Gunvor Group Wins Rosneft Export Tender

Gunvor Group, the world’s fourth largest crude oil trading company owned by Gennady Timchenko and Torbjörn Törnqvist, announced today that it won a tender to export Rosneft petroleum products through the company’s Baltic and Black Sea oil terminals. A one-year contract between Gunvor Group and Rosneft will allow it to export up to 6 million tons of oil products from Rosneft’s refineries in Russia’s Samara region. “This is a landmark deal that results in a major Russian oil company receiving access to the most cost-effective export facilities created by Gunvor Group,” according to a press release by the company today. The Ust-Luga terminal on the Baltic Sea, which began commercial operations late last month, is 100% owned by Gunvor Group. The company also owns a 50% stake in the Novorossiisk oil terminal on the Black Sea.

Ben Priddy
Central Asian Analyst

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