Bloomberg News

Gunvor Group Sees Revenue Rising 23% to $80 Billion This Year

October 10, 2011

Oct. 10 (Bloomberg) -- Gunvor Group Ltd. estimates revenue will increase 23 percent to $80 billion this year, co-founder and Chief Executive Officer Torbjorn Tornqvist told Vedomosti in an interview that was confirmed by spokesman Anton Kurevin.

Gunvor has not received any “administrative” support from the Russian government to build its energy trading operations, Tornqvist said. The commodity trader’s other founder, Gennady Timchenko, hasn’t used his acquaintance with Prime Minister Vladimir Putin to advance the business, according to the interview.

Gunvor will seek to expand via acquisitions, about half of which will be focused in Russia, Tornqvist said.

The trader sees coal demand growing faster than oil demand in the next 20 years, especially in Russia’s Far East, he said. Gunvor also plans to develop grain, sugar and ethanol trading, he said. The trader said in July it will join the Kolmar coal project in eastern Siberia after funding the purchase of a 51 percent stake with a loan convertible into equity.

Gunvor’s revenue last year was $65 billion, he said.

--Editors: Torrey Clark, Tony Barrett

Stock <Equity>

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.


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