As a part of Gunvor’s efforts to continuously improve procedures in order to mitigate risk across the company, specifically in relation to areas of Compliance, the company has taken the decision to cease the use of “agents”, i.e., consultants and intermediaries, for business origination and development purposes.
Gunvor has already reduced the number of such consultants and intermediaries by approximately 45% since 2018, and is now in the process of winding-down the remainder of consultant contracts in this respect. Going forward, these activities will be managed in accordance with requirements, adopting the most suitable structures based on Compliance standards.
“The lessons of the past bear on how Gunvor operates today, and when we identify areas in which our robust Compliance standards cannot be exactly upheld, we take action. To be clear, the company will do nothing short of ensuring that we are enforcing our zero-tolerance Compliance policies. If we lose business as a result, so be it,” said Gunvor’s CEO Torbjörn Törnqvist. “Gunvor’s priority is to constantly improve how we conduct business in all areas. In the last couple years, we have overhauled our company and business model, and today, we’re clearly stronger as a result.”
Gunvor will be further assessing its use of other consultants, including risk analysts and technical operational service providers, whose services entail greater transparency and a different, lower risk profile.
Agreement is the latest in a series of long-term LNG supply and purchase agreements from the Delfin Deepwater Port LNG Export Facility HOUSTON — Delfin Midstream Inc. (“Delfin” or the “Company”) and Gunvor Group Ltd announced today that Gunvor Singapore Pte Ltd (“Gunvor”) has entered into long-term LNG Sale and Purchase Agreement (“SPA”) with Delfin […]
GENEVA (21 November 2023) – Gunvor Group Ltd (“Gunvor” or the “Group”) has signed a US $1.885 billion sustainability-linked, multi-currency revolving credit facility (“RCF” or “Facility”) in favour of Gunvor International B.V. and Gunvor SA. The Facility received strong support from Gunvor’s banking partners and attracted new banks, increasing the total amount of the facility […]
HOUSTON (8 November 2023) – Gunvor USA LLC (“Gunvor USA” or “the Company”), an indirect, wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or “the Group”), has successfully closed the syndication of its US $1.60 billion uncommitted borrowing base credit facility (“the Facility”). The Facility includes a US $1.28 billion one-year tranche, a US $320 million […]
5 October 2023 Newbuildings will be carbon capture ready GENEVA (5 October 2023) – Gunvor Group Ltd (“Gunvor”) and Solvang ASA (“Solvang”) have formed a Joint Venture (“JV”) to own and operate next generation eco-vessels for the Liquefied Petroleum Gas (LPGLPG stands for liquefied petroleum gas, which is a versatile and convenient energy source commonly […]
Gunvor Group (“Gunvor”), a leading global physical energy commodities trader, is partnering with VARO Energy (“VARO”), which will build large-scale Sustainable Aviation Fuel (SAF) manufacturing at the extensive Gunvor Energy Rotterdam (GER) site. The facility will have a total production capacity of 350 kpta; approximately 70% will be SAF, with the remainder a mixture of […]
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 […]
Four new banks join existing lending group Gunvor Group Ltd (“Gunvor” or the “Group”) has refinanced and increased its Off Balance Sheet Instruments Revolving Credit Facility (“Facility”) to US $1.37 billion, up from US $990 million in 2022, in favour of Gunvor SA and Gunvor International B.V. The Facility received strong support from Gunvor’s existing […]
Gunvor Singapore Pte. Ltd. (the “Borrower”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $1.035 billion sustainability-linked, syndicated revolving credit facility (the “Facility”) on 16 June 2023. The Facility, which was launched initially at US $550 million in April 2023, benefited from strong support from a total of […]
Celsius Tankers (“Celsius”) expand their partnership with Gunvor Group Ltd (“Gunvor”) in the liquefied natural gasNatural gas is a fossil fuel composed mainly of methane, a hydrocarbon compound. It is formed deep beneath the Earth's surface as a result of the decomposition of organic matter... Read more (LNG) sector with the chartering of four highly […]
Gunvor Singapore Pte. Ltd. (“Gunvor Singapore”), a wholly-owned subsidiary of Gunvor Group Ltd (“Gunvor” or the “Company”), has closed a US $600 million borrowing base facility (“Facility”) to support the working capital needs of its Asian fuel oil business.