Gunvor Eyes Investment in U.S. Oil and Gas

Swiss commodity trading large Gunvor is considering plus purchases successful the U.S. lipid and state space, Reuters has reported, citing unnamed sources, successful a bid to physique a amended narration with the Trump administration.

President Trump called Gunvor a “Russian puppet” aft the Swiss institution made a bid for the planetary concern of Russian lipid large Lukoil. The bid was worthy $22 cardinal and determination were nary rivals but the U.S. sent a beardown awesome it would artifact the deal. Following that signal, Gunvor dropped its bid. Reports followed astir U.S. heavyweights considering bids for Lukoil’s overseas business, including Carlyle, Exxon, and Chevron.

According to the unnamed sources who spoke to Reuters, the Swiss commodity trader had been funny successful U.S. lipid and state assets adjacent earlier it made its bid for Lukoil, but now, a imaginable acquisition would person the added payment of improving its lasting with Washington.

As to the specifics of specified a acquisition oregon purchases, the Reuters sources said Gunvor was considering providing the funds for plus acquisitions by U.S.-based lipid and state independents to assistance them grow their footprint successful the industry.

“The U.S. marketplace remains a cardinal maturation country and we look guardant to important investments to travel crossed the vigor worth chain,” Gunvor told Reuters successful a connection regarding the quality report.

According to the report, chances are that Gunvor would beryllium much funny successful earthy state alternatively than crude lipid assets, per 1 of the sources. The different root noted that Gunvor had been among the bidders for the assets of Canadian Baytex Energy successful Eagle Ford, which the second sold past period for implicit $2.3 billion. Gunvor’s information successful the bid was successful the signifier of financially backing the bid made by a Texas-based company, Percussion Petroleum.

By Irina Slav for Oilprice.com

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