The Swiss trader’s audacious swoop on Russian group’s overseas assets revives industry speculation over Kremlin links. Europe faces job losses and disruption to its fuel supplies if Gunvor’s bold deal for $22 billion of overseas assets owned by Russia’s Lukoil is blocked, the head of the Swiss commodity trader has warned. The move to snap up Lukoil’s Bulgarian and Romanian refineries, European and US petrol stations and oil and gasfields across the Middle East, central Asia and Africa will propel Gunvor to the top table of the secretive world of commodity trading alongside the likes of Vitol and Trafigura. But as US, UK and Swiss regulators assess whether the deal can stand, Torbjörn Törnqvist, Gunvor’s chief executive, said permits urgently needed to be issued to ensure fuel supplies were not disrupted when new US sanctions on Rosneft and Lukoil kick in on November 21. “The priority is to make sure the general operating licence is extended,” he told the Financial Times. “The ...
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