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Commodity traders

Gunvor Group

Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. With strategic investments in industrial infrastructure —refineries, pipelines, storage and terminals— Gunvor further generates sustainable value across the global supply chain for its customers.

Gunvor’s support for the EITI reflects our commitment as a trading house to uphold progressive policies and practices in the oil and gas sector. As one of the largest physical energy trading companies in the world, we recognise we have a role in promoting transparency and accountability. The EITI will help us accomplish this in a commercially responsible manner.

Torbjörn Törnqvist CEO, Gunvor Group

Engagement with the EITI

Gunvor’s support for the EITI includes a new policy that will establish the voluntary disclosure of information that aligns with EITI principles and transparency requirements. Gunvor Group has expressed support for the EITI to establish a consistent means to reliably report on its payments to governments, with the aim to improve transparency and reduce the potential for corruption in cooperation with these governments.

Gunvor’s reporting includes purchases of crude oil and refined oil products acquired from state-owned enterprises (SOEs) in EITI implementing countries. Given the complexity of transaction types and variety of data involved in these purchases, Gunvor intends to work closely with the EITI, relevant trading peers and other transparency-related organisations to improve disclosures going forward.

Strengthening Transparency

The company's goal is to maintain the highest ethical standards and comply with all relevant rules and regulations wherever it operates. Gunvor’s teams work to improve company procedures to mitigate and anticipate risks that exist within the commodities trading sector. Read more about Gunvor’s Compliance, Ethics and Transparency approach on Gunvor's website. 

Link to the statement of support on Gunvor's website.

Company assessment

Download the results of the 2023 assessment of company progress in meeting the Expectations for EITI supporting companies.

EITI countries