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Home > Media>News & Statements> Gunvor Group Ltd updates Board of Directors
Gunvor Group Ltd updates Board of Directors
16 March 2023
Moving Energy Efficiently
Home > Media>News & Statements> Gunvor Group Ltd updates Board of Directors
16 March 2023
NICOSIA – Gunvor Group Ltd (“Gunvor” or the “Company”), one of the largest energy commodities trading companies in the world, has updated the composition of its Board of Directors, effective 1 March 2023. Ms. Vasiliki Papalli, who has been with Gunvor since 2013 and serves as Group Administration Director, will replace Mr. Jerome Gonelle, who has retired his position. Ms. Papalli’s role on the Board will include representing minority shareholders of the Gunvor Employee Shareplan. The size of the Board will also increase to seven seats with the addition of Fredrik Törnqvist, Gunvor’s Energy TransitionEnergy Transition refers to the global shift from reliance on fossil fuels such as coal, oil, and natural gas towards more sustainable and renewable energy sources like solar, wind, hydroelectric,... Read more Director and Head of Nyera, the Company’s renewables**Renewables** Renewables, short for renewable energy sources, refer to energy that is collected from resources that are naturally replenished on a human time scale, such as sunlight, wind, rain, tides,... Read more investments vehicle. These changes reflect the evolving nature of Gunvor’s global business and outlook. The Gunvor Group Ltd Board of Directors continues to comprise a majority of independent, professional non-executive directors.
The Gunvor Group Ltd Board of Directors now comprises:
HOUSTON – As part of its strategy to accelerate the energy transition, Gunvor USA LLC (Gunvor), part of the Gunvor Group and one of the world's largest independent commodities trading houses, has executed a feedstock supply and product offtake Letter of Intent with Dallas-based ClearShift LLC (ClearShift), a leader in the development of gas-to-liquids technology and the production of low-carbon fuels and specialty chemicals.
The Letter of Intent covers a 10-year supply of all natural gas and renewable natural gas, the offtake of low carbon diesel, and the offtake of high-grade carbon-neutral chemicals from ClearShift’s facility to be located near the chemical corridor in Louisiana.
The structure of Gunvor’s supply and offtake allows for a fully de-risked margin to ClearShift, while providing optionality for both parties to capture additional margin. The facility will consume approximately 55,000 MMBtu of natural gas and renewable natural gas per day and will produce approximately 75 million gallons per year of low-carbon renewable diesel and zero carbon, high-grade specialty chemicals. ClearShift also produces clean hydrogen, which is consumed in its non-combustion production process.
“ClearShift is pioneering the energy transition, creating pure, low carbon fuels and carbon neutral specialty chemicals from readily available cheap hydrocarbon supplies,” said Shane Foster, Energy Transition Lead – Americas at Gunvor. “We look forward to building a long-term relationship focused on enhancing the variety and quality of fuels and chemicals we offer to our customers.”
“We are thrilled about our relationship with Gunvor,” said John Stephenson, CEO of ClearShift. “When combined with the new incentives available in the Inflation Reduction Act, this agreement serves as a quantum leap for our business, illustrating how sustainable technology-based companies and leading commodity trading houses can partner together to ensure that the next wave of sustainable infrastructure thrives.”
About ClearShift
ClearShift produces ultra-pure, environmentally friendly fuels and specialty chemicals using a cutting-edge gas-to-liquids (GTL) process, responsibly replacing legacy oil-based fuels and chemicals. Its GTL technology converts methane, flare gas and CO2 into low carbon fuels and non-combustible carbon neutral specialty chemicals, removing the associated CO2 from the air permanently. ClearShift helps companies convert pollution into profit, while reducing their carbon footprint. For further information, visit www.goclearshift.com.
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 — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Gunvor established Nyera, its wholly owned subsidiary dedicated to identifying Energy Transition investments, including new sustainable commodities and businesses.
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