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Torbjörn Törnqvist

Gunvor Faces 42 Percent Profit Drop in 2024 Despite Revenue Boost

The oil trading company Gunvor, with Swedish billionaire Torbjörn Törnqvist as CEO and major shareholder, reports a profit decline of 42 percent for 2024. The net profit fell to 729 million dollars, while the turnover increased to 136 billion dollars – due to larger trading volumes of both crude oil and refined oil products, according to Gunvor's annual report for last year.
Gunvor Faces 42 Percent Profit Drop in 2024 Despite Revenue Boost

Gunvor Restructures Leadership After Oil Trading Setbacks

Gunvor Group, one of the world's largest players in oil product trading, is clearing out its management team after certain major setbacks in crude oil trading last year. This includes, among other things, trading in so-called North Sea oil that went wrong, according to the founder, major shareholder, and CEO Torbjörn Törnqvist.
Gunvor Restructures Leadership After Oil Trading Setbacks
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