Gunvor reshapes its future after failed Lukoil deal and leadership shakeup
Gunvor Group is undergoing major leadership and ownership changes after a failed deal with Lukoil. Torbjørn Tornkvist, the company’s General Director and main owner, will step down from his role. His departure marks the start of a restructuring plan aimed at securing the firm’s long-term growth.
The shift follows Gunvor’s withdrawal from a proposed acquisition of Lukoil’s foreign assets. US authorities blocked the deal by refusing a necessary licence, claiming Russian influence over the Swiss-based company—a claim Gunvor strongly denied.
The restructuring removes Tornkvist’s influence and eliminates external ownership. Gunvor’s leadership will now focus on internal stability and future growth. The company’s next steps will depend on how smoothly the transition unfolds under Pedersen’s direction.
