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Gunvor denies acquisition rumors

May 21, 2014, 11:50 UTC+3 MOSCOW
The Kommersant daily had earlier reported with reference to unnamed sources about the possible sale
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© ITAR-TASS/Mikhail Dzhaparidze

MOSCOW, May 21. /ITAR-TASS/. International energy trading group Gunvor denies the company is going to be sold, as well as rumors of negotiations with Rosneft, Gunvor press officer Seth Thomas Pietras told ITAR-TASS.

The Kommersant daily had earlier reported with reference to unnamed sources about the possible sale. Gunvor was reported to have been offered for sale in May.

According to one of the sources, sales were negotiated with several potential buyers, with oil companies among them. Other sources mentioned unofficial discussion of a deal with the Rosneft oil giant.

USA expanded its black list on March 20 included Gunvor’s former co-owner Gennady Timchenko. On March 19, he sold his 44% to a Swedish businessman Torbjorn Tornqvist who thus got control of Gunvor’s 87% Tornqvist bought the share at a fair price, he said.

The major shareholder Tornqvist was planning to retain the shares acquired from Timchenko, Pietras said in March. Timchenko had no buy-back option, and Gunvor continued business as usual but could not cooperate with the sanctioned companies, Pietras added, as Gunvor stuck to all international economic sanctions.

Gunvor, set up in 1997, is a major commodity trading company by sales registered in Cyprus and operating through the offices in Geneva, Nassau (the Bahamas), Singapore and Dubai.

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