HAMBURG Nov 28 Global commodity trading group
Gunvor is set to withdraw from agricultural futures
trading which the group does not view as a core activity, the
company said on Monday.
Gunvor's head of agriculture Oliver Abela is retiring and
the agricultural desk, which trades grains and oilseeds futures
contracts, will be phased out as it is regarded as a minor
activity compared to Gunvor's massive crude oil, oil products
and energy trading operations.
"Oliver had a good run and made a positive contribution to
the company," said Gunvor corporate affairs director Seth Thomas
Pietrasa. "With his retiring, Gunvor will no longer pursue this
The group has not released details of the size of its
Geneva-based agricultural trading, which does not involve
physical commodity trading, unlike the focus of its other
Gunvor traded 180 million tonnes of energy and commodities
last year and generated $64 billion in revenue, making it one of
the world's largest independent energy traders behind Vitol,
Trafigura and Glencore.
The group has global trading operations with its main
trading office in Geneva.
(Reporting by Michael Hogan, editing by Louise Heavens)