Abu Dhabi's ADNOC is eyeing commodities trader Gunvor. A valuation involves guesswork, and it used to be owned by a target of U.S. sanctions. But the UAE could use the company's roster of gas client relationships, and it has the cash, argues gfhay
Buying trading businesses carries the risk that its main assets – its people – walk out the door. Until 2014 Gunvor was also majority-owned by Gennady Timchenko,by the United States for his links to Russian President Vladimir Putin. While Swede Torbjorn Tornqvist bought his stake and runs the company, the history might make some Western buyers hesitate.
and BP’s volumes, and is smaller than Trafigura or Vitol. Yet it’s one of the biggest traders of liquefied natural gas , a market Abu Dhabi covets as Europe strives to replace Russian energy. With the UAE set to more than double annual LNG export capacity to over 15 million tonnes, it could use a roster of customers to accompany symbolic yet limited supply deals with the likes of Germany.
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