The Abu Dhabi National Oil company (Adnoc) is in early stage talks to make a bid to acquire or take a stake in energy trader Gunvor Group, a source with direct knowledge of the matter said.
Gunvor has for years been looking for a buyer or minority partner. In March, Gunvor co-founder and Chief Executive Torbjorn Tornqvist said he was looking for partners to help expand the business and inject capital.
Tornqvist is the majority owner of the firm that posted a record profit in 2021 as well as in the first half of this year.
Oil majors, trading firms and banks have been cashing in on energy market turmoil, particularly in natural gas, following Russia's February invasion of Ukraine.
Gunvor said its value grew to $4 billion in the first half of this year.
Adnoc has been slowly building up a trading division since 2018 and now has two trading arms - Adnoc Trading, focused on crude trade and Adnoc Global Trading, a joint venture with Italy's Eni and Austria's OMV that is more focused on refined products. -Reuters