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Gunvor Group Ltd 2010 Statement
23 February 2011

The Gunvor Group Ltd, one of the worlds leading energy trading companies, announces an 11% increase in volume year-to-year to 104 Million tons and a turn-over of USD 65 Billion, up from USD 53 Billion in 2009.

Trading conditions were less favorable than in the previous year with narrower margins resulting from increased competition and less price volatility. The company expanded its operations into new commodities such as coal and gas as well as increasing its geographical presence.

Significant investments were made, mainly into logistical facilities and trading infrastructure.

Commenting on the future, Torbjörn Tornqvist, Gunvor’s CEO said, “Despite the narrower margins, 2010 was still a good year for Gunvor and we have seen a stronger start to 2011. The oil price is anybody’s guess. There are still capacity slacks along the entire oil chain and a crude oil price of over USD 100 per barrel would not appear to be warranted given current fundamentals. However political risk and uncertainty particularly in the Middle East, financial and other macroeconomic aspects may very well drive prices higher. I expect to see a higher level of volatility 2011 compared to 2010.”