All articles tagged with #energy trading
Torbjörn Törnqvist, Gunvor's billionaire CEO, is stepping down and selling his majority stake to senior staff amid US sanctions and scrutiny over the company's ties to Russia, with Gary Pedersen appointed as the new CEO to steer the company forward and dispel past misperceptions.
The world's top global energy trading houses, including Vitol, Trafigura, Mercuria, and Gunvor, are facing a cash quandary as they collectively sit on billions of dollars, even after paying out record dividends. With limited investment opportunities, the trading houses are borrowing less from banks and retaining earnings as equity, leading to a growing cash conundrum. This issue is likely to be a topic of discussion at the upcoming International Energy Week in London, as the trading houses grapple with how to manage their substantial cash reserves.
Despite falling oil prices, Shell reported a 6% increase in profit to $9.6 billion in Q1 2023, with strong energy trading contributing to the earnings. The company plans to buy $4 billion of its shares in Q2 and maintain its dividend program, while its European rivals BP and TotalEnergies also reported hefty profits in the same period. Energy trading is expected to play an even bigger role as the industry shifts to cleaner fuels like hydrogen.