Gunvor on the hunt for opportunities

Trader sees potential for M&A as oil prices come down, says chairman Torbjorn Tornqvist

Gunvor, one of the world’s largest independent commodities’ traders, continues to be “opportunistic” in its hunt for acquisitions as the Geneva-based company adds new crude streams to its portfolio and returns to the metals trading business, its chairman told Petroleum Economist in an interview. Gunvor has “a very active M&A field” and is sitting on sizeable equity, while having a window to tap debt to finance any potential deals, said Torbjorn Tornqvist. “Oil prices are coming down,” he said. “Obviously, upstream will be much more under pressure. So, maybe there will be some opportunities there [for acquisitions].” Gunvor, like other independent oil traders, has a significant amount of