FT: Gunvor in sale talks with Abu Dhabi’s Adnoc

THE FINANCIAL TIMES reports:

Abu Dhabi National Oil Company has held talks with Gunvor about acquiring all or part of the trading house in a deal that would significantly increase the United Arab Emirates’ reach in global commodity markets.

The talks are at an early stage and may not result in a deal, according to two people familiar with the discussions.

However, any investment in Gunvor would be in line with the UAE state oil producer’s strategy of diversifying its revenue streams and building out its trading division.

Gunvor chief executive Torbjörn Törnqvist, who controls almost 90 per cent of the company, has been considering a sale for some time. He held unsuccessful talks in 2019 with Algeria’s state-backed energy company Sonatrach and has discussed potential tie-ups with other trading houses in the past, according to people familiar with the discussions.

In March he told an FT conference that he would consider selling part of the company to help fund its growth…

The full story can be read here.

Also of interest: “Adnoc ‘in talks’ to create shipping and chartering giant with Gunvor deal“.