The Abu Dhabi National Oil Company (ADNOC) is considering buying a stake in commodity trading company Gunvor or acquiring the entire company, Bloomberg and Reuters reported on Wednesday.
Informed sources told Bloomberg that ADNOC – owned by the Abu Dhabi government – was in early talks about the deal with Gunvor, which has been looking for years for a buyer or partner with a minority stake in an effort to help expand its business and inject capital.
Torgjörn Turnqvist holds a majority stake of over 88% in Gunvor, and is the company’s co-founder and CEO.
Founded in 2000, Gunvor Corporation is one of the world’s largest private energy trading companies, trading in crude oil and petroleum products, natural gas, liquefied natural gas, coal, and more. The company has investments in industrial infrastructure, including refineries, pipelines, crude oil depots and ports, according to its website.
Gunvor achieved record profits in the first half of this year, amounting to 841 million dollars, according to Bloomberg.
(Prepared by: Maryam Abdel-Ghani, contact [email protected])
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