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Gunvor statement regarding the war in ukraine

3 March 2022

Gunvor Group unequivocally condemns the war in Ukraine and the senseless violence taking place against the civilian population.

While Gunvor has a history working in Russia, the company’s trading today has no material exposure to the country.

Since 2014, Gunvor has been majority owned by the company’s Chairman and CEO, Torbjörn Törnqvist, who today holds 88.4% of shares, with the entire remainder held by Gunvor employees. There are no outside shareholders or economic interests, Russian or otherwise.

Gunvor divested its entire Russian asset portfolio in 2015, with the exception of a minority, non-controlling stake in the Ust-Luga Oil Products terminal, which is currently being reviewed. Gunvor has no other material tangible assets in Russia.

The hopes and prayers of all Gunvor employees are for immediate peace in Ukraine, and the Gunvor Foundation is currently working to support charities aiding the resulting humanitarian crisis.

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