Gunvor Group, one of the biggest multinational oil traders, has held talks with rivals about the possible sale of its business, the Wall Street Journal newspaper said, citing two people familiar with the source.
Such a transaction was being discussed by at least two competing traders. However, the newspaper has no information about the stage of the negotiations, nor did it provide details on the parties of the negotiations.
CEO and main shareholder of Gunvor, Thorbjørn Törnqvist, told the newspaper that at present the group has no plans for selling the business. “I intend to remain the main shareholder of the group in the foreseeable future,” he said.
Gunvor, which previously was one of the main sellers of Russian oil, sold its assets in Russia. In 2016, Gunvor’s net profit after tax payments fell four times compared to the previous year, down to $315 million.