A Global Business

GENEVA, SWITZERLAND (1 December 2025) – Members of the management of Gunvor Group (“Gunvor” or the “Company”), one of the leading physical energy trading companies in the world, announce the successful acceptance of a management-led buy-out offer of the Company from existing ownership. Under the agreement, majority owner Torbjörn Törnqvist will sell the entirety of his holdings in favor of a group of current employees, who will wholly own the Company going forward. There will continue to be no outside ownership or interests.

The management buy-out, first conceived of by the Company’s leadership at Gunvor’s all-hands retreat in Morocco in 2022, will entail a series of structural and governance changes designed to ensure the long-term commercial success and global growth of the 25-year-old company. The buy-out has been advanced at this time to establish a definitive reset and path forward for a Company for which misperceptions about its past have become an impossible distraction.

Gary Pedersen has been appointed as chief executive officer of the Company. Pedersen was signed in 2024 as CEO Americas based in Houston, with the intention of eventually assuming global leadership. (Pedersen’s biography can be found below.) For an interim period, he will be based in both Houston and Geneva.

“The time is right for this transition. A generational shift has well been underway, and we have the financial strength, liquidity, and depth of leadership to continue to advance our global growth strategy,” said Pedersen. “Our goal is to uphold our leading role as a reliable and competitive participant in the global energy markets—today and well into the future.”

The new ownership of the Company remains fully committed to the existing strategy of pursuing global growth, diversification, and investing along the energy supply chain, with a particular emphasis on investments and development within the U.S. market, along with Europe and Asia.

The Company will further implement changes to the Gunvor Group Ltd Board of Directors and Executive Committee, which now exclude members of the Törnqvist family or representatives thereof. Developments related to governance and leadership structures will be announced in due course.

Biography of Gary Pedersen
Gary is a 30-year veteran of the energy commodities trading industry, with extensive international experience in trading management, logistics, and refining. He joined Gunvor from Millennium Management LLC, where he served as Senior Portfolio Manager for cross barrel oil products**Oil Products** Oil products, also known as petroleum products, are the end products derived from the processing of crude oil in oil refineries. Crude oil is a fossil fuel that... Read more. Gary began his career in 1994 at Koch Industries, Inc., where he worked for various entities, including Koch Chemical Company, Flint Hills Resources, and Koch Supply & Trading. During this period, Gary held managing director roles in Rotterdam, Singapore, London, and Geneva. At Koch Supply & Trading SaRL, he oversaw trading around the company’s 85,000 bpd condensate splitter in Rotterdam, along with the trading of aromaticsAromatics are a group of organic compounds that contain a benzene ring or exhibit similar chemical properties. They are widely used as key raw materials in the production of various... Read more, natural gas liquids, naphtha, gasoline, and condensates. Gary studied and played football at Iowa State University and received a Finance degree from University of Nebraska Kearney. Gary is a U.S. citizen.

SINGAPORE (17 November 2025) – Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first Enwex German Onshore Wind (GWM) futures block trade on Abaxx Exchange with participation from Gunvor International B.V. (“Gunvor”) on November 17, 2025.

The two parties traded 10 lots of the February 2026 Enwex German Onshore Wind (GWM) Futures contract at EUR 28.45/hour. The trade was brokered by TP ICAP, with clearing services provided by ADM Investor Services Singapore, KGI Securities and Marex.

“This first trade shows how exchange-listed products can play a useful role in managing the growing exposure to renewable generation risk,” said Ronny Bendlin Spür, Weather Trader at Gunvor International B.V., Amsterdam, Geneva Branch. “By completing the first wind futures trade on Abaxx, we’ve helped demonstrate how standardized exchange products can bring transparency, efficiency, and liquidity to the weather derivatives market. As wind and solar continue to shape price dynamics in power markets, the ability to hedge resource-driven volatility will become essential for producers, investors, and energy traders alike.”

Tim Boyce, Head of Weather Derivatives, EMEA at TP ICAP added, “As the world’s leading interdealer broker, we proudly leverage our global network and deep expertise to enhance market liquidity. Executing this inaugural trade marks a key milestone, and we look forward to collaborating with all market participants to drive continued growth.”

Willy Cahyadi, Managing Director, ADM Investor Services Singapore, stated, “We are proud to clear the first trades on Abaxx’s Enwex German Onshore Wind Futures on behalf of ADMIS’ global client base. As energy markets evolve, we continue to provide the dependable and innovative solutions our clients rely on to manage risk with confidence.”

Abaxx Enwex German Onshore Wind (GWM) Futures extend weather derivatives into renewable generation, providing a practical way for market participants to manage the financial impact of wind variability. Listed exclusively as the benchmark for the Enwex German Wind Index, the contract enables producers to hedge volume risk tied to generation output, while offering traders and investors a new instrument for expressing views on wind conditions and price dynamics.

The contract is a euro-denominated, financially-settled product indexed to Enwex Wind Germany, a forecast-based index that translates wind speed at 100m into standardized generation utilization rates, expressed in €/MWh.

Abaxx Enwex German Onshore Wind (GWM) Futures are available for trading from 1000 to 2400 SGT (14 hours), Monday to Friday, except for Singapore public holidays. View contract details, connected clearing and broker firms, and request market access at abaxx.exchange/resources/start-trading.

About Abaxx Technologies Inc.
Abaxx Technologies is building Smarter Markets: markets empowered by better tools, better benchmarks, and better technology to drive market-based solutions to the biggest challenges we face as a society, including the energy transition.

In addition to developing and deploying the next generation of digital market infrastructure that reconciles law, identity, and technology to enable real-time collateral mobility, Abaxx is the majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiaries Abaxx Spot Pte. Ltd. and Adaptive Infrastructure.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally-cleared, physically-deliverable futures contracts in LNG, carbon, battery materials, and precious metals, meeting the commercial needs of today’s commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically-backed gold pool in Singapore. As the first instance of a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions, efficient OTC transfers, and is designed to support physical delivery for Abaxx Exchange’s physically-deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in post-trade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement, and transfer agency services designed to reduce risk and improve reliability across asset classes.

For more information, visit abaxx.tech | abaxx.exchange | abaxxspot.com | basecarbon.com | smartermarkets.media

GENEVA (7 November 2025) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $2.395 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA.

The Facility consists of two tranches, available to Gunvor International B.V. and Gunvor SA:

• Tranche A: US $1.885 billion 364-day Revolving Credit Facility with three 364-day extension options
• Tranche B: US $510 million 3-year Revolving Credit Facility with one 364-day extension option

Thanks to strong support from existing and new banking partners the Facility ended up upsized this year again, with additional liquidity successfully raised in both tranches.

The RCF will be used for general corporate purposes, including the refinancing of the existing US $1,775,000,000 364-day tranche of the 2024 European Revolving Credit Facilities Agreement, and the US $350,000,000 3-year tranche of the 2023 European Revolving Credit Facilities Agreement.

The Facility has a US $400 million Accordion Option and complements the existing US $490 million 3-year tranche of the 2024 European Revolving Credit Facilities Agreement.

The Facility continues to come with a comprehensive set of ESG-linked KPIs: reduction of Scope 1 and 2 Greenhouse Gas (GHG) emissions; reduction of Scope 3 GHG emissions to improve the energy efficiency of the shipping fleet; the investment in renewable and carbon reduction projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified.

“We are very pleased with the outcome of this refinancing with an increased facility amount – including in the longer tenor – and several new banks joining the pool. We thank our banking pool for their continued support in this flagship European financing facility for our Group,” said Jeff Webster, Chief Financial Officer of Gunvor Group.

Abu Dhabi Commercial Bank PJSC, Coöperatieve Rabobank U.A., Crédit Agricole Corporate and Investment Bank, Emirates NBD Bank (P.J.S.C), London Branch, ING Bank N.V., Amsterdam, Lancy / Geneva Branch, Natixis CIB, Qatar National Bank (Q.P.S.C.) Paris Branch, SMBC Bank International plc, Société Générale, UBS Switzerland AG, and UniCredit Bank GmbH are Bookrunning Mandated Lead Arrangers. Credit Agricole Corporate & Investment Bank, ING Bank N.V., Natixis CIB, SMBC Bank International plc, Société Générale were mandated to arrange the Facility and acted as Active Bookrunners while UBS Switzerland AG is Facility and Swingline Agent. Natixis CIB acted as Sustainability Coordinator for the Facility.

Banco Bilbao Vizcaya Argentaria S.A., Niederlassung Deutschland, DBS Bank Ltd, London Branch and First Abu Dhabi Bank PJSC are Senior Mandated Lead Arrangers.

Citibank N.A., Jersey Branch, KfW IPEX-Bank GmbH and Mizuho Bank, Ltd. are Mandated Lead Arrangers.

Bank of China Limited, London Branch, China Construction Bank Corporation, Beijing, Swiss Branch Zurich, Commerzbank London Branch AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Erste Group Bank AG, Industrial and Commercial Bank of China Limited, London Branch, Lloyds Bank plc, OTP Bank plc., and Sumitomo Mitsui Trust Bank, Limited (London Branch), The Standard Bank of South Africa Limited, Isle of Man Branch are Lead Arrangers.

ABC International Bank Plc, Arab Bank (Switzerland) Ltd, Banco BPM S.p.A, Banque Internationale de Commerce -BRED (Suisse) SA, Banque de Commerce et de Placements SA, CaixaBank S.A., China CITIC Bank Corporation Limited London Branch, Deutsche Bank Luxembourg SA, Europe Arab Bank SA, GarantiBank International N.V, Habib Bank AG Zurich, Mashreqbank PSC, Nedbank Limited, London Branch, Raiffeisen Bank International AG, and Union de Banques Arabes et Françaises – UBAF are Arrangers.

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals, and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—downstream, refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for its customers. For more information, visit www.gunvorgroup.com

CALGARY (5 October 2025) – Gunvor Group, one of the largest physical energy commodities traders in the world, is pleased to announce its partnership with Canada-based AltaGas, which has reached a positive FID on the Phase One expansion of its Dimsdale Gas Storage Facility. Gunvor will support AtlaGas’ 6 Bcf expansion with a 10-year firm storage service contract.

Capital cost for AltaGas’ project is estimated at approximately $65 million with a 2026 year-end targeted in-service date. The project will focus on facility debottlenecking with a new meter station and dehydration equipment that will expand capacity, increase reliability, and significantly reduce operating costs.

This long-term natural gas storage lease furthers Gunvor’s position as a physical trader of natural gas and LNG throughout North America, where the company has invested across the value chain, including in upstream and infrastructure investments.

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals, and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—downstream, refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for our customers.

BUDAPEST – Gunvor, one of the world’s leading independent commodities trading companies, and New Energy (member of the NE-TECH Group), a Budapest-based technology company specializing in the advanced chemical recycling of end-of-life tires, are pleased to announce the signing of a strategic collaboration agreement aimed at jointly advancing the transition toward a circular economy.

According to the terms of the agreement, New Energy will supply Gunvor with pyrolysis oil produced from waste tires at its industrial-scale recycling facility located in Dunaharaszti, Hungary. This collaboration will include supplies from additional NE-TECH  facilities under development in Karcag, Hungary, as well as in Western Europe and other regions outside the European Union.

The pyrolysis oil will be used as a feedstock for refineries, replacing conventional fossil-based raw materials. The use of chemically recycled oil reduces carbon emissions and aligns with key principles of circular economy models by enabling material reuse and waste minimization.

Ricardo Cordeiro de Sousa, Circular Naphtha and Pyrolysis Oil trader at Gunvor, commented: “On top of conventional products, Gunvor is committed to increasing its support for the ‘circular economy’ and the Energy Transition. NE-TECH  has a unique technology that is working on full industrial scale operating 24/7, and together we can offer both economic advantages and environmental benefits. We look forward to working with New Energy and sourcing products from its current and new facilities in Europe.”

Viktor Varadi, CEO of NE-TECH Group, added: “This partnership underlines our successful development and optimization of our processes to maximize economic efficiency of our plant and technology. We are proud that we achieved this level, where we qualify our products to the high standards of Gunvor, and partner with one of the world’s leading independent commodities trading companies This collaboration will result in the production of more environment friendly products made by the petrochemical industry.” 

The partnership between Gunvor and NE-TECH Group represents a meaningful step toward scalable, commercially viable circular solutions in the energy and chemical sectors.

About NE-TECH Group
NE-TECH Group is an innovative technology group. Its group companies are specialized in the development and commercialization of solutions related to circular economy. NE-TECH’s main mission is to turn formerly untreatable polymer based and organic waste streams into useful raw materials for the petrochemical industry, thus addressing the unsustainable extraction of natural resources in an economically viable manner. NE-TECH has developed and commercialized a proprietary technology that can turn waste tires back to secondary raw materials to support circular economy strategies of its partners and customers. It also has two decades of operational experience in running a pyrolysis plant by group member New Energy. Further information about NE-TECH at www.ne-tech.eu

About Gunvor Group 
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Further information can be found at www.gunvorgroup.com.