Moving Energy
Efficiently
Moving Energy
Efficiently
Gunvor moves physical energy from where it is sourced and stored to where it is demanded most.
GENEVA – Gunvor Group, one of the largest independent energy commodities trading companies worldwide, has successfully closed its inaugural United States (US) Private Placement, totalling US $378.5 million of senior unsecured notes with US institutional investors placed under Section 4(a)(2) of the Securities Act.
The transaction was significantly oversubscribed from the launch amount of US $100 million, and comprises tenors of 3, 5, 7, 10 and 12 years, with almost half of the notes placed into the 10-year and the 12-year tranches.
“As Gunvor continues to grow its business off the back of two record years of performance, we’ve worked diligently to diversify our investor base and lengthen our debt profile,” said Jeff Webster, Gunvor Group CFO. “This transaction is an important milestone that reflects the trust we have built with a new set of institutional investors while opening up a new market for Gunvor that will help accelerate our long-term growth strategy.”
Funds from the transaction will support ongoing investment and trading activities as the company continues to grow its global platform.
“We are pleased to have had the opportunity to represent Gunvor in this debut USPP and achieve one of the largest issue sizes and longest maturities by an independent commodity trader in this market,” said Duncan Scott, Head of US Private Placements at Societe Generale.
Michael Haddad, Director for Private Placements at MUFG added: “MUFG is proud to have acted as Placement Agent on this very successful debut private placement for Gunvor. Gunvor’s Private Placement impressed in terms of size, tenor, flexibility, and quality of investors – a true testament to the strength of the Private Placement market and the Gunvor credit.”
Societe Generale and MUFG acted as Joint Placement Agents for the transaction.
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, bulk materials and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com.
HOUSTON – Gunvor USA LLC, an indirect wholly-owned subsidiary of Gunvor Group Ltd, has successfully closed the syndication of its US $2.34 billion uncommitted borrowing base credit facility. The facility, which benefited from strong oversubscription, includes a US $1.75 billion one-year tranche and a US $584 million two-year tranche, as well as a US $500 million accordion feature to support future growth.
The proceeds of the facility will refinance Gunvor USA’s existing US $1.94 billion borrowing base facility, which was initially launched in October 2023 and later increased through an accordion feature in May 2024. The purpose of the upsized facility is to provide continued working capital financing for the company’s merchant activities and fund general corporate purposes.
“Gunvor USA’s successful capital raise reflects the continued confidence of our banking partners in the U.S. business and Gunvor Group globally,” said David Garza, managing director of Gunvor USA. “Our business model has proven to be resilient during times of market stress. That success, combined with bank market support, affords us the ability to focus on strategic growth opportunities across North America.”
Thomas Smith, regional CFO for the Americas, commented: “We take pride in strong global collaboration across Gunvor. Our 21 financing partners—including four new lenders this year—have shown robust support for our company’s strategy and positive outlook.”
The facility is led by Rabobank, which serves as administrative agent, mandated lead arranger, active bookrunner, coordinator and left lead. Societe Generale, ING Capital and MUFG Bank also acted as mandated lead arrangers, the foremost holding responsibility as active bookrunner, while the latter both contribute as passive bookrunners.
Citibank N.A., Credit Agricole Corporate and Investment Bank, Natixis, New York Branch, and Sumitomo Mitsui Banking Corporation each serve as joint lead arrangers and share co-syndication agent duties.
Bank of China, New York Branch and First Abu Dhabi Bank USA N.V. join the facility as new co-documentation agents together with Deutsche Bank AG New York Branch, Industrial and Commercial Bank of China Limited, New York Branch, Mizuho Bank Ltd. and UBS Switzerland AG all acting in the same capacity.
Zukerman Gore Brandeis & Crossman, LLP serves as counsel to the administrative agent. McGuireWoods LLP serves as counsel to the borrower.
About Gunvor Group
Gunvor Group Ltd is one of the world’s largest independent commodities trading houses by turnover creating logistics solutions that safely and efficiently move physical energy, bulk materials and base metals from where they are sourced and stored to where they are demanded most. Gunvor Group, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, London, Shanghai and Dubai, supported by a network of more than 20 representative and other trading offices around the globe. For more information, visit www.gunvorgroup.com.
BILBAO – Gunvor Group (“Gunvor”), a leading global independent energy trading company, has completed the acquisition of a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. (“BBE”), a 785MW combined cycle power plant located in Bilbao, Spain from bp.
The deal, announced in December 2023, has been approved by all relevant regulatory bodies, including the European Union (EU) Commission’s review of Merger Control (EUMR) and Foreign Subsidies Regulation (FSR).
Ente Vasco de la Energía (“EVE”), the energy agency of Basque Country, holds the remaining 25% ownership stake in BBE.
BBE is Gunvor’s first investment in a power generation asset, while expanding the company’s commitment to developing Spain’s energy sector. Gunvor’s strength in natural gas/LNG and growing power business will complement operations at the plant and contribute positively to Spain’s economy over the long-term.
About Gunvor
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, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com
FUJAIRAH – Gunvor Group Co-founder and Chairman, Torbjörn Törnqvist, has been honored with the Aramco Trading “New Silk Road CEO of the Year Award” 2024, given on the occasion of the 12th Fujairah Energy Markets Forum.
Held under the patronnage of His Highness Sheikh Hamad Bin Mohammed Al Sharqi, Supreme Council Member and Ruler of Fujairah, and in the presence of H.H. Sheikh Dr. Rashid bin Hamad Al-Sharqi, Deputy Chairman of the Fujairah Oil Industry Zone, the awards recognized leaders reshaping energy markets along the Middle East-Asia corridor.
Dave Ernsberger, Head of Market Reporting & Trading Solutions at S&P Global Commodity Insights, announced the award:
“Torbjörn has always been guided by a clear personal philosophy and set of values, including hard work, operating with integrity, and innovation.”
Your Highness, Excellencies, Distinguished guests and Ladies and Gentlemen, Good Evening.
It is my pleasure to introduce the winner of the 2024 Aramco Trading New Silk Road CEO of the Year in the category of Trading – Torbjörn Törnqvist, Chairman, Gunvor Group.
Torbjörn has had an extraordinary career spanning more than 40 years in the oil and gas industry. He co-founded Gunvor Group in 2000, and under his leadership the company has grown into one of the world’s leading independent commodities trading companies, with operations in over 100 countries. Gunvor’s business now extends beyond oil trading to include a diverse range of commodities such as natural gas, agriculture, and metals.
Born in Stockholm, Torbjörn began his career at British Petroleum in 1977, where he worked for six years before moving on to become the Head of Oil Trading at Scandinavian Trading Co AB. His deep understanding of the oil markets proved invaluable when he went on to serve as Managing Director for the oil division of Intermaritime Group Petrotrade. That experience prepared him to take the bold step of co-founding Gunvor with Gennady Timchenko in 2000.
Gunvor initially focused on trading Russian crude oil to Europe, where it quickly gained a reputation for its ability to navigate the complexities of the Russian oil industry. Torbjörn is known not only for his strong leadership but also for his hands-on management style. He is actively involved in the day-to-day operations of the company and is widely respected for his meticulous attention to detail.
His leadership is defined by leading by example. He encourages his employees to take ownership of their work, and his ability to identify and nurture talent within the company has been central to Gunvor’s success.
Torbjörn’s has also been quick to adapt to changing circumstances, critical in the commodity markets, and this has ensured that Gunvor has remained competitive in a fast-evolving global market.
Torbjörn has always been guided by a clear personal philosophy and set of values, including hard work, operating with integrity, and innovation. Throughout his career, he has remained committed to conducting business in an ethical and transparent manner, and I’ve seen this myself in many of the meetings between Platts and Gunvor over the years, including times when we agreed on a point of discussion, and on times when we’ve disagreed. His dedication to operating with integrity has earned him the respect of his peers and has helped to build trust with Gunvor’s partners and customers.
Torbjörn is a strong advocate of innovation, embracing new ideas and technologies, and taking risks to explore new approaches.
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Overall, Torbjörn’s leadership and management style have been instrumental in the success of Gunvor. His focus on results, sense of a wider mission and ability to adapt to changing circumstances have helped the company grow and thrive in a highly competitive industry.
All that remains for me to say is that Torbjörn is a very deserving recipient of this year’s Award in the “Category of Trading” – Congratulations!
LAHORE – Gunvor Group, a leading global commodities trading company, has signed an agreement to purchase TotalEnergies’ 50% stake in Total PARCO Pakistan Limited (TPPL).
TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited (PARCO) in Pakistan with a retail network of more than 800 service stations, fuel logistics, and lubricants activities.
The new entity will continue its retail business under the existing “Total Parco” brand, and its lubricants business under the “Total” brand in Pakistan, continuing to serve its customers.
The acquisition remains subject to authorization by the relevant authorities and related agreements.
About Gunvor
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, bulk materials, and base metals from where they are sourced and stored to where they are demanded most. Gunvor, which generated turnover of US $127 billion on volumes of 177 million MT in 2023, has committed to cut Scope 1 and 2 emissions by 40% by 2025. For more information, visit GunvorGroup.com
About TotalEnergies
TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.
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