Gunvor Eyes Boosting US Natural Gas Production Assets

March 11, 2025

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(Bloomberg) — Gunvor Group Chairman Torbjörn Törnqvist said the trading house is looking to buy more assets, building on a flurry of deals it has made by deploying bumper earnings from recent boom years.

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“If I were to pick one area where we want to add, it is US gas production,” Törnqvist said in an interview at CERAWeek by S&P Global in Houston. “$4 natural gas is a good price for the right asset,” he said, adding that the firm already has some natural gas production in the US.

Like other energy trading houses, Gunvor has faced an increasingly challenging trading market since the boom years of 2022 and 2023. The company has ramped up investments in gas and physical assets to shore up profits, including a deal to buy 75% of a Spanish power plant last year.

Gunvor, which has ordered three liquefied natural gas carriers and has offtake deals with US exporters Delfin Midstream Inc. and Expand Energy Corp., also increased LNG volumes last year.

In oil, Gunvor is unlikely to make significant investments in shale at this stage because it is more sensitive to the prices and ultimately has a higher cost than conventional oil, Törnqvist said on Monday.

“We just don’t have the know-how for operations,” he said.