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GUNVOR Annual Brochure We 2014 Figures CONTENTS INTRODUCTION 3 Strategic Growth 5 Our History 6 US $88 billion Key Figures 8 A Global Business 13 TURNOVER APPROACH, CULTURE & VALUES 14 Our People 17 Risk Management 18 Compliance 19 HSEC 20 Logistics 22 137 million MT Technology 23 VOLUME Finance 25 TRADING 26 A Physical Trader 29 Crude Oil 30 Refined Products & Energy 32 Metals & Bulk 36 US $2.3 billion ASSETS & INVESTMENTS 38 VALUE OF INDUSTRIAL ASSETS 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, metals and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure—refineries, pipelines, storage, terminals, mining and upstream—Gunvor further generates sus- tainable value across the global supply chain for its customers. GUNVORGROUP.COM | @GUNVOR 3 Strategic Growth Gunvor has evolved strategically to become one of the world’s leading independent commodities trading houses. We trade across a diversified portfolio, operate in more than 100 countries, and possess an industrial asset base valued in excess of US $2 billion. unvor was founded in 2000 as a merchant of crude Gunvor had 2014 revenue of oil and oil products. From the very beginning we GLOBAL differentiated ourselves by committing to long-term business relationships and the application of innovative Gtrading solutions. By combining our regional market knowledge with global logistics we have earned a reputation for reliably $88 acquiring, marketing and moving energy commodities from areas of surplus to those with greatest demand. While Gunvor remains a physical trader at heart, we have billion strategically invested in upstream, midstream and downstream assets to create a platform for international expansion. Today, Gunvor serves an important role in helping to smooth worldwide energy markets. We source crude oil and refined oil products Revenue Geneva from more than 100 countries, have industrial assets worth in excess of US $2 billion, and work with more than 75 global financial institutions, balanced across Asia-Pacific, the Americas, the Middle East and Europe. Singapore Our investments and wholly-owned assets provide greater US $ 93 billion control over commodity sourcing and distribution, create US $ 91 billion US $ 88 billion Nassau a foundation for diversified income streams, and give us US $ 87 billion a significant competitive advantage in the worldwide marketplace. US $ 69 billion Dubai US $ 50 billion Shanghai 2009 2010 2011 2012 2013 2014 4 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 5 Our History 2000: Founded to 2005: Increased 2008: Made first 2009: Added 2011: Opened 2013: Listed inaugural 2014: Opened trade crude oil from global diversification asset investment, trading desks for trading office in bond on Singapore trading office in the Gulf of Finland of trade flows Ust-Luga Oil coal, natural gas, Dubai, UAE Exchange (SGX) Shanghai, China biofuels and carbon emissions 2003: Established 2007: Opened trading 2009: Opened trading 2011: Made first coal 2012: Acquired 2013: Opened head trading office in office in Singapore office in Nassau, mining investment, refineries in Belgium trading desk for Geneva, Switzerland Bahamas Signal Peak Energy and Germany metals 6 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 7 Key Figures NUMBER YEAR COMPANY OF COUNTRIES SOURCING ACTIVE WAS FOUNDED CRUDE OIL & PRODUCTS 100 2000 NUMBER OF BARRELS NUMBER Africa OF CRUDE OIL & PRODUCTS OF EMPLOYEES TRADED DAILY 2.5 WORLDWIDE million 1,200 Americas Asia GLOBAL CONSECUTIVE BANKING YEARS OF PROFITABLE Europe PARTNERS OPERATION >75 15 Middle East 8 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 9 10 GUNVORGROUP.COM | @GUNVOR discover more SERVICES Tallinn, Estonia OFFICE REP OFFICE Amsterdam, London, UK The Netherlands TERMINAL REP OFFICE Baltic Sea, Ulaanbaatar, Mongolia COAL MINING Ust-Luga Roundup, Montana TERMINAL UPSTREAM Black Sea, Lagansky Block, Novorossiysk Caspian Sea REFINERY REP OFFICE Antwerp, Belgium Beijing, China REFINERY TRADING OFFICE Ingolstadt, Germany A Global Business Geneva, Switzerland TRADING OFFICE Shanghai, China JOINT VENTURE TRADING OFFICE Tashkent,Uzbekistan Gunvor’s activities along the energy supply chain and physical presence throughout the world Nassau, The Bahamas OFFICE provide detailed insights into the nature of the marketplace locally, regionally and globally. Such Nicosia, Cyprus information supports our ability to identify and capture trading opportunities and enhances our business profitability. TRADING OFFICE Dubai, United Arab Emirates Wherever we operate we establish long-term partnerships based on transparency and mutual TRADING OFFICE Singapore respect. We aim to share expertise, provide training and build local capabilities so that our trading and investments deliver benefits to the people, communities and businesses we partner PIPELINE David, Panama with and serve. REP OFFICE TERMINAL Bogotá, Colombia Karimun, Indonesia COAL MINING IRON ORE MINING Map & Locations Johannesburg, South Africa Western Australia REP OFFICE Gunvor’s main trading centers Buenos Aires, Argentina are in Geneva, Singapore, Nassau, Dubai and Shanghai. We also operate through ser- vice centers, representative offices and branches through- out the world. GUNVORGROUP.COM | @GUNVOR 13 Approach, Culture & Values To support our commercial activities we created an organizational platform founded on talented people who ensure operational excellence, precise risk management, and meticulous financial controls. Through all our endeavors we maintain the very highest standards. Gunvor values health, safety and the environment, employee rights, compliance with local and international laws, and being a committed partner to governments and communities. 14 GUNVORGROUP.COM | @GUNVOR Our People Innovative and dedicated. Pragmatic and responsible. The talented people we employ at every 1,200 level and in each part of our business align growth and profitability with a commitment to good corporate governance. EMPLOYEES unvor attributes our continuing growth and success To help foster the next generation to our employees, who provide a tremendous level of of trading talent, Gunvor supports commercial and technical expertise across the global the Masters degree in International energy markets. They are dynamic and engaging, Trading, Commodity Finance & Ship- Gand strive for the opportunities Gunvor provides for growth ping, which is run by the University and development. They further maintain the highest levels of of Geneva in collaboration with the integrity. STSA (Swiss Trading and Shipping Gunvor is very selective and our standards of performance are Association). 600 high. We encourage creativity and independence, and strive TRADING SPECIALISTS to maintain a diverse working environment. Our more than 20 facilities and operations are run primarily by local management, who provide keen market intelligence and analysis. They are complemented by staff with high strategic value. 100 We further believe in developing individuals who have the TERMINAL OPERATORS professional and interpersonal skills to help drive our continuing success. We offer opportunities for professional and personal development, and enable employees to take ownership of their 500 personal growth. REFINERY WORKERS 16 GUNVORGROUP.COM | @GUNVOR GUNVORGROUP.COM | @GUNVOR 17 Risk Management Compliance Our ability to effectively manage the risk inherent The regulatory landscape in which Gunvor operates is in commodities trading is fundamental to Gunvor’s becoming ever more consistent, comprehensive and continued development and stability. It contributes to transparent. We wholeheartedly support such develop- our positive financial performance and helps mitigate ments and are proactive in refining our procedures to earnings volatility. ensure compliance. inancial, operational and market risks are an integral eing a physical energy trader, Gunvor is subject to element of commodities trading and physical supply. oversight from more than 70 regulatory authorities They cannot be wholly avoided, but can be planned worldwide. Virtually every aspect of our business is Gunvor is proactive in addressing for and managed. Gunvor maintains sophisticated risk affected to a greater or lesser degree by regulations evolving compliance standards. Fmanagement systems, processes and controls. Risk policies Bcovering health and safety, insurance, emission and This includes taking steps to are determined centrally, exposures are analyzed daily, and environmental control, product, cargo and financial crime, strengthen contract language with our procedures are continuously reviewed and updated. international trade and sanctions, and banking, exchange and counterparties to enhance cont- >75 derivatives market rules. Gunvor applies a range of risk management tools to minimize ractual prohibitions against trading Number of Global overall exposure at any one point in time. These include: To ensure compliance within such an extensive and constantly with countries and entities under evolving regulatory environment, we maintain rigorous economic sanctions. Banking Partners • Financial derivative instruments to hedge commodity corporate protocols and a strict compliance program. This price and foreign currency exchange rate risks activity is overseen by our Compliance Department, which • Insurance to hedge various operational risks including
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