Commodity trader Gunvor also owns a refinery in Upper Bavaria.
(Photo: dpa)
Zurich A deal worth billions may be in the offing in the oil industry: According to a report by the Bloomberg news agency, the state-owned oil company in the United Arab Emirates, Adnoc, has expressed its interest in the Geneva-based trading company Gunvor. Accordingly, Adnoc could submit a bid for a stake or a full takeover. A Gunvor spokesman said the company is not commenting on rumors or speculation.
The talks are said to be at an early stage. A possible assessment is therefore not yet in the room. Gunvor himself states the value of equity on the balance sheet as four billion dollars. In the first half of 2022, the company, which is particularly strong in trading in oil and liquid gas, made a profit of $840 million.
Gunvor holds critical infrastructure in Germany
Gunvor is also active in Germany: The group operates an oil refinery in Ingolstadt. In addition, the company holds a minority interest in the Trans-Alpine Pipeline, which supplies Germany with oil via the Italian port city of Trieste. The company also imports gas to Germany.
As a gas importer, Gunvor had also sought distributions from the gas levy. However, as a highly profitable overseas-based company, Gunvor is unlikely to be included in the gas levy reform.
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The majority owner is the Norwegian Torbjörn Törnqvist, he holds around 88 percent of the shares in the unlisted company. Törnqvist had recently been open to external investors in interviews, but emphasized that he was not planning a complete exit. Gunvor is making record profits in the current environment. At the same time, traders have to deposit higher security deposits with banks for trading transactions because of the high price fluctuations.
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