Gunvor diversifying assets and seeking closer ties with Rosneft

As reported in the Russian media in October 2012, Gunvor and Rosneft appear to be closing ranks, with Gennady Timchenko’s oil trader diversifying its interests. Gunvor has acquired over the past year two refineries in Europe, in Antwerp (5.4 million tonnes a year) and Ingolstadt (5.5 million tonnes). Now, the oil trader has been holding negotiations with Rosneft on potential joint exploration and production projects.

On 9 October Gunvor co-owners Gennady Timchenko and Torbjörn Törnqvist met up with Rosneft President Igor Sechin at Rosneft’s offices. As well the oil trading business, companies linked to Timchenko own major rail operator Transoil, which carries oil and products. In addition, Gunvor owns together with Ziyavudin Magomedov’s Summa Capital the Novorossiysk Fuel Oil Terminal, which is used to transport Rosneft’s oil products.

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