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Gunvor Underwrites PA Resources’ Rights Issue
5 June 2013
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 oilCrude oil refers to unrefined petroleum that is found with the Earth’s crust. Read more extracted by PA Resources and currently possesses a 9.9 percent stake in the company. Such an investment in the upstreamDefinition: Upstream refers to the initial stages of the oil and gas production process, which involve exploration, drilling, and extraction of hydrocarbons from natural reserves. It is a term commonly... Read more sector furthers Gunvor’s strategy of diversifying along the energy supply chainDefinition: A supply chain refers to the entire process involved in the production, distribution, and delivery of goods or services, from the extraction of raw materials to the final consumption... Read more.
For more information on PA Resources, go to: www.paresources.se
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