Torbjorn Tornqvist Net Worth is
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Gunvor Group Ltd is a global commodity trading company registered in Cyprus, with its main trading office in Geneva, Switzerland. Gunvor also has trading offices in Singapore, the Bahamas, and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil upstream and delivering it to market via pipelines and tankers.
The company, which was founded in 2000, is the fourth largest crude oil trader in the world after Glencore, Vitol, and Trafigura. The company was co-founded and controlled by Gennady Timchenko together with TorbjA?rn TA?rnqvist; however, due to United States sanctions, Timchenko sold his stake in the company to TA?rnqvist in March 2014..
Gunvor's largest single supplier of crude oil is Russia, though the company also trades African, Asian, and South-American crude and is active on all continents. In 2011, Gunvor was trading less than 20% of Russia's seaborne oil.

"Gunvor" is an Old Norse name meaning "careful in fighting".
Gennady Timchenko and TorbjA?rn TA?rnqvist began working together in 1997, and formalized Gunvor in 2000. In 2003, the company started operations in Geneva.
According to the Financial Times, until 2007 the company was a "niche player" focused on exporting Russian oil through Estonia, relying on the expertise of its two founders in the oil business, Russian market and transit logistics. TorbjA?rn TA?rnqvist is a Swedish citizen born in 1953. He has traded oil across the world for over twenty years, beginning his career at BP. Gennady Timchenko is a Finnish citizen born in the Soviet Union in 1952. He has more than 20 years experience in the oil industry, beginning with the Kirishi refinery during perestroika, and was one of the first Russians to export oil to Europe after the Soviet Union c

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Torbjorn Tornqvist Latest News

NIOC Reaches Out to Int'l Firms for Tenders

Concerns were echoed by Gunvor Group managing director Torbjorn Tornqvist and Trafigura chief financial officer Christophe Salmon. Limits on where crude can be sold remain a sticking point as it reduces a trader's ability to maximize profit margins ...
Posted: October 15, 2016, 3:31 pm

Oil Merchants Contend With New Market Reality, Possible OPEC Deal

Gunvor’s CEO Torbjorn Tornqvist explained why profits are taking a hit: “If you are going to be successful, you have to spot [arbitrages] quickly because competition is intense … We have to be better and faster in order to survive because these are ...
Posted: October 19, 2016, 3:00 pm

OPEC Invites Russia For Meeting To Boost World Oil Prices

There are too many uncertain factors involved", Gunvor Group's Chief Executive Officer Torbjorn Tornqvist said, adding that rising Nigerian and Libyan output were enough to "wipe out any other deal that has been agreed."Marco Dunand, CEO of Mercuria Energy ...
Posted: October 15, 2016, 1:32 pm
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