Gunvor Oil expands presence in Asia

Gunvor, one of the world’s leading oil traders, is expanding its presence in the Asian market. Bloomberg quotes industry sources as saying that Gunvor, controlled by Russian citizen Gennadi Timchenko, may take out a loan from Asian banks in April. According to Bloomberg’s sources, Gunvor has US$600 million worth of debt due in 2010. Its Asian operations are based in Singapore, and Gunvor is aiming to expand at the international level in order to balance its positions in Russia, where Gunvor controls a third of all oil exports. (March 24, 2010)