Gunvor

2025: Unsuccessful attempt to buy overseas assets of Lukoil after imposing sanctions on the company

In October 2025, the leadership of the Russian Lukoil announced that it had accepted an offer from the Cypriot Gunvor Group (headquartered in Switzerland) to buy all foreign assets of the company.

The deal depended on approval from the U.S. Office of Foreign Assets Control (OFAC). The US Treasury said:

"President Trump has made clear that the war must end immediately, the" Kremlin puppet "Gunvor will never be licensed to operate and make a profit.

Gunvor called the comment by the US Treasury "fundamentally wrong and false" and promised to try to correct a "clear misunderstanding," but has so far withdrawn the application.

The deal with Lukoil would turn Gunvor into an integrated oil giant with production of about 440,000 barrels per day, including refineries and a network of gas stations in Europe and the United States.

2023: Net income of $1.25 billion

Trading house Gunvor Group Ltd recorded the second largest profit in its history at the end of 2023, but noted that market volatility, which contributed to growth, decreased.

In 2023, the Gunvor trader made a net profit of $1.25 billion.

The results follow similar figures released by other major commodity traders such as Trafigura Group and Louis Dreyfus Co.

Volatility during the year still exceeded historical levels.

2019: Bribery penalty in African countries

In October 2019, one of the world's largest power traders , Gunvor, was charged a multimillion-dollar fine for bribery in countries. Africa A company specializing mainly in trading oil must pay a fine of 94 million Swiss francs, the Federal Prosecutor's Office said. Switzerland

Gunvor between 2008 and 2011 (then Gennady Timchenko was a key owner) allowed bribery of officials in Congo and Kot-d to gain access to oil markets, while ignoring violations and alarms.

One of the Gunvor employees in August 2019 was already sentenced by a Swiss court to a suspended sentence of one and a half years. Investigative actions against other employees of the company continue.

2014: Turbjörn Turnqvist buys out Gennady Timchenko's stake

In the spring of 2014, businessman Gennady Timchenko sold a 45.5% stake in Gunvor^[1]

Turbjörn Turnqvist now owns 88.4% of the company.

2012: Memorandum with the Government of São Tomé and Príncipe on the construction of the company's first overseas oil loading terminal

In February 2012, Gunvor signed a memorandum with the Sao Tome and Príncipe government to build the company's first overseas oil loading terminal in the Gulf of Guinea.

1997: Gennady Timchenko and Turbjörn Turnqvist found the company

Gunvor was founded in 1997 by Russian businessman Gennady Timchenko and Swedish entrepreneur Turbjörn Törnqvist. Engaged in the trade in oil and petroleum products.

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