Gunvor reports record $2.36 billion net profit

Geneva-based energy and LNG trader Gunvor reported a record net profit of $2.36 billion in 2022.

The firm led by Torbjörn Törnqvist generated a historic gross profit of $4.881 billion for the year and correspondingly posted a historic record net profit.

“The performance was broad-based across all geographies and all desks, including refining and shipping,” Gunvor said.

The company’s revenue was $150 billion, compared with $106 billion the year prior.

Gunvor traded 165 million tonnes of crude oil, natural gas, LNG, and other commodities during 2022. This compares to 240 million tonnes in the same period last year.

It attributed the drop primarily to reduced trading in natural gas, howevher Gunvor expects this to rebound in the coming year.

Gunvor did not provide details regarding LNG volumes in 2022. This was also the case with 2020 and 2021.

According to the company’s website, Gunvor delivered 4 million tonnes in 2016, 7 million tonnes in 2017, 11 million tonnes in 2018, and 16 million tonnes in 2019.

The firm recently signed an LNG deal with US shale gas producer Chesapeake Energy.

In addition, Gunvor renewed a $1.565 billion loan facility in January to support its growing LNG business.

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