HAMBURG, Nov 28 (Reuters) - 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 non-core business.”
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 businesses.
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)