Gunvor Group Limited, a vertically integrated energy trading company, intends to sell the entire company, according to The Wall Street Journal report, quoting two people familiar with the issue.
According to sources, Gunvor has approached at least two competitors to discuss the possibility of selling the entire company. Glencore plc, Vitol Group, Trafigura Group Pte. Ltd., and Mercuria Energy Group Ltd are the potential acquirers for the transaction.
Gunvor provides integrated trading products and logistics service to connect suppliers upstream to clients and markets downstream. Gunvor's trading commodities includes, crude oil, heavy fuel, middle distillates, gasoline, naphtha, LPG, natural gas and LNG, bio fuels, and emissions and renewable. The company's trading activities are supported through its investments in refineries, pipelines, storage, terminals and coal mining.
Torbjorn Tornqvist, CEO of Gunvor, said, "There are no plans to sell the company at this time. I expect to remain a dominant shareholder in the group for the foreseeable future.”