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Successful 2009 for Gunvor Group
13 January 2010

The Gunvor Group Ltd, one of the world’s major independent energy companies announces that 2009 was a very good year for the company. Total traded oil volume was up 10% at 2.3 mil. barrels per day. Turnover was $50 bil., down from $65 bil., due to a lower oil price in 2009 compared to 2008.

Earnings for the year were significantly higher than in 2008. Trading margins were particularly strong during the first half. There was growth in existing business areas, as well as expansion into the non-oil energy sector. Growth has taken place mainly outside the Group’s original core businesses, with 50% of its crude oil volumes now originating outside Russia.

During 2009 the Group made investments into physical assets such as oil terminals and facilities, the largest being into its oil export terminal in Ust-Luga, outside St Petersburg, Russia, which is expected to become operational in the first half of 2010.

In September Gunvor made its first direct investment in oil exploration when it purchased a 30% interest in the Lagansky Block in the Caspian Sea from Lundin Petroleum. So far this promising field has proven reserves of over 230 million barrels of oil.

The Company intends to continue its expansion in 2010, both geographically and by diversification. Gunvor’s new Energy Trading Division has executed its first trades in the natural gas, power and carbon markets and this side of the business is expected to develop appreciably. The investment programme into logistics infrastructure and oil exploration is continuing.

Commenting on the future, Torbjörn Törnqvist, Gunvor’s CEO said, “2009 has been a very good year for Gunvor. For 2010 we anticipate that there will be a more competitive trading environment, with narrower margins. I am confident that the quality of Gunvor’s business model will enable it to remain competitive under any market conditions.”