Gunvor forms new ship holding jv clearocean tankers

Celsius Tankers (“Celsius”) expand their partnership with Gunvor Group Ltd (“Gunvor”) in the liquefied natural gas (LNG) sector with the chartering of four highly efficient, modern LNG carriers. The vessels, to be constructed by China Merchants Heavy Industry (Jiangsu) (CMHI), will support the growing LNG activities of Gunvor, one of the leading independent LNG trading companies in the world. Celsius has formed a joint venture with an affiliate of ArcLight Capital Partners (“ArcLight”), a leading middle-market infrastructure investor, to fund two of the LNG carriers. Gunvor will have a significant equity interest in the other two newbuildings, the first for any independent LNG trading company, demonstrating the strength of Gunvor’s global position in the LNG market. All four vessels will enter long-term time charters with Clearlake Shipping, a subsidiary of Gunvor. Delivery will take place during 2026 and 2027. Celsius and Gunvor are committed to push boundaries for available design improvements to reduce environmental impact. These vessels’ highly efficient design minimizes CO2 emissions and methane slip from operations via installation of air lubrication, enhanced reliquefication capacity, optimization of hull shape and use of the best available paint system to reduce the vessels’ friction in water. The vessels will be built to ABS class with Enviro+ notation for improved criteria for environmental protection. Operational experience from Celsius’ current vessels demonstrates the efficiency of this design. The new order for four vessels at CMHI will be similar to the “ultra eco” Celsius vessels on order in Korea with improvements for emissions and reduced fuel consumption. The new vessels will be fitted with ME-GA propulsion. Gunvor’s Co-Head of LNG, Kalpesh Patel, remarked: “We are very pleased to further expand our relationship with Celsius while demonstrating our commitment to the industry, both as charterers and now through our first major equity investment in LNG carriers. Importantly, these vessels are in line with Gunvor’s commitment to cut Scope 1 and 2 emissions by 40% by 2025. We have further committed to convert 100% of our fleet to eco-vessels by 2027. Gunvor imposes strict Carbon Intensity ratings in our vetting process, and these efficient vessels are critical for Gunvor as we strive to deliver physical energy to our customers with the lowest possible carbon footprint.” Celsius Chairman, Jeppe Jensen, said: “We are very pleased to continue the growth of the LNG fleet and to expand the relationship with Clearlake and Gunvor. Celsius Copenhagen, our first LNG carrier, was delivered to Clearlake in 2020, and the relationship with Clearlake has further strengthened with this latest transaction. We are very pleased to further develop this business and to continue to deliver competitive and efficient services to Clearlake and Gunvor Group Ltd.” With this transaction, Celsius Tankers’ LNG fleet now counts 18 x 180,000 CBM vessels technically managed in-house by Celsius Tech Limited. ArcLight Partner, Lucius Taylor, commented: “This investment is highly complementary to ArcLight’s thesis in strategic natural gas infrastructure. We are excited to partner with Celsius, a highly sophisticated ship owner and operator with industry leading ESG credentials.” About Gunvor Group Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — and in shipping assets that together complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated US $150 billion in revenue on 165 million MT of volumes, is also one of the leading independent global traders of liquefied natural gas (LNG). About Celsius Tankers Celsius Group is a leading ship owner and operator focusing on sustainable, infrastructure-like investments and special opportunities within the maritime industry. Celsius Group has a diversified fleet of +40 vessels across LNGCs, Product & Chemical Tankers as well as Container Feeders including newbuildings on order. Celsius Tankers’ LNGC fleet now totals 18 ultra efficient vessels, four vessels in operation and 14 Newbuildings on order. Celsius Group has an active approach to ESG including employee well being, reduction in carbon emissions and health & safety. Celsius Group has committed to the UN sustainable Development Goals with special focus on climate action, decent work and economic growth and life below water. About ArcLight ArcLight Capital Partners, LLC is an experienced, middle-market, value add infrastructure investment firm. Founded in 2001, ArcLight helped establish infrastructure as an asset class by pioneering an asset-based private equity approach to investing in infrastructure and has since built an experienced and successful investment platform. Based in Boston, U.S.A., ArcLight's investment team employs a value-added, operationally intensive investment approach that benefits from its dedicated in-house technical, operational, and commercial specialists and partners, as well as the firm's approximately 1,800-person asset management operational partner. More information about ArcLight can be found at www.arclight.com.

Energy Transfer LNG Export to supply LNG to Gunvor Singapore Pte from its Lake Charles LNG Export Facility Under 20-year Agreement Energy Transfer LP (NYSE: ET) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd (Gunvor) has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC (Energy Transfer LNG), a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project. Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum to Gunvor on a free-on-board (FOB) basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge. The SPA is for a term of 20 years, and first deliveries are expected to commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG taking final investment decision (FID). “We are pleased to partner with Energy Transfer, which is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost resources and implementing competitive and reliable deliveries to our LNG buyers. We look forward to a successful, long-term relationship with the Energy Transfer team as their project continues to progress,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor. “Gunvor is a well-known participant in the LNG industry, and we are excited to have them as a customer,” said Tom Mason, President of Energy Transfer LNG. “Gunvor’s commitment to Lake Charles further evidences the progress we are making towards taking FID by year end.” Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer's Lake Charles LNG export facility will be constructed on the existing brownfield regasification facility and will capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure. Lake Charles LNG will also benefit from its direct connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines. These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale. About Gunvor Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is 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. The company, which in 2021 generated US $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG). About Energy Transfer Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). Forward Looking Statements This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. The information contained in this press release is also available at energytransfer.com.

Gunvor will supply cracker-ready feedstock derived from plastic waste to Dow in Europe beginning in 2021, which will be used to produce circular plastics for customers
Agreement adds scale to Dow’s circular polyethylene production, reclaiming more waste plastics and keeping them out of the environment

Dow (NYSE: DOW) has finalized an agreement with Gunvor Petroleum Rotterdam, a wholly owned subsidiary of Gunvor Group Ltd (Gunvor) to purify pyrolysis oil feedstocks derived from plastic waste as part of last week’s announced actions to expand global capabilities for circular plastics. Gunvor will supply cracker-ready feedstock to Dow in Europe beginning in 2021, which will be used to produce circular plastics for customers. The purification process is necessary to ensure the pyrolysis oil feedstocks are of sufficient quality to produce new polymers. “The agreement builds on Dow’s longstanding relationship with Gunvor and leverages the economies of scale needed to bring a circular economy for plastics another step closer,” said Diego Donoso, president of Dow’s Packaging and Specialty Plastics business. “In addition to our efforts to design for recyclability, we are adopting advanced recycling technologies that allow us to reclaim and reuse more waste plastics that would otherwise go to waste.” Gunvor is an experienced processor of crude oils with a strong European presence, and brings expertise that can further improve the quality of pyrolysis oil feedstock. The agreement with Gunvor supports Dow’s advanced recycling agreements with Mura, Fuenix and New Hope and complements Dow’s intention to fast-track a market development scale purification unit in Terneuzen, the Netherlands, which will provide additional purification capacity. These collective efforts demonstrate continued progress toward meeting the Company’s announced sustainability targets to stop plastic waste, close the loop and protect the climate. “By building on our longstanding relationship with Dow, Gunvor is implementing our near-term strategy to leverage the Group’s existing traditional asset base to advance Energy Transition objectives in a commercially viable manner,” said Gunvor Group CEO, Torbjörn Törnqvist. "Reducing waste and promoting sustainability is a priority." 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 core trading activities and generate sustainable value across the global supply chain for customers. In 2020, Gunvor reported turnover of US $50 billion on volumes of 191 million MT. Approximately 50% of the company’s trading consists of “transitional” commodities, including biofuels, natural gas and LNG. For more information, visit GunvorGroup.com. About Dow Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

In line with strategy, Celsius Tankers has ordered a new series of LNG Carriers to support the growth of Celsius Tankers modern LNG fleet. Celsius Tankers is committed to push boundaries for available design improvements on any new building, in order to reduce environmental impact. The vessels’ highly efficient design minimizes CO2 emissions and methane slip from operations via installation of air lubrication, optimization of hull shape and use of the best available paint system to reduce the vessels’ friction in water. The vessels will be built to Lloyds’ Register class notation “EEDI-3” meeting IMO requirements for ships built after 2025 for 30% more energy efficiency.

THE NEWBUILDINGS WILL ASSUME LONG TERM EMPLOYMENT TO LEADING INDEPENDENT LNG TRADER, GUNVOR.

Celsius Tankers’ latest string of Newbuildings from Samsung Heavy Industries will enter into long term time charters with Clearlake Shipping, a subsidiary of Gunvor Group Ltd., the largest independent LNG trading company in the world. Delivery from Samsung Heavy Industries will take place during 2023 and 2024.

Celsius Tankers recently took delivery of the fourth and last LNG carrier from the previous series of 180,000M3 XDF vessels ordered at Samsung Heavy Industries in 2018. Operational experience from the vessels has proven the efficiency of the original design. The new order for four (4) vessels will be sister vessels to the first four (4) vessels but offers additional improvements including lower emissions and reduced fuel consumption. The new vessels will be fitted with ME-GA propulsion.

Celsius Chairman, Jeppe Jensen said: “We are very pleased to continue the growth of the LNG fleet and in particular to expand the relationship with Clearlake and Gunvor. Celsius Copenhagen, our first LNG carrier, delivered to Clearlake one year ago, and the relationship with Clearlake has worked in the best possible way. We are very pleased to further develop this business and to continue delivering a competitive and efficient service to Clearlake and Gunvor.”

Co-Head of Gunvor LNG Trading, Kalpesh Patel, remarked: ““We are very pleased to further expand our relationship with Celsius, as we continue to build upon our success, which has already made Gunvor the largest independent LNG trading houses. These vessels are among the most efficient LNG carriers ever designed. We are conscious of upcoming regulatory changes, and these vessels are in-line with Gunvor Group’s commitment to cut Scope 1 and 2 emissions by 40% by 2025. We have further committed to convert 100% of our fleet to eco-vessels by 2027.

Gunvor imposes strict Carbon Intensity ratings in our vetting process, and these efficient vessels are critical for Gunvor as we strive to deliver physical energy to our customers with the lowest possible carbon footprint.”

New entity Nyera to target sustainable investments in renewables, carbon capture Gunvor Group, one of the world’s largest physical energy commodities traders, has announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The commitments come as a part of Gunvor’s Sustainability Commitments 2021 document, which outlines how the company is navigating the Energy Transition. For Gunvor, the two most significant activities that generate greenhouse gas emissions are the company’s industrial activities, specifically its European oil refineries, and its shipping fleet, both owned and chartered. Gunvor has committed to taking significant steps to reduce and/or compensate scope 1 and 2 emissions by 35% and 95%, respectively, by 2025. Overall, Gunvor commits to both further improve the environmental impact of its current trading portfolio and invest in new sustainable commodities and businesses. The company determines that steps must be taken today to effectively manage, limit, and where possible eliminate emissions, given the role hydrocarbons play in the global energy mix today. At the same time, the commercial viability of sustainable sources of energy is being increasingly realized. As new commodities enter and grow, Gunvor will be a part of ensuring their safe and efficient movement to help balance markets. Gunvor’s 2021 Sustainability Commitments charter lays out the details of the plan. Gunvor Group has already begun to undertake the following:

Established dedicated vehicle, Nyera (Swedish: “New Era”), to formalize non-fossil fuel investments comprising a minimum of 10% of net equity that, with leverage, is expected to amount to a commitment of at least half-billion dollars (USD).
Areas of Nyera’s focus include carbon capture and storage, renewable fuels, renewable power, and alternative fuels, including ammonia and hydrogen.
Company’s major credit lines will continue to embed specific sustainability-linked goals with linked KPIs.
For existing and new trading, dedicated programs will be established to reduce emissions and environmental impact, while taking into account human rights considerations, in line with our commitment to the UNGPs on Business & Human Rights.
Emissions from refineries will continue to decrease compared to 2019, through efficiency projects and a switch to renewable and carbon neutral electricity.
100% of owned ships and 75% of time charter shipping fleet will be “eco-vessels” by 2022, with an overall 100% before 2027.
Gunvor is in the process of finalizing its assessment of Scope 3 emissions, including those linked to the traded commodities and voyage charters; the company commits to follow the IMO improvement in efficiency targets of 40% by 2030, as per Gunvor’s membership in the Sea Cargo Charter.

Additional detail can be found in the four-page Sustainability Commitments 2021 document. As a leading global physical commodities trading company, Gunvor Group is inherently equipped to be responsive to market changes, and the company’s success over the last 20 years is based on its ability to do so. While Gunvor has historically focused on the safe and efficient movement of crude oil and oil products, the company has been for more than a decade diversifying into new commodities and strategies in response to shifting markets and opportunities. About 50 percent of Gunvor’s trading today consists of “transitional” commodities, based on the EU Taxonomy, which includes biofuels, natural gas, and liquefied natural gas (LNG). The company has also ceased physical coal trading and acquired biofuels plants. Gunvor was the first physical energy trader to launch a sustainability-linked financing, directly tying its performance in 15 different ESG criteria (including emissions reduction) to the interest rate of a facility.

Gunvor Group, one of the world’s largest physical energy commodities traders, has made an investment in Artemis Technologies as a part of the company’s commitment to developing non-fossil fuel solutions to maritime transportation. The investment by Gunvor follows the recent award of a £33 million UK Government innovation grant to the Artemis Technologies-led Belfast Maritime Consortium, which aims to develop zero-emission high-speed ferries. Artemis Technologies, founded in 2017, is an applied technologies spin-off of the Artemis Racing sailing team, which competed in the 34th and 35th editions of the America’s Cup—the most technologically demanding sailing competition in the world. Artemis Technologies is a purely commercial endeavour that draws on the team’s world-class designers, engineers, and boat builders to develop practical applications for its advancements in speed and efficiency. “Artemis Technologies is working on a number of compelling innovations that will help decarbonise the maritime sector at a time when there is growing demand for low-carbon alternatives,” said Torbjörn Törnqvist, Chairman of Gunvor Group. “Gunvor has committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes, as well as to explore relevant commercial opportunities. There is no silver bullet to the climate change issue. Many solutions are needed.” Gunvor’s investment will aid Artemis Technologies’ development of a transformative electric hydrofoiling propulsion system, the Artemis eFoiler^TM that will power “green” vessels of the future. The vessels developed as a part of the Belfast project will operate with up to 90% less energy than traditional ferries, with the capability of carrying up to 350 passengers and produce zero emissions during operation. This Artemis eFoiler^TM system combines technologies from the 13-partner Belfast syndicate, which includes a mix of companies within the maritime, aerospace, energy, and automotive industries, as well as academic institutions and public bodies. “With approximately 30% of ship emissions coming from domestic voyages, the maritime sector is under pressure to develop and adopt new disruptive innovations,” said Double Olympic sailing gold medallist and CEO of Artemis Technologies, Dr. Iain Percy OBE. “This means that reducing emissions on smaller domestic fleets, which typically make these shorter journeys, will be key in meeting net zero goals.” Artemis Technologies was recently profiled in the “Future of Everything” podcast. The Belfast Consortium was recently profiled by BBC News.

Gunvor: Repeat of Q2 Volatility Hard to See

Despite having its business model tested during the first half of 2020 commodities trader Gunvor’s robust risk management and strong market analysis helped it produce its best second quarter ever, according to CEO Torbjorn Tornqvist. Here, Tornqvist explains how Gunvor is well positioned to take advantage in a growing market for LNG, as well as discussing how its European refining operations have been adapted in response to Covid-19 and the firm’s view of the renewables sector, where it sees plenty of opportunity. EI: The second quarter of this year produced a “super-contango” the likes of which we have never seen before (EIF Jun.3'20). In this new era of global uncertainty caused by Covid-19, can you see this degree of turbulence returning to the oil markets? Törnqvist: The sell-off was created by a combination of several extraordinary factors. Starting with a misjudged Opec meeting in March, which resulted in free-for-all production at a time when we saw demand collapse like never in history. As a consequence, there was a massive oversupply to the tune of 20 million-30 million barrels for a short period of time. It is very hard to see this combination of circumstances hitting the market again in the foreseeable future. EI: It is often said that “volatility is a trader’s best friend.” Does this adage still hold true, or does market turbulence also bring risks with it? Törnqvist: Gunvor’s business model was really tested during the first half. Our risk management is robust and our market analysis is well developed. We managed to take advantage of the contango in the second quarter, as well as correctly read the volatility for oil. It is important to point out that for Gunvor, commodities not related to the oil collapse and contango also contributed to profits during this period. Obviously, it would be hard to have strong earnings without some volatility. EI: You have indicated that this will be a very good year for the company financially. On the back of the Q2 meltdown, are you expecting net profits to exceed last year’s? Törnqvist: We do not publish details during the year, but we can say the second quarter was the best quarter we have ever recorded due to the set of circumstances already described. Gunvor’s volumes of oil and liquid gas are steady at approximately 2.8 million barrels per day, which is more than sufficient for us to have a high return on equity. Market conditions since July have been more challenging than during the first half, and we have adjusted our trading accordingly. Earnings are back to “normal” expectations. EI: Gunvor is the largest trader of LNG, volumetrically, of all the trading firms. What is the secret to this exponential growth, and what will you have to do to sustain it in this current era of low gas prices? Törnqvist: Our LNG trading is truly global, based on long- and medium-term contracts, both on the supply and delivery sides. We are managing a sizable fleet of ships, and the sheer size of the book creates substantial optionality in the spot market. We believe the LNG market will grow for years to come. In our view, it is an important piece of any future energy mix, vis-à-vis the Energy Transition. EI: Can you afford to keep the three European refineries you own running, or will you have to consider selling or closing them? Törnqvist: Early on during the Covid crisis, we concluded there would be a surplus of refining capacity globally for a long time to come, even after the pandemic subsides, and especially so in Europe. We took the decision to mothball our Antwerp refinery. We will, however, continue terminal activities at the site, as well as assess future development opportunities for the land and existing units. In Rotterdam, we shut down the refinery’s two crude units, and operations will now focus on the desulfurization of high-sulfur products, the production of gasoline and the processing of biofuels. The Ingolstadt facility is a top-quartile European refinery with strong location advantage. EI: Traders such as Trafigura, Vitol and Mercuria have announced ventures to move into renewables. Is this an area you are looking into closely? Törnqvist: We are looking very closely at renewables and see plenty of opportunities. There is no silver bullet to the climate change issue. Many solutions are needed. As far as Gunvor is concerned, we have committed to reduce the carbon footprint of the commodities we’re trading and our industrial processes. We have stopped trading coal and acquired two biofuel plants in Spain. Today, about 50% of our trading is Energy Transition commodities, including biofuels, natural gas and LNG. The commodity mix we are trading has a lower carbon footprint than it used to have. ... And, as a part of the Rotterdam [refinery] processes, we create hydrogen, which we are studying as well. As for investments, we have targeted 10% of net equity to be spent on non-(fossil fuel) energy solutions over the next couple years. We are currently assessing various options. For example, we believe that carbon capture solutions are required to meet zero-emissions goals, given the reality that hydrocarbons will still be a necessary part of the future energy mix. Batteries are also an area of interest because of their need to help manage the intermittent nature of renewables, such as solar and wind ... Power is not a commodity, per se. Renewables, like solar and wind, produce energy, and the “logistics” would include batteries, smart grids, and power lines. Power trading and related investments will be more important for Gunvor as we go forward. There is also a lot of excitement for hydrogen right now, and if there is success with it, it stands a good chance to be commoditized. We shouldn’t forget that at the end of the day all our trading activities need to be done on a commercial basis. Renewables, so far, do not have the same return as oil trading, but there is potential. EI: As banks come under greater pressure to move away from oil, do you see loans becoming harder to come by, or does Gunvor have banking relationships that will endure over the next few years? Törnqvist: We are in constant dialogue with our banking partners, and our aim is to form a common view with them, whereby Gunvor upholds its role in the energy transition. Gunvor was the first energy trader to launch sustainability-linked financing, in which the interest rate is tied to our ability to achieve numerous criteria, such as CO2 emissions reduction in our operations. This is audited by a third-party and, so far, we’ve been successful. Banks will continue to support companies in the energy sector that integrate sustainability and the energy transition in their business model. EI: The traders, and banks, put a much greater emphasis on compliance these days. Has this hindered your ability to develop new business, or has it been beneficial? Törnqvist: During the last decade, we’ve spent millions of dollars building a top-tier, independent compliance department. And we’re working continuously to improve our procedures to mitigate risks in our sector, whether they relate to sanctions, corruption, market conduct, or other areas. We have a zero-tolerance policy. Every employee, including myself, must undergo mandatory annual training. We have also adopted greater transparency standards, including supporting EITI [Extractive Industries Transparency Initiative] on payments to government disclosures. After experiences from the past, we pride ourselves on upholding very rigorous compliance standards, and we do turn away from deals as a result. If we lose business, so be it. EI: And finally, you have been in the trading business for over 30 years. Would you say it gives you the same level of excitement now as it did back in the 80s? Törnqvist: Throughout the years, I have seen oil trading change many times over. I was in the business, working at BP, at the time of the Iranian Revolution. This resulted in massive upheaval in the energy sector and gave rise to independent oil traders. Actually, you can draw some parallels to the thinking in the oil industry then and what we’re seeing today with the energy transition -- the same uncertainties, the same doubts about the future of oil. I feel very privileged to have started from this point in the early days. It provides important perspective on how we formulate a strategy where we align our use of energy, including hydrocarbons, to create a sustainable future, with a focus on climate change. Hydrocarbons will continue to be a necessary part of the future energy mix, but they need to be produced and used in a way that fully manages their emissions.

For the interview at Energy Intelligence

Crude

CVR Supply & Trading signs Gunvor to exclusive crude oil supply agreement

Gunvor USA (“Gunvor”), a subsidiary of Gunvor Group, a leading global energy commodities trading company, has signed a crude oil supply agreement with CVR Supply & Trading, LLC (“CVR”), a subsidiary of CVR Energy, Inc. (NYSE: CVI). Under the terms of the agreement, Gunvor will provide CVR with crude oil supply and logistics intermediation in […]

LNG Shipping

Gunvor partners with Celcius Tankers and Arclight on new LNG tanker order

Celsius Tankers (“Celsius”) expand their partnership with Gunvor Group Ltd (“Gunvor”) in the liquefied natural gasNatural Gas Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane (CH4), but commonly includes varying amounts of other higher alkanes, and sometimes a small percentage... (LNG) sector with the chartering of four highly efficient, modern […]

Crude

World first as physical oil trade confirmations are digitalised using VAKT

VAKT today announces that the first-ever physical oil trade confirmations are being conducted using the VAKT technology. Gunvor Group and TotalEnergies Trading SA (TOTSA) lead this industry first, with more counterparties to follow. This digitised transaction is a milestone for the oil trading industry. Due to the complexity of physical oil trades, the contracting process has traditionally been manual and intricate. […]

Crude LNG

Energy Transfer Signs LNG Sale and Purchase Agreement With Gunvor

Energy Transfer LNG Export to supply LNG to Gunvor Singapore Pte from its Lake Charles LNG Export Facility Under 20-year Agreement Energy Transfer LP (NYSE: ET) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd (Gunvor) has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC (Energy Transfer […]

Crude LNG

Dow partners with Gunvor to purify plastic waste streams to scale circular plastics manufacturing

Gunvor will supply cracker-ready feedstock derived from plastic waste to Dow in Europe beginning in 2021, which will be used to produce circular plastics for customers Agreement adds scale to Dow’s circular polyethylene production, reclaiming more waste plastics and keeping them out of the environment Dow (NYSE: DOW) has finalized an agreement with Gunvor Petroleum […]

LNG Shipping

Celcius Tankers confirms orders for 4 x 180,000 cbm ultra-eco LNG carriers from Samsung Heavy Industries

Biofuel Crude

Gunvor to cut scope 1 & 2 emissions 40% by 2025

New entity Nyera to target sustainable investments in renewables, carbon capture Gunvor Group, one of the world’s largest physical energy commodities traders, has announced commitments in the areas of environment, social, and governance (ESG) targeting a 40% reduction in the company’s Scope 1 and 2 emissions by 2025. The commitments come as a part of […]

Shipping

Gunvor invests in artemis technologies to revolutionize maritime transport

Crude Finance

Gunvor usa successfully closes usd 1.1 billion borrowing base

Gunvor USA LLC (“Gunvor USA” or “the Company”), a subsidiary of Gunvor Group Ltd (“Gunvor” or “the Group”), has successfully closed the syndication of its USD 1.1 billion borrowing base credit facility (“the Facility”). The Facility includes a USD 500 million accordion feature, which remains available to support future growth. The proceeds of the Facility […]

Biofuel Crude

Energy Intelligence Interview with Torbjörn Törnqvist

Gunvor: Repeat of Q2 Volatility Hard to See Despite having its business model tested during the first half of 2020 commodities trader Gunvor’s robust risk management and strong market analysis helped it produce its best second quarter ever, according to CEO Torbjorn Tornqvist. Here, Tornqvist explains how Gunvor is well positioned to take advantage in […]

News

Gunvor forms new ship holding jv clearocean tankers

Related News