The Geneva-based commodities group Gunvor is getting new owners and a new CEO. It all has to do with a Lukoil deal that the US is blocking.
The world’s largest energy trader, Gunvor, has given itself a new ownership structure and announced a change in leadership.
87 percent change of ownership
Majority shareholder and CEO, Torbjörn Törnqvist, is selling his shares to members of the company’s management, the Geneva-based commodities trader announced unexpectedly on Monday.
Törnqvist founded Gunvor in 1997 with his Russian business partner Gennady Timchenko and took over his shares shortly before sanctions were imposed in 2014.
Apart from the management, only Törnqvist still held an 87 percent stake.
However, the Americans recently prohibited the purchase of the foreign assets of Russian energy company Lukoil because Gunvor is said to still ‘have close ties’ to the Russian president.
American as CEO
Members of management had accepted a buyout agreement, it was stated in vague terms. There will still be no external owners, Gunvor went on to explain. However, it is not known exactly who will move in as the owner.
The idea had already been discussed at a leadership meeting in Morocco in 2022, the commodities trader continued.
Gary Petersen, who has been managing Gunvor America’s business in Houston since 2024, will serve as CEO.
The economist and veteran in the commodities business is a US citizen and will initially commute between Houston and Geneva, the commodities trader clarified the future arrangements.
Russian steps down
The change will be accompanied by further changes in the Board of Directors and Executive Management. Details will be announced at a later date, according to the communiqué.
The changes have not yet been entered in the Swiss commercial register. In that respect, it is a surprising move.
However, a British and a French national left the management of Gunvor International just a few days ago. A Russian national is also no longer part of the holding company.
Abandoning their blockade stance?
The US recently announced that Törnqvist was a puppet of the Kremlin. Therefore they opposed the sale of Russian company Lukoil’s foreign operations to Gunvor.
With the takeover by an American CEO and other followers, it is not yet clear whether the US will now abandon its opposition to the deal.
The ‘Russians’ have paid a high price by relinquishing their majority stake in Gunvor.
If the sale of Lukoil’s foreign assets does go ahead, the Russians will lose gas station networks across Romania and Bulgaria, as well as refineries. A later resale back to Russia, which would certainly have been an option for Törnqvist, is now off the table.
Blackrock’s counter-deal
None of this would be surprising, as the Americans are hoping for another deal that is currently being blocked by the Chinese.
And that is the purchase of parts of the Panama Canal – for around 23 billion dollars by US asset manager Blackrock – in which Geneva-based MSC Group plays a key role.
Logically, these transactions were the main topic of discussion at the recent meeting of Swiss business leaders with US President Donald Trump in the Oval Office.
Geneva is and remains the hub for business dealings of all the major powers.
01.12.2025/kut./ena.
