Gunvor Group Ltd – Company History
Gunvor Group Ltd is a commodity trading company which specializes in oil and energy trading. It is headquartered in Geneva and has branch offices in Singapore, Houston, Nassau, Stamford, Shanghai and Dubai. It was co-founded by current CEO Torbjörn Törnqvist, who partnered with Russian billionaire Gennady Timchenko in 2000.
In 2015, Timchenko was forced to sell his share to Törnqvist amid news of impending Unites States Sanctions. The Guvnor Group’s primary activities include the trade, transport, storage and optimization of petroleum. The totality of their oil industry business interests place them as the fourth largest crude oil trader in the world. Outside their interests in oil, the Gunvor Group added trading desks for coal, natural gas, biofuels and carbon emissions in June 2009.
In 2012, they expanded their interests by acquiring refineries in Belgium and Germany. The Gunvor Group employs more than 1,600 people worldwide, trades in 100 countries, trades approximately 2.7 million barrels of oil per day and, in 2017, generated $63 billion in revenue.
- Family name: Törnqvist
- Sector: Oil & Gas
- Founded: 2000
- Founder: Torbjörn Törnqvist and Gennady Timchenko
- Country: Switzerland
- Company headquarters: Geneva
- Managers:
- Revenue: US$64 billions
- Rankings:
- Family ownership: 61%
- Number of family members:
- Business data:
- Employees: 1,500
- Website: www.gunvorgroup.com/en/