Gunvor Nigeria Limited

Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2023:

Revenue: US $127 billion
Volumes: 177 million MT
Gross Profit: US $3.248 billion
Net Profit After Tax: US $1.252 billion
Equity: US $6.157 billion

Throughout 2023, Gunvor’s focus on advanced analytics and trading systems, and an infusion of new talent and business lines, enabled the Group to effectively navigate normalizing market conditions to deliver the second strongest trading result in the Group’s history, with a net income of $1.252 billion.

Market conditions were broadly less favorable for commodities trading than the previous year. While sanctions-related market dislocations resulting from the war in Ukraine continued, commodities markets struggled with numerous new headwinds, including: a weaker than expected Chinese economy, monetary tightening, a stronger US dollar, and an oil supply cut by OPEC+. The very high price volatility across energy commodities in 2022 gradually decreased over 2023, and prices normalized, particularly in natural gas. By year end, they achieved a level consistent with long-term trends.

Nevertheless, the investments Gunvor has made within the Group in recent years contributed to a strong performance. Gross profit for the year was US $3.248 billion, with after-tax net profit of US $1.252 billion. The result includes US $467 million in provisions taken related to the settlement of the Ecuador case, along with other non-recurring expenses.

Gunvor’s trading performance was broad based, once again across all desks and geographies, with meaningful contributions from the Group’s assets, including refining and shipping, as well as many of the new trading activities Gunvor is developing. The Group’s revenue fell to US $127 billion from US $150 billion the previous year, reflecting the decline in commodities prices; whereas total trading volumes increased to 177 million MT, up from 165 million MT, driven by the growth in new talent and business lines.

With its commitment to retain the majority of its profits in the company, the Group further continued to build its equity position. By year end, it reached a historic high of US $6.157 billion, representing a more than three-fold increase over the last five years. The Group’s strengthened equity allows for greater access to liquidity and the ability to move quickly on trading and investment opportunities as they arise.

Gunvor continued its sustainability journey by further defining targets addressing areas such as carbon footprint, reduction of CO2 emissions in all activities, waste and wastewater management, human rights and improvements to safety. Notably in 2023, Gunvor calculated for the first time the total Scope 3 emissions of the Group’s traded products from production to combustion, with the aim of defining clear carbon intensity for each flow and defining targeted approaches to reduce it. The data will be available in Gunvor’s 2023 Sustainability & Ethics report to be published mid-2024.

Gunvor’s shareholding at year-end stood at 84.21% held by Torbjörn Törnqvist, the majority beneficial owner, with the remaining 15.79% held by the Gunvor Employee Shareplan. There are no outside shareholders or economic interests.

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.

HOUSTON & BROWNSVILLE - Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), has signed a Heads of Agreement (“HOA”) with Gunvor Group through its subsidiary Gunvor Singapore Pte Ltd (“Gunvor”) for a 20-year LNG FOB sale and purchase agreement (“SPA”) for 0.5 MTPA of LNG from Texas LNG.

“We’re thrilled to welcome Gunvor to our portfolio of customers, connecting Texas LNG, one of the lowest-emitting liquefaction facilities in the world, with global economies in need of reliable, sustainable energy,” said Brendan Duval, CEO and Founder, Glenfarne Energy Transition and Co-President of Texas LNG.

“With the previously announced commencement of the execution phase of the project financing process, this agreement aligns with our plan to take a final investment decision on Texas LNG this year,” said Vlad Bluzer, Co-President of Texas LNG.

“We are pleased to have executed this agreement and become one of the foundation buyers of the Texas LNG project. Gunvor continues to support US LNG export projects, unlocking new supplies for the global energy market and providing energy security especially to our customers in Europe and Asia” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

Today’s news follows Texas LNG’s recently announced LNG tolling agreement with EQT Corporation (“EQT”). Texas LNG also recently announced partnerships with Baker Hughes, ABB and Gulf LNG Tugs of Texas. These partnerships total nearly one billion dollars of investment into the project.

Glenfarne Energy Transition, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024 commencing commercial operations in 2028. Glenfarne Energy Transition is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.

About Texas LNG
Texas LNG is a 4 MTPA LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader, Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com

About Glenfarne Energy Transition, LLC
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.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. The company, which in 2022 generated U.S. $150 billion in revenue on 165 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

English
French
German
Spanish
Dutch

NEW YORK – Gunvor S.A. (“Gunvor” or “the Company”) has agreed to resolve the investigation by authorities in the United States into past activities relating to bribery in Ecuador. Gunvor has accepted responsibility for the actions of certain of its former agents and employees – all of whom Gunvor stopped working with years ago and before it learned of the U.S. investigation – and pled guilty in federal court in New York on March 1, 2024.

Under the terms of the U.S. resolution, Gunvor will pay a $374,560,071 fine and forfeit $287,138,444. The resolution recognizes Gunvor’s extensive cooperation with the U.S. Department of Justice’s (DOJ) investigation, which led to a significant reduction of the Company’s fine, as well as the efforts Gunvor has made to strengthen its compliance program.

Gunvor Group Chairman, Torbjörn Törnqvist, remarked: “As a company Gunvor made mistakes at the time, for which we are sorry and that we have worked diligently to fix. Today, Gunvor upholds an industry-leading compliance program that we are committed to continuously enhance. Corruption has no place in our company and will never be tolerated.”

Since the relevant conduct at issue in this resolution began in 2011, Gunvor has taken significant steps to develop its then-nascent compliance program and remedy the root causes that led to this matter. Gunvor acknowledges that in 2011 its compliance program had shortcomings that allowed for corrupt activities, including the misconduct in Congo-Brazzaville that Gunvor resolved with the Swiss authorities in 2019 and the activities by former employees and agents in Ecuador now at issue.

In response to the Congo-Brazzaville matter, Gunvor invested considerably in developing its compliance program. Although Gunvor conducted due diligence on the former employees and agents involved in Ecuador, these controls were unable to detect their misconduct. But the compliance program improved over time. In 2020, before Gunvor learned of DOJ’s investigation in this matter, the Company suspended payments to the agents in Ecuador because they failed to adequately respond to questions and requests from Gunvor’s compliance officers. Gunvor later terminated the agents, still before learning of DOJ’s investigation.

Gunvor has further strengthened its compliance program and has fortified its culture of compliance worldwide. Most significantly, Gunvor has taken the industry-leading step to terminate relationships with any and all third-party agents responsible for business development. Recently, Gunvor announced that its anti-bribery and corruption compliance program would be part of a new Ethics & Sustainability Department, designed to bolster Gunvor’s ability to respond to an evolving and ever-changing regulatory environment and to ensure that Gunvor’s commercial activities are managed in the most efficient and compliant manner possible.

In recognition of the merits of Gunvor’s current compliance program and the Company’s commitment to continuous enhancement of that program and other internal controls, DOJ agreed that an independent compliance monitor was unnecessary as part of the resolution.

NOTES:

Conclusion of Concurrent Investigations: Up to 50% of the fine will be credited against the resolution of any parallel matters in Switzerland and Ecuador. Gunvor does not currently believe that any amounts paid with respect to any settlements with Swiss and Ecuadorian authorities will materially exceed the amounts to be credited by the U.S. As a result, Gunvor does not believe that aggregate settlements of all parallel matters will materially exceed the total provision it announced in December 2023.
Cooperation with DOJ investigation: As a result of Gunvor’s cooperation, DOJ significantly discounted the amount of the Company’s fine. As mentioned in the Plea Agreement, among other things Gunvor (i) produced documents from multiple foreign countries expeditiously, (ii) provided information obtained through its own internal investigation to DOJ, (iii) made detailed, factual presentations to DOJ, (iv) arranged for the government to interview an employee based outside the U.S., (v) promptly collected, analyzed, and organized voluminous information, including complex financial information and produced an analysis of trading activity conducted by multiple outside forensic accounting firms, (vi) translated foreign language documents to facilitate and expedite DOJ’s review, and (vii) preserved business communications sent on mobile messaging applications, which were then made available to DOJ. No Gunvor employees mentioned in the government’s Information still work at the Company.

Compliance Program Improvements: As DOJ recognized, Gunvor has further improved its compliance enforcement capabilities by (i) developing and implementing a control framework for internal business developers and adding layers of review and approval for counterparty payments, (ii) enhancing the independent compliance committee with responsibility for reviewing high-risk transactions, (iii) engaging resources to review the Company’s compliance program and test the effectiveness of the Company’s overall reporting process, its reporting hotline and the effectiveness of the investigation of reports made through the hotline, (iv) evaluating and updating its compensation policy to better incentivize compliance with the law and corporate policies, (v) hiring additional compliance personnel, (vi) testing and enhancing its compliance program, and (vii) developing and implementing a risk-based business communications policy that addresses the use of ephemeral and encrypted messaging applications.

Gunvor résout l’enquête du Department of Justice américain sur l’Équateur

NEW YORK — Gunvor S.A. (« Gunvor » ou « la Société ») a accepté de résoudre l’enquête menée par les autorités américaines sur des activités passées liées à de la corruption en Équateur. Gunvor a accepté la responsabilité des actions de certains de ses anciens représentants et employés - avec lesquels Gunvor a cessé de travailler il y a désormais plusieurs années et avant même d’être informée de l’enquête américaine - plaidant coupable devant le tribunal fédéral de New York le 1^er mars 2024.

Selon les termes de l'accord, Gunvor devra s’acquitter d’une amende de 374'560'071 USD et se verra confisquer 287'138'444 USD. L'accord reconnaît la coopération étendue de Gunvor dans le cadre de l’enquête du Département américain de la Justice (Department of Justice, DOJ), qui a contribué à une réduction significative de l’amende de la Société, ainsi que les efforts déployés par celle-ci pour renforcer son programme de compliance.

Le président du groupe Gunvor, Torbjörn Törnqvist, a déclaré : « En tant que société, Gunvor a commis des erreurs à l’époque, pour lesquelles nous sommes sincèrement désolés et que nous nous efforçons de corriger. Aujourd’hui, Gunvor dispose d’un programme de compliance à la pointe de l’industrie, que nous nous engageons à améliorer en permanence. La corruption n’a pas sa place dans notre entreprise et ne sera jamais tolérée. »

Depuis 2011, date à laquelle les faits – visés par cet accord – ont vu le jour, Gunvor a pris des mesures significatives pour développer son programme de compliance alors naissant, et remédier aux causes profondes qui ont conduit à cette affaire. Gunvor reconnaît qu’en 2011, son programme de compliance présentait des lacunes, lesquelles ont permis la réalisation d'actes corruptifs, y compris la mauvaise conduite au Congo-Brazzaville que Gunvor a résolue avec les autorités suisses en 2019, ainsi que les activités des anciens employés et représentants en Équateur qui sont aujourd’hui en cause.

En réponse à l’affaire du Congo-Brazzaville, Gunvor a considérablement investi dans le développement de son programme de compliance. Bien que Gunvor ait mené des contrôles préalables sur les anciens employés et représentants impliqués en Équateur, ces contrôles n’ont pas permis de détecter leur comportement fautif. Toutefois, le programme de compliance s’est amélioré au fil du temps. En 2020, avant que Gunvor n’apprenne l’existence de l’enquête du DOJ par rapport à cette affaire, la société avait suspendu les versements aux représentants en Équateur car ces derniers n’avaient pas répondu de manière adéquate aux questions et aux demandes des responsables du programme de compliance de Gunvor. Gunvor a par la suite licencié les représentants, avant même d’avoir pris connaissance de l’enquête du DOJ.

Gunvor a encore renforcé son programme de compliance et a consolidé sa culture de compliance dans le monde entier. Plus important encore, Gunvor a pris une mesure inédite au sein de l’industrie, en mettant fin aux relations avec tous les agents responsables du développement des activités. Récemment, Gunvor a annoncé que son programme de compliance anticorruption ferait partie d’un nouveau département d’éthique et de durabilité, mis en place pour renforcer la capacité de Gunvor à répondre à un environnement réglementaire en constante évolution et garantir que les activités commerciales de Gunvor soient gérées de la manière la plus efficace et la plus conforme possible.

En reconnaissance des mérites du programme de compliance actuel de Gunvor et de l’engagement de la Société à améliorer continuellement ce programme et d’autres contrôles internes, le DOJ a convenu qu’un contrôleur compliance indépendant n’était pas nécessaire dans le cadre de l'accord.

REMARQUES :

Conclusion des enquêtes parallèles : jusqu’à 50 % de l’amende seront crédités pour la résolution d’éventuelles affaires parallèles en Suisse et en Équateur. Actuellement, Gunvor ne pense pas que les montants versés dans le cadre de règlements avec les autorités suisses et équatoriennes dépasseront de manière significative les montants à créditer par les États-Unis. Par conséquent, Gunvor ne pense pas que les règlements globaux de toutes les affaires parallèles dépasseront de manière significative la provision totale qu’elle a annoncée en décembre 2023.
Coopération dans le cadre de l’enquête du DOJ : grâce à la coopération de Gunvor, le DOJ a considérablement réduit le montant de l’amende infligée à la Société. Comme mentionné dans le plea agreement, Gunvor a notamment (i) produit rapidement des documents provenant de plusieurs pays étrangers, (ii) fourni au DOJ des informations obtenues dans le cadre de sa propre enquête interne, (iii) fait des présentations détaillées et factuelles au DOJ, (iv) pris des dispositions pour que le gouvernement interroge un employé basé en dehors des États-Unis, (v) rapidement recueilli, analysé et organisé des informations volumineuses, y compris des informations financières complexes, et produit une analyse des activités de négociation réalisée par plusieurs cabinets d’experts comptables externes, (vi) traduit des documents en langue étrangère pour faciliter et accélérer l’examen du DOJ, et (vii) préservé les communications professionnelles envoyées sur des applications de messagerie mobile, qui ont ensuite été mises à la disposition du DOJ. Aucun des employés de Gunvor mentionnés dans l'Information du gouvernement ne travaille pour la Société à ce jour.

Améliorations du programme de compliance : Comme l’a reconnu le DOJ, Gunvor n’a cessé d’améliorer ses capacités de mise en œuvre du programme de compliance (i) en développant et en mettant en œuvre un cadre de contrôle pour les développeurs d’affaires internes et en ajoutant des niveaux d’examen et d’approbation pour les paiements de contreparties, (ii) en renforçant le comité de compliance indépendant chargé d’examiner les transactions à haut risque, (iii) en engageant des ressources pour examiner le programme de compliance de la Société et tester l’efficacité de l’ensemble du processus de déclaration de la Société, (iv) en évaluant et mettant à jour sa politique de rémunération afin de mieux encourager le respect de la loi et des politiques de l’entreprise, (v) en engageant du personnel supplémentaire pour le département compliance, (vi) en testant et améliorant son programme de compliance, et (vii) en développant et en implémentant une politique de communication pour les activités à risque, qui traite de l’utilisation d’applications de messagerie éphémères et cryptées.

Gunvor stellt Ermittlungen des Justizministeriums der Vereinigten Staaten gegen Ecuador ein

NEW YORK – Gunvor S.A. („Gunvor“ oder „das Unternehmen“) hat zugestimmt, die Ermittlungen der Behörden in den Vereinigten Staaten über frühere Aktivitäten im Zusammenhang mit Bestechung in Ecuador einzustellen. Gunvor hat die Verantwortung für die Handlungen einiger seiner ehemaligen Agenten und Mitarbeiter übernommen – mit denen Gunvor bereits vor Jahren und vor Kenntnis der US-amerikanischen Ermittlungen nicht mehr zusammenarbeitete – und sich am 1. März 2024 vor einem Bundesgericht in New York für schuldig erklärt.

Gemäß den Bedingungen der US-amerikanischen Resolution wird Gunvor eine Geldstrafe in Höhe von 374.560.071 US-Dollar zahlen und 287.138.444 US-Dollar einbüßen. Der Beschluss würdigt die umfassende Kooperation von Gunvor bei der Untersuchung des Justizministeriums der Vereinigten Staaten (DOJ), die zu einer deutlichen Reduzierung der Geldstrafe des Unternehmens geführt hat, sowie die Anstrengungen, die Gunvor zur Stärkung seines Compliance-Programms unternommen hat.

Der Vorsitzende von Gunvor Group, Torbjörn Törnqvist, bemerkte dazu: „Als Unternehmen hat Gunvor damals Fehler gemacht, für die wir uns entschuldigen und an deren Behebung wir sorgfältig gearbeitet haben. Heute verfügt Gunvor über ein branchenweit führendes Compliance-Programm, das wir kontinuierlich weiterentwickeln wollen. In unserem Unternehmen hat Korruption keinen Platz und wird nicht toleriert.“

Seit Beginn des relevanten Verhaltens, um das es in dieser Resolution geht, mit Beginn im Jahr 2011, hat Gunvor bedeutende Schritte unternommen, um sein damals gerade entstehendes Compliance-Programm weiterzuentwickeln und die Ursachen zu beseitigen, die zu dieser Angelegenheit geführt haben. Gunvor gibt zu, dass sein Compliance-Programm im Jahr 2011 Mängel aufwies, die korrupte Aktivitäten ermöglichten, einschließlich des Fehlverhaltens in Kongo-Brazzaville, das Gunvor 2019 mit den Schweizer Behörden geklärt hat, und der Aktivitäten ehemaliger Mitarbeiter und Agenten in Ecuador, um die es jetzt geht.

Als Reaktion auf die Angelegenheit in Kongo-Brazzaville hat Gunvor erheblich in die Entwicklung seines Compliance-Programms investiert. Obwohl Gunvor die ehemaligen Mitarbeiter und Agenten in Ecuador einer Sorgfaltspflicht unterzogen hat, konnten diese Maßnahmen ihr Fehlverhalten nicht aufdecken. Das Compliance-Programm wurde jedoch im Laufe der Zeit verbessert. Im Jahr 2020, bevor Gunvor von der Untersuchung des DOJ in dieser Angelegenheit erfuhr, stellte das Unternehmen die Zahlungen an die Agenten in Ecuador ein, weil sie nicht angemessen auf die Fragen und Bitten der Compliance-Beauftragten von Gunvor reagierten. Gunvor entließ die Agenten später, noch bevor es von der Untersuchung des DOJ erfuhr.

Gunvor hat sein Compliance-Programm weiter ausgebaut und seine Compliance-Kultur weltweit gefestigt. Vor allem aber hat Gunvor den branchenweit führenden Schritt unternommen, die Beziehungen zu allen Drittanbietern, die für die Entwicklung des Geschäfts zuständig sind, zu beenden. Kürzlich gab Gunvor bekannt, dass das Programm zur Bekämpfung von Bestechung und Korruption Teil einer neuen Abteilung für Ethik und Nachhaltigkeit sein wird, die Gunvor in die Lage versetzen soll, auf ein sich ständig veränderndes regulatorisches Umfeld zu reagieren und sicherzustellen, dass die kommerziellen Aktivitäten von Gunvor auf möglichst effiziente und gesetzeskonforme Weise verwaltet werden.

In Anerkennung der Vorzüge des derzeitigen Compliance-Programms von Gunvor und des Engagements des Unternehmens für eine kontinuierliche Weiterentwicklung dieses Programms und anderer interner Prüfungen stimmte das DOJ zu, dass ein unabhängiger Mitarbeiter für die Überwachung der Compliance im Rahmen der Lösung nicht erforderlich sei.

ANMERKUNGEN:

Abschluss der parallelen Ermittlungen: Bis zu 50 % der Geldstrafe werden auf die Erledigung paralleler Angelegenheiten in der Schweiz und in Ecuador angerechnet. Gunvor geht derzeit nicht davon aus, dass die Beträge, die im Zusammenhang mit den Vergleichen mit den Schweizer und ecuadorianischen Behörden gezahlt werden, die Beträge, die von den USA gutgeschrieben werden, wesentlich übersteigen werden. Infolgedessen glaubt Gunvor nicht, dass die Summe der Vergleiche aller parallelen Angelegenheiten die Gesamtsumme der Rückstellung, die sie im Dezember 2023 angekündigt hat, wesentlich übersteigen wird.
Kooperation mit den Ermittlungen des DOJ: Infolge der Kooperation von Gunvor hat das DOJ die Höhe der Geldstrafe für das Unternehmen erheblich verringert. Wie in der Vereinbarung erwähnt, hat Gunvor unter anderem (i) Dokumente aus mehreren ausländischen Ländern unverzüglich vorgelegt, (ii) dem DOJ Informationen zur Verfügung gestellt, die es im Rahmen seiner eigenen internen Ermittlungen erhalten hatte, (iii) dem DOJ detaillierte, sachbezogene Präsentationen vorgelegt, (iv) für die Regierung die Befragung eines außerhalb der USA ansässigen Mitarbeiters organisiert, (v) umgehend umfangreiche Informationen gesammelt, analysiert und organisiert, einschließlich komplexer Finanzinformationen, und eine Analyse der Handelsaktivitäten erstellt, die von mehreren externen Wirtschaftsprüfungsunternehmen durchgeführt wurde, (vi) fremdsprachige Dokumente übersetzt, um die Überprüfung durch das DOJ zu erleichtern und zu beschleunigen, und (vii) die über mobile Messaging-Anwendungen gesendete geschäftliche Kommunikation aufbewahrt, die dann dem DOJ zur Verfügung gestellt wurden. Keiner der in den Informationen der Regierung genannten Mitarbeiter von Gunvor arbeitet noch bei dem Unternehmen.

Verbesserungen des Compliance-Programms: Wie das DOJ anerkannt hat, hat Gunvor seine Fähigkeiten zur Durchsetzung der Compliance weiter verbessert, indem es (i) einen Kontrollrahmen für interne Geschäftsentwickler entwickelt und implementiert und zusätzliche Ebenen zur Überprüfung und Genehmigung von Zahlungen an Geschäftspartner eingerichtet hat, (ii) das unabhängige Compliance-Komitee, das für die Überprüfung von Transaktionen mit hohem Risiko zuständig ist, gestärkt, (iii) Ressourcen zur Überprüfung des Compliance-Programms des Unternehmens und zur Prüfung der Wirksamkeit des gesamten Meldeprozesses des Unternehmens eingesetzt, (iv) die Bewertung und Aktualisierung der Vergütungspolitik des Unternehmens, um bessere Anreize für die Einhaltung von Gesetzen und Unternehmensrichtlinien zu schaffen, (v) zusätzliches Compliance-Personal eingestellt, (vi) die Prüfung und Verbesserung des Compliance-Programms und (vii) sich mit der Entwicklung und Umsetzung einer risikobasierten Richtlinie für die Geschäftskommunikation befasst, die sich mit der Verwendung von ephemeren und verschlüsselten Messaging-Anwendungen auseinandersetzt.

Gunvor resuelve la investigación del Departamento de Justicia de EE. UU. sobre Ecuador

NUEVA YORK – Gunvor S.A. (“Gunvor” o “la Empresa”) ha acordado resolver la investigación de las autoridades de los Estados Unidos sobre actividades pasadas relacionadas con el soborno en Ecuador. Gunvor ha aceptado la responsabilidad por las acciones de algunos de sus antiguos agentes y empleados (con todos los cuales Gunvor dejó de trabajar hace años y antes de tener conocimiento de la investigación de EE. UU.) y se declaró culpable ante un tribunal federal de Nueva York el 1 de marzo de 2024.

En virtud de los términos de la resolución de EE. UU., Gunvor pagará una multa de 374.560.071 USD y renunciará a 287.138.444 USD. La resolución reconoce la amplia cooperación de Gunvor con la investigación del Departamento de Justicia (Department of Justice, DOJ) de los EE. UU., que dio lugar a una reducción significativa de la multa de la Empresa, así como los esfuerzos que Gunvor ha realizado para fortalecer su programa de cumplimiento.

El presidente del Grupo Gunvor, Torbjörn Törnqvist, comentó lo siguiente: “Como empresa, Gunvor cometió errores en ese momento, que lamentamos y hemos trabajado diligentemente para solucionar. En la actualidad, Gunvor mantiene un programa de cumplimiento líder en la industria y nos comprometemos a mejorarlo continuamente. La corrupción no tiene cabida en nuestra empresa y nunca se tolerará”.

Desde que la conducta relevante que fue objeto de esta resolución comenzó en 2011, Gunvor ha tomado medidas significativas para desarrollar su programa de cumplimiento, entonces incipiente, y remediar las causas fundamentales que condujeron a esta cuestión. Gunvor reconoce que en 2011 su programa de cumplimiento tenía deficiencias que permitían actividades corruptas, incluida la conducta indebida en Congo-Brazzaville, que Gunvor resolvió con las autoridades suizas en 2019, y las actividades de antiguos empleados y agentes en Ecuador actualmente en cuestión.

En respuesta al asunto de Congo-Brazzaville, Gunvor invirtió considerablemente en el desarrollo de su programa de cumplimiento. Aunque Gunvor llevó a cabo la diligencia debida sobre los antiguos empleados y agentes involucrados en Ecuador, estos controles no lograron detectar su conducta indebida. Sin embargo, el programa de cumplimiento mejoró con el tiempo. En 2020, antes de que Gunvor tuviera conocimiento de la investigación del DOJ en este asunto, la Empresa suspendió los pagos a los agentes en Ecuador porque estos no respondieron adecuadamente a las preguntas y solicitudes de los funcionarios de cumplimiento de Gunvor. La Empresa rescindió sus contratos después, todo ello antes de tener conocimiento de la investigación del DOJ.

Gunvor ha reforzado aún más su programa de cumplimiento y ha fortalecido su cultura del cumplimiento en todo el mundo. Lo que es más importante, Gunvor ha dado el paso líder en el sector de finalizar las relaciones con todos y cada uno de los agentes externos responsables del desarrollo de negocios. Recientemente, Gunvor anunció que su programa de cumplimiento contra el soborno y la corrupción formará parte de un nuevo Departamento de Ética y Sostenibilidad, diseñado para reforzar la capacidad de Gunvor de responder a un entorno normativo en constante evolución y cambio y para garantizar que las actividades comerciales de Gunvor se gestionen de la manera más eficiente y conforme posible.

En reconocimiento de los méritos del programa de cumplimiento actual de Gunvor y el compromiso de la Empresa con la mejora continua de ese programa y otros controles internos, el DOJ acordó que no es necesario un supervisor de cumplimiento independiente como parte de la resolución.

NOTAS:

Conclusión de investigaciones simultáneas: hasta el 50 % de la multa se acreditará en favor de la resolución de cualquier asunto paralelo en Suiza y Ecuador. Gunvor no cree actualmente que ningún importe pagado en relación con un acuerdo con las autoridades suizas y ecuatorianas supere materialmente los importes a acreditar por EE. UU. Por lo tanto, Gunvor no cree que las resoluciones agregadas de todos los asuntos paralelos superen materialmente la previsión total que anunció en diciembre de 2023.
Cooperación con la investigación del DOJ: como resultado de la cooperación de Gunvor, el DOJ redujo significativamente el monto de la multa de la Empresa. Como se menciona en el Acuerdo declaratorio, entre otras cosas Gunvor (i) presentó documentos de varios países extranjeros rápidamente; (ii) proporcionó información obtenida a través de su propia investigación interna al DOJ; (iii) realizó presentaciones detalladas y objetivas al DOJ; (iv) hizo los arreglos necesarios para que el gobierno entrevistara a un empleado con sede fuera de los EE. UU.; (v) reunió, analizó y organizó rápidamente un gran volumen de información, lo que incluye información financiera compleja, y presentó un análisis de la actividad comercial realizado por múltiples firmas de contabilidad forense externas; (vi) tradujo documentos en idiomas extranjeros para facilitar y acelerar la revisión del DOJ, y (vii) preservó comunicaciones empresariales enviadas a través de aplicaciones de mensajería móvil, que luego se pusieron a disposición del DOJ. Ningún empleado de Gunvor mencionado en la Información del gobierno sigue trabajando en la Empresa.

Mejoras del Programa de cumplimiento: como reconoció el DOJ, Gunvor ha mejorado aún más sus capacidades de cumplimiento mediante (i) el desarrollo e implementación de un marco de control para desarrolladores de negocios internos y la adición de capas de revisión y aprobación para pagos de contrapartes; (ii) la ampliación del comité de cumplimiento independiente con la responsabilidad de revisar las transacciones de alto riesgo; (iii) la contratación de recursos para revisar el programa de cumplimiento de la Empresa y poner a prueba la eficacia del proceso general de presentación de denuncias de la Empresa, su línea directa de denuncias y la eficacia de la investigación de las denuncias realizadas a través de la línea directa; (iv) la evaluación y actualización de su política de compensación para incentivar mejor el cumplimiento de la ley y las políticas corporativas; (v) la contratación de personal de cumplimiento adicional; (vi) la realización de pruebas y mejoras a su programa de cumplimiento, y (vii) el desarrollo y la implementación de una política de comunicaciones empresariales basada en el riesgo que aborde el uso de aplicaciones de mensajería efímeras y cifradas.

Gunvor handelt onderzoek van Amerikaans Ministerie van Justitie naar kwestie in Ecuador af

NEW YORK (1 maart 2024) – Gunvor S.A. (‘Gunvor’ of ‘het bedrijf’) heeft ermee ingestemd het onderzoek door de autoriteiten in de Verenigde Staten naar eerdere activiteiten met betrekking tot omkoping in Ecuador af te handelen. Gunvor heeft de verantwoordelijkheid op zich genomen voor de daden van bepaalde voormalige tussenpersonen en werknemers – met wie Gunvor jaren geleden de samenwerking beëindigde, voordat het op de hoogte was van het Amerikaanse onderzoek – en heeft op 1 maart 2024 schuldig gepleit bij de federale rechtbank in New York.

Onder de voorwaarden van het Amerikaanse besluit zal Gunvor een boete van $ 374.560.071 betalen en afzien van $ 287.138.444. Het besluit erkent de verregaande samenwerking van Gunvor met het onderzoek van het Amerikaanse Ministerie van Justitie (DOJ), wat heeft geleid tot een aanzienlijke verlaging van de boete voor het bedrijf, evenals de inspanningen die Gunvor heeft geleverd om zijn nalevingsprogramma te versterken.

De voorzitter van de Gunvor Group, Torbjörn Törnqvist, verklaarde: “Als bedrijf heeft Gunvor destijds fouten gemaakt, waarvoor we onze excuses aanbieden. We hebben er hard aan gewerkt om deze fouten recht te zetten. Vandaag de dag kan Gunvor bogen op een toonaangevend nalevingsprogramma en we streven ernaar het voortdurend te verbeteren. Corruptie hoort niet thuis in ons bedrijf en zal nooit worden getolereerd.”

Sinds het relevante gedrag dat in dit besluit aan de orde is in 2011 begon, heeft Gunvor grote stappen gezet om zijn toen nog prille nalevingsprogramma verder te ontwikkelen en de onderliggende oorzaken die tot deze kwestie hebben geleid te verhelpen. Gunvor erkent dat zijn nalevingsprogramma in 2011 tekortkomingen vertoonde die corrupte activiteiten mogelijk maakten, waaronder het wangedrag in Congo-Brazzaville dat Gunvor in 2019 met de Zwitserse autoriteiten afhandelde en de activiteiten van voormalige werknemers en tussenpersonen in Ecuador die nu aan de orde zijn.

Als reactie op de kwestie Congo-Brazzaville investeerde Gunvor flink in de ontwikkeling van zijn nalevingsprogramma. Hoewel Gunvor due diligence uitvoerde met betrekking tot de voormalige werknemers en tussenpersonen die betrokken waren bij de kwestie in Ecuador, waren deze controles destijds ontoereikend om hun wangedrag te signaleren. Maar het nalevingsprogramma is in de loop der tijd verbeterd. In 2020, voordat Gunvor hoorde van het DOJ-onderzoek in deze zaak, schortte het bedrijf de betalingen aan de tussenpersonen in Ecuador op omdat ze niet adequaat reageerden op vragen en verzoeken van de nalevingsfunctionarissen van Gunvor. Gunvor beëindigde nadien de samenwerking met de tussenpersonen, nog voordat het bedrijf hoorde van het DOJ-onderzoek.

Gunvor heeft zijn nalevingsprogramma verder versterkt en zijn nalevingscultuur wereldwijd aangescherpt. Het belangrijkste is dat Gunvor de toonaangevende stap heeft gezet om de relaties te beëindigen met alle externe tussenpersonen die verantwoordelijk waren voor business development. Onlangs heeft Gunvor aangekondigd dat zijn nalevingsprogramma ter bestrijding van omkoping en corruptie deel zal uitmaken van een nieuwe afdeling Ethiek en Duurzaamheid. Deze afdeling zal Gunvor helpen om beter in te spelen op een evoluerend en steeds veranderend regelgevingsklimaat en om ervoor te zorgen dat de commerciële activiteiten van het bedrijf zo efficiënt en regelconform mogelijk worden aangestuurd.

Als erkenning van de verdiensten van het huidige nalevingsprogramma van Gunvor en de inzet van het bedrijf voor voortdurende verbetering van dat programma en andere interne controles, ging het DOJ ermee akkoord dat een onafhankelijke nalevingsmonitor niet nodig was als onderdeel van het besluit.

OPMERKINGEN:

afronding van gelijktijdige onderzoeken: tot 50% van de boete zal worden verrekend bij de afwikkeling van eventuele parallelle zaken in Zwitserland en Ecuador. Gunvor gelooft momenteel niet dat de bedragen die worden betaald met betrekking tot schikkingen met de Zwitserse en Ecuadoraanse autoriteiten materieel hoger zullen zijn dan de bedragen die door de VS zullen worden gecrediteerd. Als gevolg daarvan gelooft Gunvor niet dat de totale schikkingen van alle parallelle zaken de in december 2023 aangekondigde totale terbeschikkingstelling aanzienlijk zullen overschrijden.
samenwerking met het onderzoek van het DOJ: als gevolg van de medewerking van Gunvor heeft het DOJ het bedrag van de boete van het bedrijf aanzienlijk verlaagd. Zoals vermeld in de Schikking heeft Gunvor onder meer (i) snel documenten uit meerdere andere landen aangeleverd, (ii) informatie uit zijn eigen interne onderzoek aan het DOJ verstrekt, (iii) gedetailleerde, feitelijke presentaties gegeven aan het DOJ, (iv) ervoor gezorgd dat de overheid een werknemer buiten de VS kon ondervragen, (v) onmiddellijk omvangrijke informatie verzameld, geanalyseerd en gestructureerd, waaronder complexe financiële informatie, en een analyse geproduceerd van handelsactiviteiten uitgevoerd door meerdere externe forensische accountantskantoren, (vi) document in een buitenlandse taal vertaald om de beoordeling van het DOJ te vergemakkelijken en te bespoedigen, en (vii) zakelijke communicatie die werd verzonden via mobiele berichtenapplicaties bewaard en deze vervolgens beschikbaar gesteld aan het DOJ. Geen enkele in de overheidsinformatie genoemde Gunvor-werknemer is momenteel nog werkzaam bij het bedrijf.

verbeteringen in het nalevingsprogramma: zoals het DOJ heeft erkend, heeft Gunvor zijn capaciteit voor nalevingshandhaving verder verbeterd door (i) de ontwikkeling en implementatie van een controlekader voor interne business developers en de toevoeging van lagen van beoordeling en goedkeuring voor betalingen aan tegenpartijen, (ii) versterking van de onafhankelijke nalevingscommissie die verantwoordelijk is voor het beoordelen van hoge -risicovolle transacties, (iii) de inzet van middelen om het nalevingsprogramma van het bedrijf te evalueren en de effectiviteit van het algehele rapportageproces van het bedrijf, de rapportagehotline en de effectiviteit van het onderzoek naar meldingen die via de hotline worden gedaan, te testen, (iv) de evaluatie en verbetering van het beloningsbeleid om naleving van de wet en het bedrijfsbeleid verder te stimuleren, (v) de indienstname van extra nalevingspersoneel, (vi) de toetsing en verbetering van het nalevingsprogramma, en (vii) de ontwikkeling en implementatie van een risicogebaseerd bedrijfscommunicatiebeleid dat ingaat op het gebruik van kortstondige en gecodeerde berichtenapplicaties.

OKLAHOMA CITY – Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, "Chesapeake"), Delfin LNG LLC ("Delfin") and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd ("Gunvor"), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements ("SPA") for long-term liquefaction offtake.

Under the SPA, Chesapeake will purchase approximately 0.5 million tonnes ("mtpa") of LNG per annum from Delfin at a Henry Hub price and contract targeted start date in 2028 then deliver to Gunvor on an FOB basis with the sales price linked to the Japan Korea Marker ("JKM") for a period of 20 years. These volumes will represent 0.5 mtpa of the previously announced up to 2 mtpa HOA with Gunvor.

Nick Dell'Osso, Chesapeake President and CEO, said, "Today's announcement cements an important step on our path to 'Be LNG Ready' and is further recognition of the depth of our portfolio and strength of our financial position. We are pleased to formalize our agreement which provides diversification and access to global LNG pricing while enabling the delivery of affordable, reliable, lower carbon energy to markets in need."

Dudley Poston, Delfin CEO, said: "We are excited to partner with a premier company like Chesapeake. We believe our unique liquefaction solution provides Chesapeake with commercial flexibility with a reduced environmental footprint, while providing a much-needed source of additional supply to key US allies and the global LNG market."

Kalpesh Patel, Co-Head of LNG Trading and a member of the Executive Committee of Gunvor, said, "This deal represents an important step in finalizing the 0.5 mtpa out of our total of 2.0 mtpa arrangement with Chesapeake, while expanding our existing cooperation with Delfin. We continue to provide reliable and competitive logistics services to our partners by utilizing our fleet consisting of vessels procured via term charters and equity ownership. Gunvor looks forward to establishing additional agreements with the companies in the near future."

About Chesapeake
Headquartered in Oklahoma City, Chesapeake Energy Corporation (NASDAQ:CHK) is powered by dedicated and innovative employees who are focused on discovering and responsibly developing leading positions in top U.S. oil and gas plays. With a goal to achieve net zero GHG emissions (Scope 1 and 2) by 2035, Chesapeake is committed to safely answering the call for affordable, reliable, lower carbon energy.

About Delfin
Delfin is a leading LNG export infrastructure development company utilizing low-cost Floating LNG technology solutions. Delfin is the parent company of Delfin LNG LLC ("Delfin LNG") and Avocet LNG LLC. Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased the UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico. Delfin LNG received a positive Record of Decision from MARAD and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States. Further information is available at www.delfinmidstream.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. The company, which in 2021 generated U.S. $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact and include, but are not limited to, our ability to "Be LNG Ready" and to provide diversification and access to global LNG pricing while delivering affordable, reliable, lower carbon energy to markets in need. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "expect," "could," "may," "anticipate," "intend," "plan," "ability," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "guidance," "outlook," "opportunity" or "strategy." Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.

Factors that could cause our actual results to differ materially from expected results include those described under "Risk Factors" in Item 1A of our annual report on Form 10-K and any updates to those factors set forth in Chesapeake's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K which are available on its website at http://investors.chk.com. These risk factors include: the impact of inflation and commodity price volatility resulting from instability in Europe and the Middle East, COVID-19 and related supply chain constraints, and the impact of each on our business, financial condition, results of operations and cash flows.

We caution you not to place undue reliance on the forward-looking statements contained in this release which speak only as of the date of this release, and we undertake no obligation to update this information, except as required by applicable law. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC.

GENEVA – Gunvor Group, a leading global physical energy trading company, has closed a EUR 400 million, 5-year term loan (the “Facility”) guaranteed by SACE, the Italian Export Credit Agency (“ECA”) with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services. Gunvor is a leading global trader of LNG, and one of the largest physical natural gas traders in Europe.

“Gunvor is pleased to support SACE’s push strategy by helping secure energy supplies to the country and having the opportunity to further grow the business with Italian customers and suppliers,” said Jeff Webster, Gunvor Group Chief Financial Officer.

"In times of unprecedented complexity, the need for innovative business support mechanisms becomes crucial. We take pride in this operation, which, as part of our Push Strategy, aids Italian companies in exploring new markets while facilitating access to relevant energy supplies," stated Ciro Aquino Regional Manager Middle East – Head of Dubai Office SACE. The support of strategic imports represents a new and timely initiative by SACE, aligned with the objectives of the INSIEME 2025 Industrial Plan. Its goal is to improve the resilience of the national economic landscape, relaunch the competitiveness of companies in global markets, and consolidate growth within domestic markets.

“UniCredit is proud to arrange and coordinate this Facility, which marks a significant step in bolstering gas security across Europe. Its role as a novel facility type for commodity traders underscores our commitment to ensuring reliable energy supplies while innovating trade finance strategies in an ever-evolving energy landscape,” said Stefan Koller, Global Head of Asset Based Financing at UniCredit.

UniCredit Bank AG acted as Global Coordinator, Bookrunner, Documentation Agent and is the Facility Agent. Crédit Agricole Corporate And Investment Bank, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main, ING Bank N.V. and Unicredit Bank AG act as Mandated Lead Arrangers and Erste Group Bank AG acts as Lead Arranger for the Facility.

Clifford Chance, as Legal Counsel to SACE and UniCredit, contributed to finalising 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 from where it is sourced and stored to where it is demanded most. With strategic investments in energy infrastructure—refineries, pipelines, storage and terminals —Gunvor further generates sustainable value across the global supply chain for its customers. In 2022, Gunvor Group generated US $150 billion in revenue on 165 million metric tons of turnover. The Group’s main trading offices are in Geneva, Singapore, Houston, Stamford, Calgary, Dubai, and London, with a network of more than 20 representative and other trading offices around the globe. More information can be found at GunvorGroup.com or @Gunvor.

English
Japanese

GENEVA – Gunvor Group (“Gunvor” or the “Group”), one of the largest independent commodities trading companies in the world, successfully refinanced its 3-year Yen-denominated Sustainability-Linked Term Loan (the “Samurai” loan) for a total amount of JPY 49.1 billion. The facility was significantly oversubscribed and Gunvor was able to increase the facility from the original debut facility amount of JPY 27 billion. Sixteen institutions participated in the syndicated facility.

In line with its 2023 European Revolving Credit Facility and for the first time for its Samurai financing, the facility is structured as a Sustainability-Linked Loan and includes 4 KPIs supporting the Group’s strong commitment to improve the environmental impact of its trading operations and to invest in sustainable commodities and businesses.

The KPIs relate to the reduction of Scope 1 and 2 Greenhouse Gas (“GHG”) emissions; reduction of Scope 3 GHG emissions associated with the improvement of energy efficiency of the shipping fleet; the investment in non-fossil fuel projects; and the assessment of the Group’s assets, JVs, and suppliers against Human Rights principles. Each KPI is annually tested and externally verified in line with LMA Sustainability-Linked Loan Principles, and a margin discount or premium will apply depending on the achievement of the annual targets.

“We are very pleased with the outcome of our Samurai loan refinancing and the support we received from our Japanese financial partners,” said Jeff Webster, Chief Financial Officer, Gunvor Group. “The increase in the facility affirms the market’s clear support for Gunvor’s strategy and our ESG commitments, which are now embedded in this transaction.”

Mizuho Bank, Ltd., MUFG Bank, Ltd., and SMBC Bank International, PLC acted as Joint Active Bookrunners & Mandated Lead Arrangers
China Construction Bank Corporation and The Gunma Bank, Ltd. Acted as Mandated Lead Arrangers
Mizuho Bank, Ltd., acted as Roadshow Coordinator
MUFG Bank, Ltd., acted as Documentation Agent and Facility Agent
SMBC Bank International, PLC acted as Sustainability Coordinator

【ジュネーブ (2023年12月12日) 】世界最大級の独立系コモディティ商社であるGunvor Group (以下「Gunvor」または「グループ」) は、総額491億円となる3年円建てのサステナビリティ・リンク・タームローン (以下「本サムライローン」)の契約を成功裏に締結しました。本サムライローンには募集金額を大幅に上回る応募があり、2021年に組成されたGunvor初のサムライローン（金額270億円）から大幅に金額を増やすことができました。本サムライローンには16もの投資家が参加しました。

本サムライローンは、2023年に欧州地域で締結したリボルビングクレジットファシリティと同様に、また、グループのサムライローンとしては初めてとなるサステナビリティ・リンク・ローンとして組成されており、トレーディング業務の環境への影響を改善し、サステナブルな商品や事業に投資するというグループの強力な取り組みをサポートする4つのKPIが含まれています。

KPIは、スコープ1およびスコープ2の温室効果ガス (GHG) 排出量の削減、船舶のエネルギー効率向上に伴うスコープ3のGHG排出量の削減、非化石燃料プロジェクトへの投資、そして人権原則に対するグループの資産、JV、サプライヤーの評価に関連しています。各KPIは、LMAサステナビリティ・リンク・ローン原則に沿って毎年テストおよび外部検証され、年間目標の達成に応じて金利マージンの割引またはプレミアムが適用されます。

「当社は、本サムライローンの結果と日本の財務パートナーから受けたサポートを非常に嬉しく思っております。募集金額を上回る本サムライローンの締結は、Gunvorの戦略と当社のESGコミットメントに対する市場の明確な支持を裏付けるものであります。」とグループの最高財務責任者Jeff Webster氏は述べています。

みずほ銀行、三菱UFJ銀行、及びSMBC Bank International PLCは、共同アクティブ・ブックランナーおよびマンデートリードアレンジャーを務めました。
中国建設銀行、群馬銀行がマンデートリードアレンジャーを務めました。
みずほ銀行がロードショーコーディネーターを務めました。
三菱UFJ銀行、ドキュメント・エージェントおよびファシリティ・エージェントを務めました。
SMBC Bank International, PLCがサステナビリティ・コーディネーターを務めました。

English
Spanish

MADRID – Gunvor Group (“Gunvor”), a leading global independent energy trading company, will acquire from bp Gas Marketing Limited (“bpGM”) a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. (“BBE”), a 785MW combined cycle power plant located in Bilbao, Spain.

The deal, which remains subject to customary regulatory approvals and closing conditions, represents Gunvor’s first investment in a power generation asset, while expanding its commitment to developing Spain’s energy sector.

“We are truly excited at this landmark acquisition in a new asset class for our company,” said Shahb Richyal, Gunvor’s Global Head of Portfolio. “BBE also represents an important step as we continue to expand our presence in gas and power trading. We look forward to welcoming BBE’s team into Gunvor’s growing global family.”

Remarking on the deal, Andrés Guevara, Head of Country for bp in Spain, said “This decision reflects bp's strategy of transforming from an International Oil Company (IOC) into an Integrated Energy Company (IEC) that aims to become net zero by 2050 or sooner. We remain committed to this transformation in Spain, a key market for the bp group, as we reorient our investments towards transition growth engines such as EV charging, bio energy, renewable power and hydrogen.”

Gunvor’s purchase of the stake in BBE builds upon its’ existing investments in two biofuel plants located in Huelva and Álava. Along with a marketing and trading office in Madrid, Gunvor today has more than 100 employees in the country. Gunvor intends to retain BBE’s current employees and management.

“Gunvor has an established track record of successfully integrating and aligning industrial assets with our core physical energy trading business,” said Aldo Della Valle, Head of European Gas & Power Trading. “With BBE, we hope to similarly align our trading in natural gas/LNG and power with the plant, so that it continues to contribute positively to Spain’s economy over the long-term, while upholding our energy transition priorities.”

As a key player in the global energy markets, Gunvor is working to ensure its place in a world that effectively reconciles affordable energy and economic development with the imperative to achieve net-zero emissions to combat climate change. Gunvor has committed to reducing our Scope 1 and 2 emissions by 40% by 2025, while also tracking and reporting our Scope 3 emissions. BBE will be integrated into Gunvor’s path to ensuring a sustainable and responsible energy future.

The sale is expected to be completed in the first quarter of 2024, and over the coming months bp, BBE and Gunvor will work to deliver the safety and success of the transition process. The terms of the deal have not been disclosed.

MADRID – El Grupo Gunvor (“Gunvor”), una empresa líder mundial de comercialización de energía independiente, adquirirá de bp Gas Marketing Limited (bpGM) una participación del 75 % en Bahía de Bizkaia Electricidad S.L. (“BBE”), una central eléctrica de ciclo combinado de 785MW ubicada en Bilbao, España.
El acuerdo, que sigue sujeto a las aprobaciones regulatorias habituales y a las condiciones de cierre de la transacción, representa la primera inversión de Gunvor en un activo de generación de electricidad, al tiempo que amplía su compromiso con el desarrollo del sector energético de España.

“Estamos realmente entusiasmados con esta importante adquisición de una nueva clase de activos para nuestra empresa”, dijo Shahb Richyal, Director Global de Cartera de Gunvor. “BBE también representa un paso importante en la expansión de nuestra presencia en la comercialización de gas y electricidad. Esperamos dar la bienvenida al equipo de BBE a la creciente familia global de Gunvor”.

En cuanto al acuerdo, Andrés Guevara, Presidente de bp en España, ha declarado: “Esta decisión refleja la estrategia de bp de transformarse de una Compañía Internacional de Petróleo (IOC) en una Compañía Energía Integrada (IEC) que tiene como objetivo alcanzar las cero emisiones netas para 2050 o antes. Seguimos comprometidos con esta transformación en España, un mercado clave para el grupo bp, a medida que reorientamos nuestras inversiones hacia lo que denominamos motores de crecimiento de transición como la infraestructura de recarga de vehículos eléctricos, la bioenergía, la energía renovable y el hidrógeno verde.”

La compra por parte de Gunvor de la participación en BBE pasará a formar parte de su cartera de inversiones existentes en España, consistente en dos plantas de biocombustible ubicadas en Huelva y Álava. Junto con una oficina de trading y comercialización en Madrid, Gunvor cuenta hoy con más de 100 empleados en el país. Gunvor tiene la intención de mantener a los empleados y directivos actuales de BBE.

“Gunvor cuenta con un historial probado de integración y alineación exitosa de activos industriales con su negocio principal de comercialización de energía física”, dijo Aldo Della Valle, Director de Comercialización de Gas y Electricidad para Europa. "Con BBE, esperamos alinear de forma similar nuestras operaciones de gas natural/GNL y electricidad con la planta, para que continúe contribuyendo positivamente a la economía española a largo plazo, manteniendo nuestras prioridades de transición energética".

Como actor clave en los mercados energéticos mundiales, Gunvor está trabajando para garantizar su lugar en un mundo que concilie de forma eficaz la energía asequible y el desarrollo económico con el imperativo de lograr cero emisiones netas para combatir el cambio climático. Gunvor se ha comprometido a reducir sus emisiones de Alcance 1 y 2 en un 40 % para 2025, al tiempo que realiza un seguimiento y reporta sus emisiones de Alcance 3. BBE se integrará en el objetivo de Gunvor de garantizar un futuro energético sostenible y responsable.

Se espera que la venta se complete en el primer trimestre de 2024, y durante los próximos meses bp, BBE y Gunvor trabajarán para conseguir que el proceso de transición se complete satisfactoriamente y de forma segura. Los términos del acuerdo no se han revelado.

Más información sobre Gunvor

El Grupo Gunvor, del que fui fundador en el año 2000, es hoy un líder de mercado global en la compraventa, almacenamiento, transporte y optimización de petróleo, gas natural, electricidad y otros productos energéticos. En 2022, Gunvor negoció 165 millones de toneladas de commodities energéticas y generó unos ingresos de 150.000 millones de dólares. A fecha de junio de 2023, Gunvor tiene un patrimonio neto de 6.000 millones de dólares y activos totales por más de 24.000 millones de dólares. Nuestra mayor oficina comercial, en la que yo estoy localizado, se encuentra en Ginebra (Suiza). También tenemos oficinas en Singapur, Londres, Dubái, Shanghái, Stamford y Houston, así presencia en al menos otros 20 países.

La presencia de Gunvor en España ha ido creciendo desde 2019, cuando invertimos en dos plantas de biodiesel en Huelva y Álava. Ambas plantas están completamente integradas en nuestro negocio global de biodiesel, que es uno de los líderes en el mercado europeo. Estas plantas forman parte del firme compromiso de Gunvor con la transición energética y por ello hemos invertido ya más de 40 millones de euros en su desarrollo.

Para complementar la actividad de nuestras plantas de biodiesel, Gunvor abrió también en 2019 una oficina de marketing y trading en Madrid, que ha expandido su actividad más allá de los biocombustibles a otros productos energéticos, como el gas y la electricidad. En total Gunvor emplea a más de 100 personas en el país y somos responsables de centenares de empleos indirectos en las comunidades donde operamos. Tras la adquisición de BBE esperamos alinear de forma similar nuestras operaciones y prioridades con la Compañía de manera que continúe contribuyendo positivamente a la economía española a largo plazo. Nuestro propósito es mantener el actual equipo de dirección y los empleados.

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.

Gunvor Group Results 2023

Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2023: Throughout 2023, Gunvor’s focus on advanced analytics and trading systems, and an infusion of new talent and business lines, enabled the Group to effectively navigate normalizing market conditions to […]

LNG

Gunvor and Pakistan LNG Limited settle all outstanding legal proceedings

LONDON – Gunvor and Pakistan LNG Limited confirm they have now settled all outstanding legal proceedings on terms satisfactory to all concerned. The parties look forward to continuing to work together. The terms and details of the settlement are subject to confidentiality agreements. About Gunvor GroupGunvor is one of the world’s largest independent commodities trading […]

LNG

Glenfarne Energy Transition’s Texas LNG Announces LNG Offtake Agreement with Gunvor Group

HOUSTON & BROWNSVILLE – Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy TransitionEnergy Transition refers to the global shift from reliance on fossil fuels such as coal, oil, and natural […]

Gunvor resolves U.S. Department of Justice investigation into Ecuador

NEW YORK – Gunvor S.A. (“Gunvor” or “the Company”) has agreed to resolve the investigation by authorities in the United States into past activities relating to bribery in Ecuador.

LNG

Chesapeake Energy Corporation, Delfin LNG and Gunvor sign long-term LNG liquefaction offtake agreement indexed to JKM

OKLAHOMA CITY – Chesapeake Energy Corporation (NASDAQ: CHK, together with certain of its subsidiaries, collectively, “Chesapeake”), Delfin LNG LLC (“Delfin”) and Gunvor Group Ltd, through Gunvor Singapore Pte Ltd (“Gunvor”), today announced the entrance into a liquefied natural gas (LNG) export deal that includes executed Sales and Purchase Agreements (“SPA”) for long-term liquefaction offtake. Under […]

Industry-Leading Compliance

Learn about Gunvor’s robust compliance function and how we manage trading risk through advanced systems, strict policies and education.

Finance

Gunvor closes new EUR 400 million facility backed by Italy’s SACE

Gunvor Group has closed a EUR 400 million, 5-year term loan guaranteed by SACE, the Italian Export Credit Agency with UniCredit acting as Global Coordinator. The goal of the Facility is to support Italian industry by securing natural gas and liquefied natural gas (LNG) supplies while promoting the export of Italy’s goods and services.

Gunvor successfully closes sustainability-linked Samurai loan

Gunvor Group has successfully refinanced its 3-year Yen-denominated Sustainability-Linked Term Loan (the “Samurai” loan) for a total amount of JPY 49.1 billion.

LNG power

Gunvor acquires majority stake in Spanish power plant from bp

Gunvor Group will acquire from bp Gas Marketing Limited a 75% ownership stake in Bahía De Bizkaia Electricidad S.L. Bilbao, Spain.

Energy Transition Nyera

Gunvor partners with ClearShift on zero carbon diesel and chemicals

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 […]

News