Gunvor Group today affirmed its commitment to PA Resources through its support for the company’s recapitalization measures. Gunvor, along with others, will fully underwrite a rights issue of SEK 891 mil. put forth by PA Resources.
PA Resources is involved in oil and gas exploration and extraction, and is listed on the Nasdaq OMX Stockholm Exchange. It recently announced a set of measures and proposals designed to strengthen its capital base and improve its operations.
Gunvor Group CEO Torbjörn Törnqvist said: “PA Resources has had a difficult time, but we believe is turning a page. Its move to bring in a new, experienced and international board and management will help realize the company’s potential.”
Gunvor has served as an off-taker of crude oil extracted by PA Resources and currently possesses a 9.9 percent stake in the company. Such an investment in the upstream sector furthers Gunvor’s strategy of diversifying along the energy supply chain.
For more information on PA Resources, go to: www.paresources.se