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Gunvor Appoints Paymon Aliabadi to Head New Global Energy Division

1 September 2009

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.”