Russia, Gunvor

Surgutneftegas signed a trade contract for grease oil supply with Gunvor

​On the results of the tender Gunvor signed a trade contract with Surgutneftegas for grease oil supply.
In the framework of the contract Gunvor will take up to 5.6 mln tons of grease oil in June-December 2016 from the Ust-Luga port.
Grease oil produced at the Kirishi oil refinery plant was sold by $25/ton higher and a $7/ton discount.
The relationships between 2 companies are very interesting.
Mr. Navalny paid attention to that in 2008.
Being a minority shareholder of Surgutneftegas he said that the profit of Surgutneftegas might stay on the accounts of Gunvor and both companies were just mythical representatives of the Russian oil and gas sector.

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FAS granted the motion of Gazprombank to buy 50% in the Neva Pipeline company from Gunvor

The Federal Antimonopoly Service (FAS) of Russia has granted the motion of OOO “Tradeskan Consultants Limited”, belonging to “Gazprombank”, on the purchase of 50% in the “Neva Pipeline Company” from Gunvor. FAS reports.

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Gunvor to buy back its bonds early

Swiss trader Gunvor (88% belong to Torbjorn Tornqvist) has sent an offer for early redemption to holders of bonds, the maturity of which will expire in 2018, the company’s message on the Singapore Exchange says. The offer was caused by the sale of assets in Russia, a representative of Gunvor explained. Under the agreement for the placement of bonds we have a year to submit such proposal to investors, but Gunvor decided to do it now, because the company has good liquidity and the ability to borrow more cheaply, he said. The transaction on sale of 74% of Ust-Luga Oil, Sandmark Operations Ltd. and Ust-Luga Logistics LLC. Has been completed, it brought the company approximately $1.7 billion of the net profit, Gunvor explains in its message.
The trader placed five-year bonds for $500 million in 2013, the coupon rate was 5.9%. The prospectus for the placement says that the money was attracted in the "general corporate purposes". Earlier, Gunvor has bought the securities for $154 million.

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Gunvor returns Russian.

Andrey Bokarev got another asset of the trader.
Speculation that the assets of oil trader Gunvor, the share in which Gennadiy Timchenko sold Swedish partners a day before the introduction of the US sanctions against the businessman, will stay long under foreign control is confirmed. Following "Kolmar" Gunvor sold control of oil product terminal "Ust-Luga Oil" to the structure of businessman Andrey Bokarev. He began working with Gennadiy Timchenko even before the sanctions, becoming in 2012 the owner of the railway operator "Transoil". But the terminal was the largest deal in the history of this partnership - analysts estimate the share in it at 70 billion roubles.

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Trafigura buys more from Rosneft than other traders

In the period from January to May, commodity trader Trafigura acquired 3.8 million tons of oil from Rosneft. This is reported by Argus Media. Thus, Trafigura became the largest foreign partner of Rosneft in the first five months of 2015. For comparison, according to Argus Media, in the same period Rosneft sold the nearest pursuer of Trafigura - Swiss Glencore – 3.2 million tons. Shell received 1.9 million tons, Vitol – 1.74 million, Gunvor - 890 thousand and BP - 180 thousand tons.
According to Argus Media, based on information of Transneft, in the first five months of this year, Rosneft exported 38.8 million tons of raw materials. 18 million tons of them - by sea. Thus, the Trafigura’s share in total exports of Rosneft is about 10%.
A representative of Rosneft declined to comment on RBC data on export deliveries. Trafigura’s representative Victoria Dis refused to disclose details of the transactions with Rosneft. She confined herself to a refer to Trafigura’s report for the period from October 2014 to March 2015. The company stated in it that its access to Russian oil increased from 2013, when its division was opened in Moscow.
Capitalize it
In spring of 2015, the mass media wrote about the growth of the oil purchases from Rosneft by Trafigura. The success of the trader was caused by features of its contracts with Rosneft, which actually allows it to lend Rosneft without violating Western sanctions.

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In 2014 Gunvor was returned 10% of investments in oil product terminal in Ust-Luga in the form of dividends.

Gunvor has received 3.3 billion roubles in the form of dividends from "Ust-Luga Oil" (the oil product terminal in the port of Ust-Luga, the structure of Gunvor owns 100% of the terminal) in 2014, according to the report of the terminal operator for 2014. Of these, 1.7 billion roubles are part of the retained earnings for 2009-2012 (2.7 billion roubles are left in retained earnings). In 2013 Gunvor has received only 766 million roubles in the form of dividends from "Ust-Luga Oil" for the first nine months of 2013. During 2012 no dividends were paid. The company did not disclose information on the payment of dividends until 2012.

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Timchenko has announced plans to sell its stake in "Kolmar" to the Chinese.

Volga Group of the Russian billionaire Gennadiy Timchenko plans to sell its stake in the coal company "Kolmar" to investors from China, "Interfax" informs.
"I'm waiting for the Chinese", - Timchenko stated in response to a question about the possible sale of his stake in "Kolmar". The billionaire added that the minority owners of "Kolmar" might also sell their shares to the Chinese.

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Gunvor sells 30% of coal company Kolmar

The buyers are the structures of Andrei Bokarev and Iskander Makhmudov, major shareholders of UGMK. After the sale of the asset, the Volga Group of Timchenko will still have 30%. Pronedra previously reported that within balancing the portfolio of its assets, Gunvor planned to get rid of Russian companies.

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Gunvor has attracted a $550 mln credit line

​Gunvor Singapore Pte (in the structure of Gunvor) has attracted a $550 mln loan.
The credit line is opened by 2 tranches for 1 and 2 years. The loan will be spent by Gunvor to refinance another loan of $546.6 mln attracted in June 2014.
The organizers of the credit line were DBS Bank Ltd, ING Bank N.V. (Singapore Branch), Malayan Banking Berhad, (Singapore Branch), Oversea-Chinese Banking Corporation Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Singapore Branch) as well as Societe Generale (Singapore Branch).
Gunvor is in the top-3 largest oil traders in the world along with Glencore and Vitol. The company was founded in 1997, registered in Switzerland. The revenue in 2012 made up $93 bln. Gunvor holds on the parity basis with NTMP a company “Novorossiysk grease oil terminal”. Gunvor also holds the oil products port at the terminal in Ust-Luga.

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FAS asks companies to sell oil and oil products in rubles

The Federal Antimonopoly Service (FAS) has offered to return to the idea of ​​selling a part of oil and oil products, which are exported, for rubles, head of the agency Igor Artemyev reported to the Interfax. "We have now returned to this idea, because it is necessary to help the ruble," - he said. This idea was expressed a few years ago - and even the President’s message then spoke of the need to develop appropriate mechanisms, he recalls. However, that time the ruble was too fortified.
Sale of only 10% of raw materials for rubles would require buyers to purchase the Russian currency equivalent to about $15 billion, which is comparable with the intervention of the Central Bank, said Artemyev.

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