit Facility
    Gunvor International B.V. ("Gunvor International" or the "Company") is pleased to announce that The Hong Kong and Shanghai Banking Corporation Limited ("HSBC") has joined the syndicate arranging the US$750,000,000 Revolving Credit Facility (the "Facility") that was announced on 6 May 2010. HSBC will act as a Bookrunner with focus on Asia.

    The other banks already mandated to arrange the Facility are BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Fortis Bank (Nederland) N.V., ING Bank, Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as "Rabobank International") and Société Générale Corporate & Investment Banking (together the "Bookrunning Mandated Lead Arrangers").

    Geneva, 6 May 2010
    Gunvor announces launch of $750m Revolving Credit Facility
    Gunvor International B.V. ("Gunvor International" or the "Company") is pleased to announce the launch of a US$750,000,000 Revolving Credit Facility (the "Facility") in favour of Gunvor International and Gunvor Singapore Pte Ltd ("Gunvor Singapore").

    BNP Paribas, Crédit Agricole Corporate and Investment Bank, Credit Suisse AG, Fortis Bank (Nederland) N.V., ING Bank, Natixis, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as "Rabobank International") and Société Générale Corporate & Investment Banking (together the "Bookrunning Mandated Lead Arrangers") have been mandated to arrange the Facility.

    This Facility will be used for general corporate purposes and to refinance the Company's existing US$600,000,000 364-day revolving credit facility dated 30th June 2009. The Facility will consist of 2 tranches split as follows:

  • Tranche A: a 364-day revolving credit facility available to Gunvor International ; and
  • Tranche B: a 364-day revolving credit facility available to Gunvor Singapore and guaranteed by Gunvor International.

    • 13 January 2010
    Successful 2009 for Gunvor
    The Gunvor Group, one of the world's major independent energy companies announces that 2009 was a very good year for the company. Total traded oil volume was up 10% at 2.3m barrels per day. Turnover was $50bn, down from $65bn, due to a lower oil price in 2009 compared to 2008.

    Earnings for the year were significantly higher than in 2008. Trading margins were particularly strong during the first half. There was growth in existing business areas, as well as expansion into the non-oil energy sector. Growth has taken place mainly outside the Group's original core businesses, with 50% of its crude oil volumes now originating outside Russia.

    During 2009 the Group made investments into physical assets such as oil terminals and facilities, the largest being into its oil export terminal in Ust-Luga, outside St Petersburg, Russia, which is expected to become operational in the first half of 2010.

    In September Gunvor made its first direct investment in oil exploration when it purchased a 30% interest in the Lagansky Block in the Caspian Sea from Lundin Petroleum. So far this promising field has proven reserves of over 230 million barrels of oil.

    The Company intends to continue its expansion in 2010, both geographically and by diversification. Gunvor's new Energy Trading Division has executed its first trades in the natural gas, power and carbon markets and this side of the business is expected to develop appreciably. The investment programme into logistics infrastructure and oil exploration is continuing.

    Commenting on the future, Torbjörn Törnqvist, Gunvor's CEO said, "2009 has been a very good year for Gunvor. For 2010 we anticipate that there will be a more competitive trading environment, with narrower margins. I am confident that the quality of Gunvor's business model will enable it to remain competitive under any market conditions."

    11 January 2010
    Gunvor Energy Trading is now operational
    Gunvor International B.V. ("Gunvor"), one of the world's major independent energy companies, has now marked a new phase in its expansion into the European energy markets by entering its first trades in the Natural Gas, Power and Carbon markets over the New Year and extending its trading capability across North West and Central Europe for physical Gas & Power and Coal and Emissions across the globe.

    Head of Trading, Stephen Cornish: "Operational barriers to entry for our markets remain significant but with the right expertise and talent we have had a great start in this respect, which has allowed us to be active on ICE, Nymex, Global Coal, EEX and Nordpool in a relatively short time frame. This platform will provide strong access to the European physical markets to complement our global Coal, Freight, LNG and Carbon trading."

    Gunvor now has full operational physical capability across the German power grids of Amprion (RWE), EnBW, Transpower (Eon) and 50Hertz (Vattenfall); the French grid of RTE; and across NCG, Gaspool and GTS for Natural Gas. Gunvor has also established its Dry Freight operational capabilities by leveraging the extensive market presence in the wet freight activities of the company's wholly owned shipping entity. Gunvor is expected to actively move physical thermal coal cargos across the Atlantic and Pacific basins in the coming weeks.

    Commenting on the announcement, Paymon Aliabadi, Managing Director of Gunvor's Global Energy Group said: "We are delighted to have moved from planning and preparation into successful operations, and to have done so in a short space of time. Our European physical business is a key element of our global strategy and we intend to continue to aggressively build and grow our capabilities going forward. We are nearing completion on Fluxys, NBP & CEGH for Natural Gas and the Dutch (Tennet) and Belgian (Elia) power grids. We expect to extend this physical access to the Nordic grids and Italy in Q1 2010 and Central European pipelines and grids in Q2 2010 to develop the quality and range of our offering to partners and counterparties."

    7 December 2009
    Gunvor appoints Matt Brock as Head of Coal Trading
    Gunvor International B.V. ("Gunvor"), one of the world's major independent energy companies announces the appointment of Matt Brock as Head of Coal Trading effective 1 February 2010.

    Mr. Brock will join Gunvor from Vitol SA where he was trading manager for coal. He brings more than 14 years experience in the global commodity markets and managing coal portfolios in both Atlantic and Pacific Basins. Prior to joining Vitol, Brock was the Coal & Freight Manager at Nuon BV in The Netherlands. Prior to Nuon, Brock was at Nidera BV trading grains, soybeans and dry freight in a number of positions worldwide including The Netherlands, UK, USA, South Africa, Argentina and Singapore. He will be based in Geneva.

    Commenting on the announcement, Paymon Aliabadi, Managing Director of Gunvor's Global Energy Group said, "Matt is another great addition to the Gunvor energy trading team. Matt's arrival is another key component of Gunvor's plans to develop a world class trading team as Gunvor diversifies from purely oil trading into being a fully integrated energy trading company."

    19 November 2009
    Gunvor appoints Stephane Caudron as Head of LNG
    Gunvor International B.V. ("Gunvor"), one of the world's major independent energy companies announces Stephane Caudron will be starting on 1 January 2010 as Head of LNG.

    Mr. Caudron will join Gunvor from RBS Sempra where he was also Head of LNG. He brings more than 25 years experience in the Natural Gas markets having previously held senior positions in Gaz de France, where he was latterly Managing Director in charge of projects and EPC and Statoil where he developed downstream gas and LNG projects for the major in France and Southern Europe and was at the forefront of gas market deregulation in Europe. He will be based in Geneva.

    Commenting on the announcement, Paymon Aliabadi, Head of Gunvor's Global Energy Division said, "We are delighted that Stephane will be joining us. As Gunvor diversifies from purely oil trading into being a fully integrated energy trading company, Stephane is typical of the quality of individuals who are joining the company. He is a fantastic addition to our recently established Global Energy Division."

    1 September 2009
    Gunvor Appoints Paymon Aliabadi to Head New Global Energy Division
    Gunvor International B.V. ("Gunvor"), one of the world's major independent companies specialising in the trade, transport and storage of oil and petroleum products, announces that it has appointed Mr Paymon Aliabadi to head its newly formed Global Energy Division (Global Coal & Freight, Emissions & Renewables, Gas & LNG and Power).

    Mr Aliabadi, who started on 1 September 2009, joins Gunvor from Essent Trading International, a subsidiary of Essent N.V. the largest energy company in the Netherlands, where he was the Managing Director. Prior to joining Essent in 2004, he was Vice-President Energy Commodities at Sempra. Mr. Aliabadi will report directly to the Gunvor Board of Directors.

    Commenting on the appointment, a Gunvor spokesman said, "We are delighted that Paymon has agreed to join us. He will head up our new Global Energy Division, the formation of which marks a significant step in our strategy of diversifying from purely oil trading into a fully integrated energy trading company. We believe that there are major opportunities to be gained from this expansion and expect that the new division could number 50 members of staff over the next two years."

    6th July 2009
    Banks support Gunvor with USD 600m syndicated loan
    6 July, Geneva: Leading independent oil trader Gunvor International B.V., headquartered in Amsterdam, has signed a revolving one-year credit facility of USD 600m, successfully refinancing and extending last year's debut of USD 370m. Just as the 2008 debut was oversubscribed, this year's refinancing also attracted significant interest and original plans for a USD 450m facility were extended by an additional USD 150m.

    A total of 17 banks provided funds, made up of all existing lenders and a number of new ones not participating in last year's facility. The consortium of banks was headed by BNP Paribas and Credit Suisse, this time joined as bookrunners by others who were among the arrangers of last year's loans: Fortis Bank (Nederland) N.V., ING Bank N.V., Rabobank International, Societe Generale and Credit Agricole (Suisse) S.A.

    A Gunvor spokesman commented: "This is the first time Gunvor has refinanced a syndicated loan and we are encouraged by the support shown to the company, particularly given current market conditions. The banks' commitment is indicative of the trust they have in our business and confidence in our future growth plans. Gunvor has enjoyed rapid growth over the past decade, and we have plans to ensure continued expansion in existing and new markets."

    The funds available will be drawn down for use as working capital and as a reserve for margin calls.

    The banks acting as arrangers are: Natixis, Sumitomo Mitsui Banking Corporation Europe Ltd, ICBC (London) Ltd, Raiffeisen Zentralbank Oesterreich AG, DBS Bank Ltd (London Branch), Deutsche Bank AG (Amsterdam Branch), BHF-Bank AG, Banque Cantonale de Genève and Union de Banques Arabes et Francaises.