Latest news with #Gunvor
Reuters
09-07-2025
- Business
- Reuters
Gunvor plans to halt oil terminal activities at Europoort refinery
LONDON, July 9 (Reuters) - Global commodities trading house Gunvor intends to mothball the terminal activities at its Europoort oil refinery in Rotterdam, Netherlands, a company spokesperson said on Wednesday. Gunvor will consult the works council at the refinery over its plans, the spokesperson added. Seven months ago the company announced its intention to mothball the processing units at the refinery and use it as a terminal only. Gunvor said the decision to mothball the terminal was taken because of an "uncertain investment climate in the Netherlands", a statement read without providing further detail. The company added that energy transition projects it is developing at the site, including a deal with Varo to produce sustainable aviation fuel, will not be affected.
Reuters
12-06-2025
- Business
- Reuters
Decision on oil refiner Italiana Petroli's sale expected around end-June, sources say
MILAN, June 12 (Reuters) - Italiana Petroli, which is currently in talks with three suitors interested in buying the oil refiner, is expected to take a decision on the potential 3 billion euro ($3.5 billion) deal around the end of this month, two sources with knowledge of the matter said on Thursday. Global commodity trader Gunvor, State Oil Company of Azerbaijan (SOCAR) and Abu Dhabi-based Bin Butti Group have all presented binding offers to buy the 100% of the privately-held group, sources previously said. One of the two sources told Reuters that other industrial groups from the Middle East have reached out to the Italian company to signal their interest in case ongoing negotiations fall through and the seller decides to re-open the process. One of the sticking points in current talks is the valuation, the sources said, adding the seller - the Brachetti Peretti family - is seeking around 3 billion euros. Italiana Petroli and Gunvor declined to comment. SOCAR and Bin Butti Group were not immediately available to comment on negotiations. The refiner last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. The group, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations. It increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets. It currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east. Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8633 euros)
CNA
05-06-2025
- Business
- CNA
Trafigura warns of volatility in 2025 as first-half profit inches up
LONDON :Commodities traders could struggle to capitalise on politically driven market volatility rather than supply and demand disruptions in 2025, trading house Trafigura said on Thursday, as it reported a slight rise in first-half net profit. The unlisted Swiss-based trading house reported a 3 per cent rise in net profit to approximately $1.52 billion for the six months ending March 31, stabilising after a sharp drop in its 2024 full-year results, when the company discovered a $1.1 billion fraud in Mongolia. Trafigura, alongside rivals Vitol and Gunvor, also reaped lower profits in 2024 as the post-pandemic recovery and commodity price shocks following Russia's invasion of Ukraine faded, ending a boom period for commodities in 2022-2023. The first half of its 2025 financial year coincided with the beginning of U.S. President Trump's second term, whose trade and foreign policies have thrown global markets into turmoil. While market volatility is often seen as an opportunity for traders, Trafigura struck a cautious tone about the nature of the volatility rocking markets in 2025. "Increased volatility may not necessarily translate into physical trading opportunities, as current market movements are driven more by policy-focused decisions rather than traditional supply-demand disruptions, Trafigura Chief Financial Officer Stephan Jansma said, adding that he anticipated that turbulence would continue in the second half of the year. "This is clearly a volatile environment and not one that supports strong commodity demand," the firm's chief economist, Saad Rahim, said. The period also marked a leadership transition at Trafigura, with Richard Holtum taking over from Jeremy Weir on January 1. Holtum said the firm serves as a "shock absorber for volatility and risks in global supply chains." REVENUES DOWN ON OIL AND GAS First-half revenues fell by 4 per cent to $119.2 billion, due to lower commodity prices, the firm said, with oil and gas volumes unchanged on the year at around 7.2 million barrels per day. Trafigura traded 9.9 million metric tons of non-ferrous metals, down from 10.4 million in the same period last year, citing a focus on "profitable tonnages." Bulk minerals volumes fell to 43.4 million tons, compared to 54.7 million in the first half of 2024.
Yahoo
30-05-2025
- Business
- Yahoo
Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli
-- Global commodity trader Gunvor and the State Oil Company of Azerbaijan (SOCAR) are in a tight competition to acquire oil refiner Italiana Petroli, according to a Reuters report on Friday. The final offers for the privately-owned Italian company are due by the end of May. The Abu Dhabi-based Bin Butti Group is also anticipated to submit a bid. However, their chances of acquiring the company are thought to be lower as they entered the sale process later and have had less time to evaluate the refiner. The Brachetti Peretti family, the sellers of Italiana Petroli, are reportedly seeking a valuation of approximately 3 billion euros ($3.4 billion) for the entire group. Last year, the group reported an adjusted core profit of nearly 500 million euros and had a net cash position of 408 million euros at the end of December. Related articles Gunvor and Azerbaijan's SOCAR reportedly competing to acquire Italiana Petroli Saudi Arabia reportedly planning massive Airbus order Citi adds Knight-Swift to catalyst watch Sign in to access your portfolio
Reuters
30-05-2025
- Business
- Reuters
Gunvor, SOCAR neck and neck to buy refiner Italiana Petroli, sources say
MILAN, May 30 (Reuters) - Global commodity trader Gunvor and State Oil Company of Azerbaijan (SOCAR) are neck and neck in the race to buy oil refiner Italiana Petroli, three sources close to the matter said on Friday, as an end-May deadline to submit final offers looms. Abu Dhabi-based Bin Butti Group is also expected to submit a bid, but its chances to acquire the privately-owned Italian company are considered slimmer as it joined the sale process only recently and has had less time to study the refiner, the sources said. Two of the sources said the seller, the Brachetti Peretti family, was seeking a valuation of around 3 billion euros ($3.4 billion) for 100% of the group, which last year posted an adjusted core profit of nearly 500 million euros and had net cash of 408 million euros at end-December. Gunvor and Italiana Petroli declined to comment. SOCAR and Bin Butti were not Noavailable to comment. Italiana Petroli's sale comes after commodity trading house Vitol last year bought Italian oil refiner Saras from the Moratti family, highlighting private investors' desire to withdraw from an increasingly volatile business area. IP, which is being advised by UniCredit, has a total refining capacity of around 200,000 barrels per day. It also has a network of 4,600 fuel stations. The group increased its refining and fuel storage capacity in late 2023 when it finalised the acquisition of Exxon Mobil's (XOM.N), opens new tab Italian assets. IP currently owns a refinery in Ancona, eastern Italy; the SARPOM refinery in Trecate in the north; and has a tolling contract for the Alma refinery in Ravenna, towards the north east. Trecate deals with the production of different kinds of fuel, including aviation propellant, while the other two plants produce bitumen. The sources said both SOCAR and Gunvor had conducted in-depth analyses of the company and visited IP's industrial sites to prepare their final offers. SOCAR is being advised by Italy's Intesa Sanpaolo IMI CIB. Rothschild is working with Gunvor. ($1 = 0.8819 euros)
