(Bloomberg) — Gunvor Group Chairman Torbjörn Törnqvist mentioned the buying and selling home is trying to purchase extra property, constructing on a flurry of offers it has made by deploying bumper earnings from current increase years.
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“If I have been to select one space the place we wish to add, it’s US fuel manufacturing,” Törnqvist mentioned in an interview at CERAWeek by S&P World in Houston. “$4 pure fuel is an effective value for the suitable asset,” he mentioned, including that the agency already has some pure fuel manufacturing within the US.
Like different vitality buying and selling homes, Gunvor has confronted an more and more difficult buying and selling market for the reason that increase years of 2022 and 2023. The corporate has ramped up investments in fuel and bodily property to shore up earnings, together with a deal to purchase 75% of a Spanish energy plant final 12 months.
Gunvor, which has ordered three liquefied pure fuel carriers and has offtake offers with US exporters Delfin Midstream Inc. and Develop Vitality Corp., additionally elevated LNG volumes final 12 months.
In oil, Gunvor is unlikely to make important investments in shale at this stage as a result of it’s extra delicate to the costs and finally has a better price than typical oil, Törnqvist mentioned on Monday.
“We simply don’t have the know-how for operations,” he mentioned.
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