Gunvor Eyes Investment in U.S. Oil and Gas

Swiss commodity trading major Gunvor is considering asset purchases in the U.S. oil and gas space, Reuters has reported, citing unnamed sources, in a bid to build a better relationship with the Trump administration.

President Trump called Gunvor a “Russian puppet” after the Swiss company made a bid for the international business of Russian oil major Lukoil. The bid was worth $22 billion and there were no rivals but the U.S. sent a strong signal it would block the deal. Following that signal, Gunvor dropped its bid. Reports followed about U.S. heavyweights considering bids for Lukoil’s overseas business, including Carlyle, Exxon, and Chevron.

According to the unnamed sources who spoke to Reuters, the Swiss commodity trader had been interested in U.S. oil and gas assets even before it made its bid for Lukoil, but now, a potential purchase would have the added benefit of improving its standing with Washington.

As to the specifics of such a purchase or purchases, the Reuters sources said Gunvor was considering providing the funds for asset acquisitions by U.S.-based oil and gas independents to help them expand their footprint in the industry.