World News
Gunvor Looks to Exit Russian Assets Following co-Founder Sanctions
Oil trader Gunvor Group Ltd (Gunvor) has said it plans to sell Russian assets following the imposition of U.S. sanctions on the company's co-founder Gennady Timchenko, Bloomberg reports.
Timchenko was a 44 percent shareholder in the Cyprus-based company until he sold his stake to Gunvor CEO and Swedish national Torbjorn Tornqvist the day before sanctions were imposed upon Timchenko.
The assets said to be up for sale include the Ust-Luga terminal in the Gulf of Finland, 50 percent stakes in the Black Sea Novorossiysk terminal and adjoining Nevskaya pipeline, and a 30 percent interest in the Kolmar Siberian coal mining project.
The move by Gunvor is believed to be aimed at distancing itself from the Russian regime, the company having been accused by the U.S. Department of Justice of counting Vladimir Putin among its investors earlier this year.
It marks a signficant departure for the firm which until recently was a dominant crude oil trader in Russia.
But Timchenko reportedly told Russian media that the sanctions only catalysed a decision already in the offing.
"Torbjorn has a different vision," said Timchenko.
"He wants to trade all over the world while I have grown increasingly more inclined toward Russia.
"The divorce at Gunvor was planned beforehand but the storm gathering over my head sped it up," he continued.
Russian oil firm Lukoil recently said it expected important changes in Russia's bunker market, partly as a result of western sanctions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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