Oil Trader Gunvor Eyes $500 Million in Renewables Deals
- Gunvor starts Nyera renewables unit and vows emissions cuts
- CEO says Gunvor is shifting the mix of commodities it trades
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Gunvor Group Ltd., one of the largest independent oil traders, said it will invest at least half a billion dollars in non-hydrocarbon fuels and technology as looks to adapt and profit from the energy transition.
The ambitious commitment by the Geneva-headquartered firm, which will also see it pledge steep emissions cuts from its refining and shipping operations, highlights the shifting strategies of the biggest oil traders. Even after a year of knock-out profits from trading oil, commodities merchants are prepping their businesses for a looming shift to cleaner fuels.