UAE’s ADNOC in early talks over stake in energy trader Gunvor – sources

An overview of ADNOC headquarters in Abu Dhabi, United Arab Emirates on May 29, 2019. REUTERS/Christopher Pike

DUBAI, Sept 21 (Reuters) – Abu Dhabi National Oil Company (ADNOC) is in early talks to acquire or take a stake in energy trader Gunvor Group, a source with direct knowledge of the matter said.

Gunvor and ADNOC declined to comment.

Gunvor has been looking for a buyer or minority partner for years. In March, Gunvor co-founder and CEO Torbjorn Tornqvist said he was looking for partners to help expand the business and inject capital.

Tornqvist is a major shareholder in the company, which posted record profits in both 2021 and the first half of this year. read more

Oil majors, trading firms and banks have been profiting from the turmoil in energy markets, especially in natural gas, after Russia invaded Ukraine in February.

Its value grew to $4 billion in the first half of the year, Gunvor said.

ADNOC has been slowly building a trading arm since 2018 and now has two – ADNOC Trading, which focuses on crude oil trading, and ADNOC Global Trading, a joint venture with Italian Eni (Enimi) and Austrian OMV (OMVV.VI) More focus on refined products.

Bloomberg was the first to report ADNOC’s interest.

Reporting by Maha El Dahan in Dubai; Additional reporting by Julia Payne; Editing by Bill Burcrot

Our standard: Thomson Reuters fiduciary principles.