Gunvor

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.

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

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 energy traders , Gunvor, was charged a multimillion-dollar fine for bribery in African countries. 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.

Notes