EMEA News
Adnoc Mulling Stake in Gunvor: Report
Abu Dhabi's National Oil Company (Adnoc) could be in the market for a stake in independent commondity trader Gunvor, according to Reuters.
Interest in the move by the United Arab Emirates oil firm was first reported by Reuters on 21 September citing a source familiar with the matter. Gunvor's ceo, Torbjorn Tornqvist, said in March that he was looking for partners to expand the business.
In a follow up 'breaking views' piece on 4 October, Reuters pointed to Adnoc's liquified natural gas interests as a rationale behind any acquistion move.
"With the UAE set to more than double annual LNG export capacity to over 15 million tonnes, it could use a roster of customers to accompany symbolic yet limited supply deals with the likes of Germany," the report said.
Interest in the Geneva-based trading entity would also sit well with the bumper revenues accrued by UAE states from volatile oil and gas markets.
In addition to its trading activities which includes heavy fuel oil and biofuel, the company owns refineries, storage facilities and other supply infrastructure.
