Gunvor Growth

A 35.9% stake in Sweden’s PA Resources, whose key upstream assets are in Tunisia and West Africa, is one of the few upstream forays to date by Geneva-registered oil trading giant Gunvor.

Gunvor’s annual revenue soared to over $90bn for 2012 and 2013 on the back of rapid growth to dominate trade in Russia’s 3mn b/d of seaborne crude exports. Hand in hand with this growth have come persistent rumors that this rise is linked to close ties with the Kremlin, and with Russian President Vladimir Putin in particular.

On 20 March the US Treasury included Gunvor co-founder and, until the day before, 43% shareholder Gennady Timchenko on its list of 20 “members of the Russian leadership’s inner circle” sanctioned “for involvement in the situation in Ukraine.” “Putin has investments in Gunvor and may have access to Gunvor funds,” the US Treasury says. (CONTINUED - 292 WORDS)