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REFILE-Gunvor focuses on U.S. expansion, selling Rotterdam terminal -CEO
March 28, 2017 / 3:26 PM / 8 months ago

REFILE-Gunvor focuses on U.S. expansion, selling Rotterdam terminal -CEO

(Makes clear Gunvor selling its share in Rotterdam terminal)

LAUSANNE, March 28 (Reuters) - Trading house Gunvor will keep its focus on expansion in North America where it will establish trading across energy products, including gas, its chief executive said on the sidelines of a conference in Switzerland.

CEO Torbjorn Tornqvist, who spoke at the FT Commodities Summit, added that he expects to make an announcement on the sale of its share in a Rotterdam terminal by the end of June.

“It’s in process. People are now giving their bids. I expect to be able to do something before the end of June. We’ll probably announce that we are close to something,” he said.

Gunvor bought its share of Maasvlakte Olie Terminal in Rotterdam together with a refinery last year.

The trader is focused on expanding its presence in the United States and recently opened an office in Stamford, CT. It now counts about 20 people in the country since opening an office in Houston last year.

“We’re very serious about North America. We’ll be expanding there for years to come. We’re building this mainly around crude, gasoline, diesel, mainly stay in products but also gas,” he said.

“We expect to have quite a complete portfolio in trading energy assets there.”

Gunvor will however be losing a coal asset as Wescoal Holdings buys up all of Keaton Energy’s shares. Keaton is a coal producer in South Africa, in which Gunvor holds a 27 percent stake. (Reporting by Julia Payne, editing by David Evans/Ruth Pitchford)

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