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☆ Ukraine says it will hit Russia's precious oil refineries even if the US tells it not to
▼ + stars: | 2024-03-22 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

The US has urged Ukraine not to strike Russian oil refineries, fearing it could drive up prices and prompt retaliation, reports say. Ukraine has ramped up its attacks in recent months, targeting Russia's energy infrastructure. Ukraine has ramped up its attacks on Russia's energy infrastructure in recent months, conducting long-range drone strikes on some of its biggest oil refineries. Russian Emergencies Ministry/ReutersShortly after the Financial Times report, a Ukrainian government official responded publicly, saying that Ukraine would continue to strike oil refineries. More than 10 major refineries and depots have been damaged, and oil prices have spiked in recent weeks.

Persons: —, Biden, Olga Stefanishyna, Diego Herrera Carcedo, Torbjörn Törnqvist Organizations: US, Service, Financial Times, Russian Emergencies Ministry, Reuters, Anadolu Agency, Getty, Gunvor Locations: Ukraine, Washington, Russia, Ukrainian, Klintsy, Bryansk Region, Bakhmut, Donetsk Oblast, Dnipro

☆ Delfin signs 15-year LNG supply agreement with Gunvor
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Nov 27 (Reuters) - Delfin Midstream Inc said on Monday it had entered into a long-term liquefied natural gas (LNG) supply agreement with global commodity trader Gunvor. Delfin said in a news release its LNG plant in Louisiana will supply between 500,000 to 1 million tonnes of LNG per annum to Gunvor on a free-on-board basis at Delfin Deepwater Port for at least 15 years. Delfin has been developing the Delfin LNG Deepwater Port project supporting up to four floating LNG vessels with a combined export capacity of about 13.3 million tons per annum (MTPA), the release said. The company secured commercial agreements for LNG sales, liquefaction services and is in the final phase towards final investment decisions (FID) on its first three floating LNG vessels, the release added. Reporting by Deep Vakil and Rahul Paswan in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Delfin Midstream, Delfin, Vakil, Rahul Paswan, David Gregorio Our Organizations: Delfin Midstream Inc, Delfin Deepwater Port, Delfin, Tellurian Inc, Singapore, Ltd, Thomson Locations: Louisiana, Mexico, Bengaluru

☆ China slows Venezuela crude buys as U.S. sanctions lifting triggers 'disarray'
▼ + stars: | 2023-11-23 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011. Independent refiners, known as teapots, account for a fifth of China's oil purchases, and more than half of its asphalt production. PetroChina, PDVSA and the Venezuelan oil ministry did not immediately respond to requests for comment. Before the U.S. imposed sanctions in 2019, subsidiary PetroChina Fuel Oil Co was the key seller of Venezuelan oil to independent refiners. Independent refiners like Venezuelan heavy crude for its high yield of road-paving material asphalt at about 60%, versus around 45% for Iranian oil.

Persons: Carlos Garcia Rawlins, Sellers, PetroChina, PDVSA, Muyu Xu, Marianna Parraga, Florence Tan Organizations: REUTERS, Rights, ICE Brent, Reuters, Fuel, Co, Thomson Locations: Morichal, Rights SINGAPORE, Washington, China, Venezuela, Iran, Russia, Iraq, Canada, OPEC, Malaysia, Venezuela's, Singapore, Houston

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

GENEVA (AP) — Swiss federal prosecutors on Tuesday said they have indicted a former employee of oil trading giant Gunvor over bribes paid to obtain access to the Republic of Congo's petroleum market more than a decade ago. The attorney general's office says the indictment follows an eight-year investigation, during which the company itself was ordered to pay 94 million Swiss francs (dollars) in 2019 over the bribery allegations. The next day, the U.S. government announced sanctions against Russian interests, including Timchenko himself. Gunvor has since stopped its operations in the Republic of Congo, and said it has improved its compliance programs. Gunvor's main trading office is in Geneva, but its headquarters are in Nicosia, Cyprus.

Persons: “, Gunvor, Torbjörn Törnqvist, Gennady Timchenko, Vladimir Putin, Timchenko Organizations: GENEVA, — Locations: — Swiss, Republic, Congo, Brazzaville, Ukraine, U.S, Republic of Congo, Geneva, Nicosia, Cyprus

There is no suggestion the trades break sanctions, although they may make it difficult for sanctions enforcement agencies in Europe and the United States to track Russian oil transactions and prices. The new trading network and practices raise financial risks for Russian oil companies dealing with unknown entities with limited credit history. "We recognise that (sanctions on Russia are) going to change the shape and structure of the Russian oil markets," the official told reporters. In May, Russian seaborne oil supplies to India, which was a rare buyer of Russian oil before the war, reached a record of 1.95 million bpd while China imported 2.29 million bpd. A source with one major Russian oil company said his company was prepared to deal with higher credit risks from buyers for the sake of having stable and rising oil exports.

Persons: Russia's, Rosneft, Everest, Coral, Washington, Lukoil, Dmitry Zhdannikov, Nidhi Verma, Timothy Gardner, Laura Sanicola, Simon Webb, Frank Jack Daniel Our Organizations: NEW, Liberian, Reuters, Shell, Group, European Union, Bellatrix Energy, Leopard, Guron, SEA, Coral Energy, Everest Energy, U.S . Treasury, EU, UK, Treasury, UAE dirham, Shipping, Hindustan Petroleum, Gazprom Neft, Covart Energy, Orion Energy, Media, Rosneft, Nidhi, Thomson Locations: Russia, Ukraine MOSCOW, NEW DELHI, Russia's Ust, Hong Kong, India, Moscow, Asia, Ukraine, Refinitiv, Europe, United States, Australia, China, U.S, UAE, Dubai, Visakhapatnam, Surgutneftegaz, Russian, Geneva, Singapore, Rosneft, Venezuela, MOSCOW, LONDON, Washington, New York

The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14. The Flex Artemis is carrying around 160,000 cubic meters of LNG, according to Olumide Ajayi, senior LNG analyst at Refinitiv. Leo Kabouche, LNG market analyst at consultancy Energy Aspects, said warm weather in Argentina and the start of the Nestor Kirchner pipeline is likely reducing the call on LNG. Argentina turns away Gunvor-chartered LNG tanker, citing sanctions Argentina turns away Gunvor-chartered LNG tankerReporting by Marwa Rashad in London and Julia Payne in Brussels; additional reporting by Ron Bousso in London and Nicolas Misculin in Buenos Aires; Editing by Josie Kao and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Gunvor, counterparty, Olumide Ajayi, Leo Kabouche, Nestor Kirchner, Marwa Rashad, Julia Payne, Ron Bousso, Nicolas Misculin, Josie Kao, Jonathan Oatis Organizations: Energy, Argentina, Thomson Locations: Russia, France, Argentine, Yamal, Ukraine, Geneva, Argentina, Gunvor, London, Brussels, Buenos Aires

☆ Energy trader Gunvor posts record $2.36 bln net profit in 2022
▼ + stars: | 2023-04-05 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies Gunvor Group Ltd FollowLONDON, April 5 (Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively. Gunvor said its trading volumes fell to 165 million tonnes in 2022 from 240 million tonnes the previous year, due primarily to reduced trading in natural gas, but expected volumes to rebound in the coming year. "The performance was broad-based across all geographies and all desks, including refining and shipping," Gunvor said. Last month, CEO Torbjorn Tornqvist told Reuters that it was considering whether to book a provision in the 2022 year.

☆ Oil rises 2% in retreat from 15-mth low as banking fears subside
▼ + stars: | 2023-03-22 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, U.S. crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

☆ Exclusive: Gunvor to expand in United States after strong profits - CEO
▼ + stars: | 2023-03-22 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoSummarySummary Companies Gunvor on hiring kick, to expand in U.S. power, oil and LNGCEO says Europe only covered half of missing Russian gasCEO has been in dialogue with ADNOCLAUSANNE, Switzerland, March 21 (Reuters) - Energy trader Gunvor made strong profits last year and is looking to expand its oil trading and develop a significant power trading arm in the United States, its CEO told Reuters. Gunvor, traditionally focused on oil and gas, metals and bulk commodities, has in recent years also begun trading power in Europe. Tornqvist said the firm's traded oil and LNG volumes are more than 3 million barrels per day of oil equivalent. "We are looking at whether to take a provision on our books for 2022," Tornqvist said. As co-founder of Gunvor, Tornqvist remains the majority owner of the company but his stake slipped to 85.7% at the end of 2022, down from 88.4% year-on-year.

CASE FOR A SWIFT RETREAT1/ ENERGY PRICESTumbling energy prices are pulling down headline inflation. U.S. inflation rose 6.4% in January, the smallest rise since October 2021, from a 9.1% high last June. Instead, corporate profits have accounted for the lion's share of domestic euro zone price pressures since 2021, ECB data shows. A recent IMF study going back to the 1960s found that only in a small minority of cases where wages and inflation rose together for several quarters did sustained inflation result. The chief executive of Gunvor, a top oil trader, sees oil prices rising in the second half of 2023 on renewed Chinese demand.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

☆ Energy trader Gunvor expands leadership team
▼ + stars: | 2022-11-24 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

Companies Gunvor Group Ltd FollowLONDON, Nov 24 (Reuters) - Geneva-based energy trader Gunvor Group has widened its executive committee to 14 people including its chief executive, reflecting the growing importance of gas trading for the firm, the company’s website showed on Thursday. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. As one of the world's top five oil traders, the company traded about 3.1 million barrels per day of oil last year. It posted a record profit in 2021 and a record first half of this year on the back of record energy price volatility. The leadership changes also come amid talks with Abu Dhabi National Oil company (ADNOC) to acquire the whole or a stake in Gunvor.

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. The global LNG market has more than doubled in size since 2011, ushering in dozens of new entrants and the expansion of smaller players in Asia. The capital needed to trade the market soared after benchmark LNG prices rose from record lows below $2 per million British thermal units (mmBtu) in 2020 to highs of $57 in August. LNG spot prices price stood at $40.50/mmBtu then. 'DIFFICULT TO COMPETE'High LNG cargo prices are also widening energy poverty globally as some cargoes, initially destined for poorer nations, end up being diverted to European buyers.

Abu Dhabi National Oil Co. is considering taking a minority stake in or full control of Gunvor Group. Abu Dhabi’s massive national oil company is in talks to buy commodity trading house Gunvor Group according to people familiar with the talks, a deal that would create one of the world’s largest traders of oil-and-gas products as the war in Ukraine is disrupting global energy supply. Abu Dhabi National Oil Co. is considering a minority stake or taking full control of Gunvor, merging it with the Emirati oil firm’s own trading company, these people said. A deal would mark a major overseas investment for a Gulf state flush with cash earned from elevated oil prices.

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