An article in the 5 May edition of The Economist makes untrue and unsubstantiated allegations about Gunvor Group (“Gunvor”), one of the world’s major independent commodity trading companies. The company refutes these statements and fabrications that are damaging commercially and reputationally.
Gunvor goes on record to challenge all the allegations made in this ill-researched and irresponsible article.
Torbjörn Törnqvist, CEO of Gunvor said: “I am shocked that a piece such as this could appear in a serious business publication. The article is predicated on what The Economist itself admits is unproven and unprovable speculation that has been categorically refuted by the foremost authority on pricing in the international commodity markets, Platts Crude oil refers to unrefined petroleum that is found with the Earth’s crust. Read more Marketwire.”
“The article clearly and repeatedly violates long standing journalistic canons on objectivity, fairness and procedure,” continued Törnqvist. “Specifically, instead of letting facts drive the story The Economist chose to establish a premise and then attempt to find the facts to support their premise. They failed to do that – yet published anyway. We can only wonder why.”
Gunvor devoted very considerable amounts of time and resources trying to assist The Economist with its misguided line of questioning over several years. Yet, despite facts that made hollow their allegations, The Economist insisted on publishing a highly inaccurate article.
From the start, it has been clear The Economist was uninterested in factual discussion and simply determined to pursue an agenda against Gunvor; even refusing to provide the data it claimed to underlie its allegations.
Gunvor is considering all available options open to it in order to repair any damage caused by the publication of such false allegations.
Gunvor USA (“Gunvor”), a subsidiary of Gunvor Group, a leading global energy commodities trading company, has signed a crude oilCrude oil refers to unrefined petroleum that is found with the Earth’s crust. Read more supply agreement with CVR Supply & Trading, LLC (“CVR”), a subsidiary of CVR Energy, Inc. (NYSE: CVI). Under the terms of […]
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. […]
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 […]
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 […]
New entity Nyera to target sustainable investments in renewablesRenewables: Renewables, also known as renewable energy sources, refer to sources of energy that are replenished naturally and are considered to be environmentally friendly and sustainable. Unlike fossil fuels, which... Read more, carbon capture Gunvor Group, one of the world’s largest physical energy commodities traders, has announced […]
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 […]
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 managementRisk management refers to the process of identifying, assessing, and prioritizing potential risks in order to minimize their negative impact on an organization or individual. In the energy commodities trading... […]
Gunvor Group (“Gunvor”), one of the world’s largest physical energy commodities traders, has closed a new sustainability-linked borrowing base facility (“Facility”) to support operations at Gunvor Refinery Ingolstadt. The EUR 450 million Facility complements Gunvor’s other US $725 million sustainability-linked borrowing base for refining activities in the ARA, and similarly has an interest rate dependent on the company’s year-on-year improvements in multiple sustainability criteria in the areas of “environment”, “social impact” and “governance”.
HOUSTON (6 November 2019) – Gunvor USA LLC, a subsidiary of Gunvor Group, has successfully closed the syndication of its USD 1.1 billion Borrowing Base Credit Facility. Gunvor USA increased the size of the Facility by USD 100 million while expanding its US banking group. “Gunvor’s North America operations have received strong, steady support from […]
Gunvor USA LLC (“Gunvor USA”), a subsidiary of Gunvor Group, has successfully closed the syndication of a US $1 billion Borrowing Base Credit Facility (“facility”), which will support operations in the United States and Canada, as well as planned expansion in Latin America. Gunvor USA has three offices: Houston, TX, and Stamford, CT, which are […]