Recent reports concerning Gunvor’s ownership contain unchecked falsehoods.

In 2007, for about a year, Mr. Petr Kolbin was a minority investor in Gunvor at a time when the company was looking to diversify its funding base as it grew. His participation did not ultimately make strategic sense and ended completely. He has not had any involvement in the company in almost a decade. Reports about Mr. Kolbin joining the company from 2005 to 2010 are false.

Furthermore, throughout its history, Gunvor has kept the vast majority of its profits within the company, reinvesting them to grow trading desks and to build and acquire industrial assets throughout the world. To note, since the company’s inception its financials have been audited by PricewaterhouseCoopers and KPMG.

In addition, neither Gunvor’s revenue nor “value” was “$70 billion in 2010”, as has been misreported by various news outlets. (For Gunvor’s latest results.)

The company requests that members of the media confirm information before making inaccurate claims, or, at very least, call us for comment.