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2013 Figures
CONTENTS
INTRODUCTION
Strategic Growth
Our History
Key Figures
A Global Business
3
5
6
8
13
APPROACH, CULTURE & VALUES
Our People
Risk Management
Compliance
SHE
Logistics
Technology
Finance
14
17
18
19
20
22
23
25
TRADING
A Physical Trader
Crude Oil
Refined Products & Energy
Metals & Bulk
26
29
30
32
36
ASSETS & INVESTMENTS
Terminals
Refineries
Pipelines & Storage
Mining
Upstream
38
40
48
54
56
64
US $91 billion
TURNOVER
131 million MT
VOLUME
~US $2 billion
VALUE OF INDUSTRIAL ASSETS
Gunvor Group is one of the world’s largest independent commodities trading houses by
turnover, creating logistics solutions that safely and efficiently move physical energy,
metals and bulk materials from where they are sourced and stored to where they
are demanded most. With strategic investments in industrial infrastructure—refineries,
pipelines, storage, terminals, mining and upstream—Gunvor further generates
sustainable value across the global supply chain for its customers.
GUNVORGROUP.COM | @GUNVOR
3
Strategic Growth
Gunvor has evolved strategically to become one of the world’s leading independent
commodities trading houses. We trade across a diversified portfolio, operate in more than
35 countries, and possess an industrial asset base valued in excess of US $2 billion.
Shanghai
4
GUNVORGROUP.COM | @GUNVOR
2009
2010
2011
US $ 91 billion
Dubai
US $ 93 billion
Nassau
Our investments and wholly-owned assets provide greater
control over commodity sourcing and distribution, create
a foundation for diversified income streams, and give us
a significant competitive advantage in the worldwide marketplace.
Revenue
US $ 87 billion
Singapore
While Gunvor remains a physical trader at heart, we have
strategically invested in upstream, midstream and downstream
assets to create a platform for international expansion. Today,
Gunvor serves an important role in helping to smooth worldwide
energy markets. We source crude oil and refined oil products
from more than 35 countries, have industrial assets worth
in excess of US $2 billion, and work with more than 70 global
financial institutions, balanced across Asia-Pacific, the Americas,
the Middle East and Europe.
$91
billion
US $ 69 billion
Geneva
G
Gunvor had 2013 revenue of
US $ 50 billion
GLOBAL
unvor was founded in 2000 as a merchant of crude
oil and oil products. From the very beginning we
differentiated ourselves by committing to long-term
business relationships and the application of innovative
trading solutions. By combining our regional market knowledge
with global logistics we have earned a reputation for reliably
acquiring, marketing and moving energy commodities from areas
of surplus to those with greatest demand.
2012
2013
GUNVORGROUP.COM | @GUNVOR
5
Our History
2000: Founded to
trade crude oil from
the Gulf of Finland
2005: Increased
global diversification
of trade flows
2003: Established
head trading office in
Geneva, Switzerland
6
GUNVORGROUP.COM | @GUNVOR
2008: Made first
asset investment,
Ust-Luga Oil
2007: Opened trading
office in Singapore
2009: Opened trading
office in Nassau,
Bahamas
2009: Added
trading desks for
coal, natural gas,
biofuels and carbon
emissions
2011: Opened
trading office in
Dubai, UAE
2011: Made first coal
mining investment,
Signal Peak Energy
2013: Listed inaugural
bond on Singapore
Exchange (SGX)
2012: Acquired
refineries in Belgium
and Germany
2013: Opened
trading desk for
metals
GUNVORGROUP.COM | @GUNVOR
7
Key Figures
NUMBER
OF COUNTRIES SOURCING
CRUDE OIL & PRODUCTS
NUMBER OF BARRELS
OF CRUDE OIL & PRODUCTS
TRADED DAILY
GLOBAL
BANKING
PARTNERS
8
GUNVORGROUP.COM | @GUNVOR
>35
2.5
million
>75
YEAR COMPANY
WAS FOUNDED
NUMBER
OF EMPLOYEES
WORLDWIDE
CONSECUTIVE
YEARS OF PROFITABLE
OPERATION
2000
ACTIVE
~ 1,600
Africa
Americas
Asia
14
GUNVORGROUP.COM | @GUNVOR
Europe
Middle East
9
10 GUNVORGROUP.COM | @GUNVOR
discover more
PIPELINE & TERMINAL
Baltic Sea, Ust-Luga
SERVICES
Tallinn, Estonia
OFFICE
Amsterdam,
The Netherlands
COAL MINING
Roundup, Montana
TERMINAL
Black Sea,
Novorossiysk
REFINERY
Antwerp, Belgium
UPSTREAM
Lagansky Block,
Caspian Sea
COAL MINING
Neryungri, Russia
REP OFFICE
Ulaanbaatar, Mongolia
REP OFFICE
Almaty, Kazakhstan
REP OFFICE
Beijing, China
REFINERY
Ingolstadt, Germany
TRADING OFFICE
Geneva, Switzerland
REP OFFICE
Shanghai, China
JOINT VENTURE
Tashkent,Uzbekistan
TRADING OFFICE
Nassau, The Bahamas
OFFICE
Nicosia, Cyprus
REP OFFICE
Abuja, Nigeria
TRADING OFFICE
Dubai, United Arab Emirates
TRADING OFFICE
Singapore
PIPELINE
David, Panama
Gunvor’s main trading centers
are in Geneva, Singapore,
Nassau and Dubai. We also
operate
through
service
centers, representative offices
and branches throughout
the world.
Gunvor’s activities along the energy supply chain and physical presence throughout the world
provide detailed insights into the nature of the marketplace locally, regionally and globally. Such
information supports our ability to identify and capture trading opportunities and enhances our
business profitability.
Wherever we operate we establish long-term partnerships based on transparency and mutual
respect. We aim to share expertise, provide training and build local capabilities so that our
trading and investments deliver benefits to the people, communities and businesses we partner
with and serve.
TERMINAL
Karimun, Indonesia
REP OFFICE
Bogotá, Colombia
Map & Locations
A Global Business
COAL MINING
Johannesburg, South Africa
REP OFFICE
Buenos Aires, Argentina
GUNVORGROUP.COM | @GUNVOR 13
Approach, Culture
& Values
To support our commercial activities we created an organizational platform founded on talented
people who ensure operational excellence, precise risk management, and meticulous financial
controls. Through all our endeavors we maintain the very highest standards. Gunvor values
health, safety and the environment, employee rights, compliance with local and international
laws, and being a committed partner to governments and communities.
14 GUNVORGROUP.COM | @GUNVOR
~1,600
EMPLOYEES
~500
~500
~600
Our People
Innovative and dedicated. Pragmatic and responsible. The talented people we employ at every
level and in each part of our business align growth and profitability with a commitment to good
corporate governance.
G
unvor attributes our continuing growth and success
to our employees, who provide a tremendous level of
commercial and technical expertise across the global
energy markets. They are dynamic and engaging,
and strive for the opportunities Gunvor provides for growth
and development. They further maintain the highest levels of
integrity.
TRADING SPECIALISTS
Gunvor is very selective and our standards of performance are
high. We encourage creativity and independence, and strive
to maintain a diverse working environment. Our more than 20
facilities and operations are run primarily by local management,
who provide keen market intelligence and analysis. They are
complemented by staff with high strategic value.
TERMINAL OPERATORS
We further believe in developing individuals who have the
professional and interpersonal skills to help drive our continuing
success. We offer opportunities for professional and personal
development, and enable employees to take ownership of their
personal growth.
To help foster the next generation
of trading talent, Gunvor supports
the Masters degree in International
Trading,
Commodity
Finance
& Shipping, which is run by the
University of Geneva in collaboration
with the GTSA (Geneva Trading and
Shipping Association).
REFINERY WORKERS
16 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 17
>75
Number of Global
Banking Partners
18 GUNVORGROUP.COM | @GUNVOR
Risk Management
Compliance
Our ability to effectively manage the risk inherent
in commodities trading is fundamental to Gunvor’s
continued development and stability. It contributes to
our positive financial performance and helps mitigate
earnings volatility.
The regulatory landscape in which Gunvor operates
is becoming ever more consistent, comprehensive
and transparent. We wholeheartedly support such
developments and are proactive in refining our
procedures to ensure compliance.
F
inancial, operational and market risks are an integral
element of commodities trading and physical supply.
They cannot be wholly avoided, but can be planned
for and managed. Gunvor maintains sophisticated risk
management systems, processes and controls. Risk policies
are determined centrally, exposures are analyzed daily, and
our procedures are continuously reviewed and updated.
Gunvor applies a range of risk management tools to minimize
overall exposure at any one point in time. These include:
•
Financial derivative instruments to hedge commodity
price and foreign currency exchange rate risks
•
Insurance to hedge various operational risks including
freight-related and political risks
•
Due diligence prior to acquisition and good management
after acquisition to hedge environmental risks
•
Ready access to sufficient capital and funding to hedge
liquidity risk
•
Strict policies and procedures to hedge counterparty
relationships, fraud and regulatory risks
B
eing a physical energy trader, Gunvor is subject to
oversight from more than 70 regulatory authorities
worldwide. Virtually every aspect of our business is
affected to a greater or lesser degree by regulations
covering health and safety, insurance, emission and
environmental control, product, cargo and financial crime,
international trade and sanctions, and banking, exchange and
derivatives market rules.
To ensure compliance within such an extensive and constantly
evolving regulatory environment, we maintain rigorous
corporate protocols and a strict compliance program. This
activity is overseen by our Compliance Department, which
provides oversight, advice and training for Gunvor trading
centers worldwide. In all operations, Gunvor adheres to the
laws and regulations to which it is subject, both international
and local, in the jurisdictions in which it operates.
Gunvor is proactive in addressing
evolving compliance standards.
This includes taking steps to
strengthen contract language
with counterparties to enhance
contractual prohibitions against
trading with countries and entities
under economic sanctions.
GUNVORGROUP.COM | @GUNVOR 19
Safety, Health, Environment
0%
Zero Incident Goal:
no accidents and no damage to the
environment
Gunvor assigns the highest priority to preserving
the health, well-being and safety of our people, our
customers and communities affected by our operations;
as well as respecting and protecting the environment
in the countries within which we do business. We aim
for a zero incident approach: no accidents, protection
of our staff and no damage to the environment.
A
t Gunvor, we are committed to the following
principles and expect all who work in our business
to act in accordance with them:
Prevention of Injuries, Incidents & Occupational Illnesses
We believe that injuries, incidents, and occupational illnesses
are preventable and that incident and near miss reporting
and investigation are of fundamental importance in their
prevention.
Promoting Environmental Protection
By operating our business in the most efficient way we
work to reduce the impact on the environment and the local
communities that surround our operating entities. Our aim is to
work in harmony with our surroundings and to provide economic
benefit to local communities, our customers and suppliers.
20 GUNVORGROUP.COM | @GUNVOR
Compliance with Laws, Regulations & Gunvor Standards
We have clear safety, health, environmental, human rights
and community expectations within our corporate governance
structure. All Gunvor entities are required to adhere to these
corporate expectations and to comply with all applicable
laws and regulations. We also aim to promote Gunvor
expectations across our supply chain, where possible.
Learning
We have programs in place that encourage learning from
incidents. Although we are promoting a zero-harm vision, we
understand that incidents can happen, but will do all that we
can to avoid their repetition.
Continuous Improvement & Commitment
High standards required in all areas of safety, health
and environment require continuous improvement and
commitment by everyone.
Gunvor maintains clear safety,
health, environmental, human
rights and community expectations
within our corporate governance
structure.
Auditing, Monitoring & Corrective Action
We are committed to setting objectives and targets, auditing,
monitoring, sampling and implementing corrective actions to
ensure full compliance with our corporate expectations.
Personal Responsibility
We all have a personal responsibility to prevent harm to
ourselves, others, and the environment. Safety, good health
and concern for the environment are equally important away
from work and are encouraged.
GUNVORGROUP.COM | @GUNVOR 21
Tankers
VLCC, oil products
floating storage
vessels,
Dry-bulk
Capesize, Panamax and PostPanamax vessels
Logistics
Technology
Our logistics team operates seamlessly with our
trading desks to manage freight exposures and to
add safety and efficiency to our physical transactions.
Information and Communications Technologies (ICT)
provide a secure, integrated global platform critical to
Gunvor’s business and related operations.
G
unvor has ready access to logistics assets worldwide,
including a large fleet of time-charter vessels, freight,
transport, storage and blending facilities. These give
us the capability to respond effectively to market trends
and create added flexibility for realizing arbitrage opportunities.
An important aspect of our logistical resource is Clearlake
Shipping, a wholly-owned Gunvor entity and one of the largest
charterers of tanker vessels in the world. Clearlake Shipping
operates around a fleet of high quality tankers, gas carriers and
dry-bulk vessels to accommodate our needs and also those of
third-party customers.
Reflecting our concern for the environment, we only ever use
double-hulled vessels that are less than 20 years old.
22 GUNVORGROUP.COM | @GUNVOR
O
ngoing investment in state-of-the-art ICT ensures
our global strategies and initiatives are supported
in an efficient and secure manner.
Gunvor maintains a number of advanced information
systems serving our core business and supporting functions,
including Risk, Trading and Financial systems, which
consolidate trading positions and financial exposures
globally on a daily basis. These allow management to monitor
Gunvor’s overall exposure and adopt appropriate measures
on a timely basis. Our operations- and assets-related activities
are supported by an array of specialist applications, enabling
global functions to work harmoniously regardless of location.
Gunvor employs a range of globally
consistent corporate systems to
support its core business. These
include systems for commodities
trading,
risk
and
credit
management, finance, shipping
and operations, compliance and
user collaboration.
Information security policies are upheld by the deployment of
advanced data security systems and secure data centers that
protect data assets globally. Our IT infrastructure is highly
resilient with no single point of failure and we have back-up
systems and procedures for every degree of disruption.
GUNVORGROUP.COM | @GUNVOR 23
Jet Oil
Gasoline
LPG
Naphtha
Natural Gas + LNG
Power
Gasoil
Volumes
Traded
Finance
Biodiesel
Coal
Central to the success of our business are the longterm relationships we have built within the global
finance sector. Gunvor is known and trusted for its
pragmatic, carefully structured approach to financial
management.
Crude Oil
Fuel Oil
Middle East
Europe
North America
Other
Russia
Revenues
by Region
South America
F
rom inception, Gunvor has been successful in
building long-term relationships in the financial
sector and diversifying its banking partnerships.
Today we work with more than 70 leading global
financial institutions. As a growing business with interests
throughout the world, Gunvor has always sought to
establish local partnerships for its investments, such
as establishing an independent revolving credit facility
specifically for Asia, and creating borrowing bases in the
Middle East and the Americas to finance trading operations
in those regions. Such an approach has benefited our
year-on-year profitability and enabled us to increase
credit lines even through the global financial crisis. Our
culture is one of financial prudence. We maintain a strong
liquidity position and our assets are optimally financed.
Gunvor was the first trading house
to establish a factoring program
as means of diversifying financial
support for oil refining operations.
The deal, which was established
with GE Capital for our Ingolstadt
refinery, was the largest single
receivable finance program in
Germany.
Africa
Asia
24 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 25
Trading
Trading is at the heart of Gunvor’s business. We have expanded our trading portfolio to include
the global sourcing and delivery of crude oil and refined oil products, LPG, natural gas and LNG,
coal, biofuels, carbon and metals. From our main trading offices in Geneva, Singapore, Nassau,
Dubai and Shanghai, we originate and implement physical, single and multi-commodity trading
solutions that create value and commercial advantages for our customers and counterparties.
26 GUNVORGROUP.COM | @GUNVOR
Precious Metals
Middle Distillates
Thermal Coal
Gasoline
Coking Coal
Naphtha
Iron Ore
•
Geographic—Our relationships and logistical capabilities
enable us to source physical commodities and deliver them
to locations where they command higher prices.
•
Product-based—Through blending or the multi-use
characteristics of certain commodities, such as refined
petroleum products, we create added value products that
command returns higher than the sum of their constituent
parts.
•
Time-related—Utilizing our storage assets, financial skills
and cost controls we create and realize margins on agreed
forward prices.
LPG
Biofuels
Natural Gas & LNG
Power & Emissions
We have expanded our trading volumes year-on-year in line
with our diversification across a range of commodities traded
and our strategic investments in upstream, midstream and
downstream assets.
131
million MT
of physical energy worldwide—
equivalent to the whole annual
energy consumption of a country
the size of Germany or Brazil.
Volumes
2009
28 GUNVORGROUP.COM | @GUNVOR
2010
2011
2012
131 million MT
Heavy Fuel & Feedstocks
In 2013, Gunvor moved
approximately
130 million MT
Industrial Metals
G
unvor’s success as a physical commodities trader
is built upon a foundation of excellence. We combine
the core competencies of marketing, logistics,
financing, risk management and compliance with the
knowledge and insights gained from sustainable supplier and
customer relationships. Leveraging this foundation enables
us to identify and realize arbitrage opportunities in the global
commodities marketplace:
122 million MT
TRADING
Refined
Products
& Energy
Gunvor moves commodities from where they are sourced or stored to where they are demanded most. The trust of our customers is based upon our proven record for creating trading solutions that mitigate risk while safely and efficiently delivering quality,
convenience and value.
116 million MT
Metals
& Bulk
A Physical Trader
98 million MT
Crude Oil
2013
GUNVORGROUP.COM | @GUNVOR 29
Gunvor is one of the largest crude oil traders in the world. We offtake crude oil from
producers of all sizes and manage its trading, storing, financing and supply to counterparties
and clients. Our physical availability continues to expand and diversify,
and Gunvor consistently trades more than a million barrels a day.
Crude Oil
30 GUNVORGROUP.COM | @GUNVOR
G
unvor has crude oil trading specialists in offices
around the globe—with our primary trading operations
in Geneva, Singapore, Nassau and Dubai. They have
first-hand knowledge and expertise in the markets,
maintain long-term relationships with key market participants—
producers, refiners, logistics companies and storage experts
—and are actively involved in developing projects related to
existing and new crude oil flows.
• Effectively managing market risk
Gunvor’s acquisition of two refineries has created greater
opportunities for us to further diversify our crude oil portfolio.
Our Antwerp refinery, for example, is able to use a very
flexible range of feeds, and provides Gunvor with the option to
source and process crudes otherwise previously commercially
impracticable.
• In-house market intelligence and
analysis
• Long-term relationships in key
global markets
• Expertise in identifying physical
dislocations in the market
• Extensive logistics capabilities
• Ownership of key physical
assets that complement trading
• Ability to structure or pre-finance
deals
GUNVORGROUP.COM | @GUNVOR 31
Refined Products
& Energy
32 GUNVORGROUP.COM | @GUNVOR
A
s Gunvor has expanded globally, we have also
broadened our trading portfolio into new commodities.
From crude oil, we began trading in refined petroleum
products, including gasoil, fuel oil, gasoline, naphtha
and LPG. Gunvor then further expanded into natural gas,
liquefied natural gas (LNG), biofuels, power and carbon
emissions. Gunvor’s proven trading model and relationships in
the finance sector have enabled our continued and successful
expansion.
• Heavy Fuel & Feedstocks
• Middle Distillates
• Gasoline
• Naphtha
• LPG
• Biofuels
• Natural Gas & LNG
• Power & Emissions
GUNVORGROUP.COM | @GUNVOR 33
Heavy Fuel & Feedstocks
LPG
Middle Distillates
Biofuels
With access and ownership to storage and blending equipment in hubs around
the world, Gunvor is able to respond quickly to all kinds of demands for low and
high sulphur bunker, as well as for heavy fuel for power generation from 0.3%
to 3.5% of sulphur content.
Middle distillate trading represents a central aspect of Gunvor’s trading portfolio.
Gunvor trades a full range of middle distillates, including heating oil, diesel and jet.
Gasoline
The biofuels trading desk is one of the most successful ventures of Gunvor’s
portfolio. The company combines its blending expertise, risk management
capabilities and global logistical coverage to meet customers’ needs with tailormade offers in a wide range of locations.
Natural Gas & LNG
Gunvor’s blending, storage and logistics capabilities enable us to take advantage
of arbitrages that arise from often-significant price differentials that exist between
or even within various countries.
Gunvor is an established player in the principal European gas markets, both
physical OTC and exchange-traded. We secure medium to long-term contracts
and partnerships for access to pipeline gas production, transportation and
storage, as well as LNG supplies and LNG shipping and regasification
infrastructure.
Naphtha
Power & Emissions
Gunvor is one of the leading naphtha traders worldwide. Our secured access
to storage capacity in the main ports in which we source volumes provides
a significant advantage in terms of flexibility.
34 GUNVORGROUP.COM | @GUNVOR
Gunvor is a long term leasor of the largest refrigerated LPG import terminal in
Europe, which during 2014 will be expanded by 20 percent capacity. We supply
into the European market well over 500kmt of LPG per year. We have long-term
contracts for U.S. LPG from new shale gas production, which we trade worldwide.
Gunvor is involved in both origination and trading of carbon emission units.
These activities are part of the Kyoto Protocol and the European Union Emissions
Trading System.
GUNVORGROUP.COM | @GUNVOR 35
Industrial Metals
Gunvor’s industrial metals team operates out of Singapore and Shanghai,
trading Copper, Aluminum, Zinc, Lead, Tin, Nickel and Manganese (in refined
and raw materials), and Steel.
Precious Metals
Metals & Bulk
B
uilding on the company’s global reach, Gunvor
has become a leading trader in Metals and Bulk
Materials through off-takes, purchases and marketing
arrangements with producers worldwide. Our
commercial supply and marketing expertise is complemented
by our ability to provide our partners with access to prefinancing solutions across all deal types. Gunvor’s established
risk management capabilities further ensures timely and
creative solutions to meet our customers’ needs.
Operating out of Singapore, Gunvor supplies customers with risk
management, physical purchasing and sales, and market information. Our
trading team has deep experience in the global financial and capital markets,
and we maintain a network in precious metal trading around the world.
Thermal Coal
Coal is a central aspect of Gunvor’s long-term diversification and growth
strategy. In 2009, the company began trading coal and in 2011 began
investing in coal mines around the world, including in the United States.
Coking Coal
Primarily used in steel production, coking coal has long been a central part
of Gunvor’s coal trading business. Gunvor trades around its own investments
in coal mining operations; we also work with producers throughout the world.
Iron Ore
As a complementary product to our established coal trading, iron ore has
become a significant part of Gunvor’s trading portfolio. We trade a range of
iron ore products and grades, including fine, low-grade and high-grade lump,
pellet feed and pellets.
36 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 37
Assets & Investments
Gunvor invests in downstream, midstream and upstream assets that strategically complement
our daily trading activity, and today maintains a global asset portfolio encompassing upstream
production, coal mining, terminals, refineries, pipelines and storage facilities. These assets
enable Gunvor to enhance our control over the sourcing and distribution components of our
trading platform, diversify our income streams and strengthen our competitive position.
38 GUNVORGROUP.COM | @GUNVOR
Terminals
40 GUNVORGROUP.COM | @GUNVOR
T
erminals are the most complementary asset investment
for our trading activities. They provide ready access
to physical energy flows from diverse sources and so
enhance our trading positions, while the availability of
storage and vessel berthing create time spread and crossgeography arbitrage opportunities. Blending and segregated
storage enable us to add further value through the provision of
export grade specifications.
• Ust-Luga Oil
• Novorossiysk Fuel Oil
• Oiltanking Karimun
GUNVORGROUP.COM | @GUNVOR 41
STORAGE CAPACITY:
~960,000 m³
Ust-Luga
Ust-Luga Oil
The largest rail-ocean trans-shipment terminal
in the world.
G
unvor managed the construction of the
Ust-Luga Oil products terminal as a whollyowned greenfield project. It has a projected
capacity of more than 30 million metric tons
per annum and is considered to be the largest railocean trans-shipment terminal in the world. Operations
commenced with fuel oil trans-shipments in 2011.
The terminal produces a material stable earnings stream
and significantly enhances our logistics capabilities for
the transportation of refined petroleum products exported
from Eastern Europe. It is currently being further developed
to provide additional flexibility for trans-shipping a range
of light and dark products, including ultra-heavy fuel oil.
42 GUNVORGROUP.COM | @GUNVOR
TANKERS CAPACITY:
up to 300,000
DEADWEIGHT TONS
RAIL TRANS-SHIPMENT CAPACITY:
SIMULTANEOUSLY DISCHARGE
four 72-rail
TANK CAR TRAINS
NUMBER OF JETTIES:
3
MAXIMUM BERTH:
ca. 330 m
GUNVORGROUP.COM | @GUNVOR 43
THROUGHPUT CAPACITY:
4 million
Novorossiysk
METRIC TONS
STORAGE CAPACITY:
119,000 m³
Istanbul
Novorossiysk Fuel Oil
Adding distribution flexibility for shipments
to Mediterranean countries and beyond.
T
he Novorossiysk Fuel Oil Terminal, located
on the Black Sea, provides an alternative
southern export route for East European fuel
oil. It complements storage that Gunvor holds
in the region.
The terminal and storage enable economies of scale
for freight by facilitating product reloading to larger
vessels including Suezmax tankers. These larger
vessels deliver to customers worldwide.
44 GUNVORGROUP.COM | @GUNVOR
TANKER CAPACITY:
up to 47,000
DEADWEIGHT TONS
SPEED OF LOADING:
2,500 m³/hour
NUMBER OF JETTIES:
2 parallel
250-meter jetties
MAXIMUM BERTH:
one offshore berth
GUNVORGROUP.COM | @GUNVOR 45
COMPLETION DATE:
Oiltanking Karimun
Providing a cost effective alternative
to petroleum storage in Singapore.
Singapore
G
unvor, in collaboration with Oiltanking
GmbH, is undertaking construction of
a terminal facility on a greenfield site
on the island of Karimun in Indonesia.
The Oiltanking Karimun terminal development
is strategically significant in that it will provide
an alternative to tightening petroleum storage in
Singapore.
Karimun lies in close proximity to Jurong Island,
Singapore’s industrial petroleum and petrochemical
hub, and also to existing ship-to-ship operations off
the coast.
2015
STORAGE CAPACITY:
750,000 m³
TANKERS CAPACITY:
up to VLCC
NUMBER OF JETTIES:
4
The facility will have an initial petroleum storage
capacity of 760,000 cbm and will cater for the storage
and handling of both light and black oil products. It
will be managed and operated by Oiltanking as an
independent commercial storage operation.
46 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 47
Refineries
48 GUNVORGROUP.COM | @GUNVOR
R
efineries complement Gunvor’s trading function by
creating greater operational efficiency across the supply
chain. We leverage our expertise and relationships with
crude suppliers to gain access to the types of crude
oils processed at our refineries. Gunvor is further investing in
our refinery acquisitions, with the goal of achieving operational
excellence by keeping Safety, Health and the Environment
(SHE) a priority in how we build for the future.
• Independent Belgian Refinery
• Gunvor Refinery Ingolstadt
GUNVORGROUP.COM | @GUNVOR 49
107,500
CAPACITY:
BARRELS / DAY
NELSON INDEX:
Independent Belgian
Refinery
Ideally located in the ARA hub to optimize our
logistics and trading.
Antwerp
T
he Independent Belgian Refinery, 100% owned
by Gunvor, is situated in the north of the Port
of Antwerp. Its location enables us to apply
our trading and logistical expertise to optimize
its crude slate and maximize product arbitrage
opportunities to the most profitable markets at any
given point in time.
The refinery’s large storage capacity and the flexibility
of its installations give us capabilities to handle a wide
range of both intermediate and finished products
including LPG, naphtha, gasoline, heating oil, VGO
and bunker grades.
4.5
DETAILS:
visbreaker as the only
residue conversion unit
EMPLOYS:
210
CORE EMPLOYEES
AND ADDITIONAL CONTRACTORS
STORAGE CAPACITY:
1,100,000 m³
Crude oil is delivered with direct access to a jetty.
Products can be loaded on tankers for onward
worldwide delivery or on to barges and road trucks for
local delivery to the North West European market.
50 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 51
110,000
CAPACITY:
BARRELS / DAY
NELSON INDEX:
Ingolstadt
Gunvor Refinery
Ingolstadt
Securing product supplies for land-locked
European customers.
G
unvor Refinery Ingolstadt (GRI) is a 100%
owned inland refinery operating in a niche
market. Crude oil supply arrives via the TAL
pipeline system, a 753-kilometer pipeline
connection from the marine shipping terminal in
Trieste, Italy.
Products are shipped from the on-site truck-loading
rack and railcar-loading facilities. This enables
a stable distribution into the local markets. Light
products and middle distillates such as gasoline,
diesel, heating oil and jet fuel are sold predominantly
in Germany and Austria.
52 GUNVORGROUP.COM | @GUNVOR
7.3
DETAILS:
2 crude units,
a fluid catalytic cracker
and the capability to
produce bitumen
EMPLOYS:
500
TOTAL ON-SITE WORKERS
INCLUDING 320 CORE EMPLOYEES
SITE:
128
HECTARES
GUNVORGROUP.COM | @GUNVOR 53
Nevskaya Pipeline Company
Gunvor maintains a 50 percent ownership stake in
Nevskaya Pipeline Company, which owns a 4 kilometer
pipeline connecting Gunvor’s jetty on the Baltic Sea to
Transneft’s crude oil tank farm, which is at the end of
Transneft’s BPS-2 pipeline. The pipeline’s full nominal
throughput capacity ranges from 20 to 25 million metric
tons per year. NPC has throughput agreements in place
with major oil producers.
THROUGHPUT CAPACITY:
20-25
million
METRIC TONS PER YEAR
Transalpine (TAL) Pipeline
Pipelines & Storage
Investments in pipeline and storage assets provide us with the logistical
flexibility to efficiently place different crude grades into various markets,
enabling us to quickly take advantage of arbitrage opportunities.
Gunvor has a minority stake in the Transalpine Pipeline
(TAL). This is of strategic importance in securing
supplies to the land-locked Gunvor Refinery Ingolstadt
in Germany. The 753-kilometer pipeline connects the
Port of Trieste in Italy (via Italy, Austria and Germany)
to the German states of Bavaria and Baden-Württemberg.
TAL is managed to ensure that each refinery connected
to it receives the required quality and quantity
of oil at the scheduled times.
753 km
LENGTH:
CONNECTING:
Port of Trieste,
Italy, to northern
Germany
Petroterminal de Panama
Gunvor holds a minority stake in Petroterminal de
Panama. The company’s primary asset is a pipeline
with a 600,000 barrels per day throughput capacity that
links the Pacific and Atlantic oceans. There are also
storage locations at both ends of the pipeline with a total
of around 9 million barrels split approximately equally
between the two coasts. The pipeline offers a shortcut for crude cargoes around Latin America and an
alternative to the Panama Canal. It gives us increased
sourcing opportunities, a market presence in the
Americas and access to additional storage capacity.
54 GUNVORGROUP.COM | @GUNVOR
THROUGHPUT CAPACITY:
600,000
BARRELS PER DAY
9 million
BARRELS STORAGE
GUNVORGROUP.COM | @GUNVOR 55
Mining
56 GUNVORGROUP.COM | @GUNVOR
C
oal is a central aspect of Gunvor’s long-term growth
strategy. Massive increases in electricity generation
capacity are expected for emerging markets, which
will only be possible with a significant contribution from
coal—a fact that is particularly true for China, India and Central
Asia. Gunvor’s coal assets are well positioned to supply these
markets. We also maintain a full portfolio of offerings, including
high quality steam coal, coking coal and anthracite.
• Keaton Energy
• Kolmar
• Signal Peak Energy
GUNVORGROUP.COM | @GUNVOR 57
Keaton Energy
Mining specialist coals in South Africa for
domestic and export markets.
K
eaton Energy, in which Gunvor holds
a significant stake, is a South African coal
exploration, development and mining
company whose shares are listed on the
Johannesburg Stock Exchange. It produces thermal
coal for supply to South Africa’s Eskom electricity
utility and a range of specialist coals for the domestic
and export metallurgical industries.
The company’s assets include two operating
collieries,
Vanggatfontein
and
Vaalkrantz,
two development projects, Sterkfontein and
Braakfontein, and an exploration pipeline. Two of
the three seams mined at Vanggatfontein contain
thermal coal, while the third seam contains coking
coal. The coal extracted at Vaalkrantz is anthracite.
EMPLOYEES:
1,200
251.4 million
RESOURCES:
METRIC TONS
RESERVES:
95.9 million
METRIC TONS
Johannesburg
58 GUNVORGROUP.COM | @GUNVOR
GUNVORGROUP.COM | @GUNVOR 59
Neryungri
Kolmar
Well positioned for coal exports into
the Asian marketplace.
G
unvor holds a significant stake in the
Kolmar coking coal mining and processing
company located in the Sakha Republic
of the Russian Federation. It operates
several mines in the East Siberian Chulmakan and
Denisovsky coalfields and has licenses for open pit
and underground mining production.
A significant investment program to expand the
existing operating mines and develop new mines
is underway. Current expectations are that this will
increase coking coal extraction to approximately 12
million metric tons by 2020.
Kolmar is well positioned to serve the Asian
coal market. It has good connections to the rail
infrastructure in Eastern Siberia and the Russian Far
East and also to ports on the Russian Pacific coast,
including Nakhodka and Vanino.
60 GUNVORGROUP.COM | @GUNVOR
EMPLOYEES:
~1,400
>1 billion tons
RESOURCES:
OF HIGH-QUALITY COKING COAL
RAW RECOVERABLE RESERVES (UNDERGROUND):
431 million
METRIC TONS
RECOVERABLE RESERVES:
670 million
METRIC TONS
GUNVORGROUP.COM | @GUNVOR 61
Roundup,
Montana
Signal Peak Energy
Improving production to better serve North
American and Asian customers.
T
hrough our U.S. subsidiary, Pinesdale LLC,
Gunvor holds a significant stake in Signal
Peak Energy. This is a high Btu thermal coal
mine with an extensive 30 year coal reserve
plus secured rail and port access. Investments in
the mine have improved management, safety and
production efficiency to the extent that it now has
one of the lowest production cost bases relative
to U.S. competitors. As part of a joint ownership
group with Boich and First Energy, Gunvor’s trading
expertise adds considerable value to the mine.
Ownership of the mine enhances our competitive
position in the Asian market. Signal Peak Energy
serves the U.S. domestic market and customers
in Asia via transport links to ports on the U.S. and
Canadian western seaboard.
62 GUNVORGROUP.COM | @GUNVOR
EMPLOYEES:
330
7 trains
MAXIMUM CAPACITY:
PER DAY OF 120 TO 150 CARS
RAW RECOVERABLE RESERVES (UNDERGROUND):
431 million
METRIC TONS
RAW RECOVERABLE RESERVES (SURFACE):
109 million
METRIC TONS
GUNVORGROUP.COM | @GUNVOR 63
Lagansky Block
We hold an indirect interest in the Lagansky Block
license through a joint venture with Lundin Petroleum
AB. Acquired in 2009, it was our first investment in oil
exploration.
Upstream
Gunvor has made select investments in exploration, appraisal,
development and production assets as a part of its strategy of
diversifying along the energy supply chain. Our expertise in both
finance and the oil and gas sector contribute to the realization of
overlooked or undervalued upstream opportunities.
The Lagansky Block is an offshore area located in the
Russian sector of the Caspian Sea. Contained within
the license area is the Morskoye discovery, which
has best estimate gross contingent resources of 157
MMboe.
AREAS OF ACTIVITY:
Lagansky
Block,
Caspian Sea
PA Resources
To increase the scope and geographic diversity of
our upstream capabilities we have made a strategic
investment in PA Resources.
PA Resources is an international oil and gas group
that conducts exploration, development and
production of oil and gas assets. It already operates
in Tunisia, the Republic of the Congo (Brazzaville),
Equatorial Guinea, the United Kingdom, Denmark,
the Netherlands and Germany and has proven oil
production in West and North Africa.
64 GUNVORGROUP.COM | @GUNVOR
157
MMboe
KNOWN RESERVES:
LICENSES:
21 oil and gas:
7 production &
14 exploration
AREAS OF ACTIVITY:
North Sea
North Africa
West Africa
GUNVORGROUP.COM | @GUNVOR 65

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