Energy trader Gunvor cancels refinery sale as profit jumps

Energy trader Gunvor cancels refinery sale as profit jumps

The Malaysian Reserve-News·2019-10-10 14:21

LONDON • A rebound in profit this year has allowed Gunvor Group to cancel plans to sell its Ingolstadt refinery in Germany and stall the sale of a stake in a Russian products terminal, CEO Torbjorn Tornqvist (picture) told Reuters.

The company has posted gross profit of US$800 million (RM3.35 billion) for the first three quarters of 2019 thanks to favourable market conditions and the overhaul of the firm that began last year.

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