Gunvor Eyes U.S. Oil, Gas Activities

January 25, 2013

Reuters reports that Swiss-based trading house Gunvor, once dominant in the Russian crude oil market, is looking at new oil and gas opportunities in the United States, its chief executive said on Thursday.

Torbjorn Tornqvist said that Gunvor was still in the Russian oil products market, but was looking further afield.

"We are continuously expanding and diversifying, while maintaining our core business, which is crude oil and we expect to expand that as well," he told Reuters at the World Economic Forum in Davos.

"We are looking to expand geographically where there are opportunities, such as in the United States, which today has many opportunities in oil and gas."

Gunvor at one point handled as much as 40 percent of Russia's seaborne exports, but was left with no Russian crude oil to sell last year after a major tender by state oil firm Rosneft.

Tornqvist, who founded privately-owned Gunvor with Gennady Timchenko in 1999, has previously said the share of Russian oil in the company's commodity portfolio would gradually decline as its other interests grew.

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