Gunvor Group has recently decided to change its name to Centalion and move its headquarters to Singapore. This action comes less than a year after the management buyout and signifies a major transformation in the ownership structure of the company.
Structural Changes and Move to Singapore
The shareholders of the company have decided to rename Gunvor Group to Centalion and also plan to relocate its parent company from Cyprus to Singapore, which requires necessary approvals. In this regard, Singapore, Geneva, and Houston will remain as the main trade hubs, and Gary Pedersen will be based in Houston as the President and CEO.
Ownership History and Recent Developments
This name change comes after the Gunvor management team purchased the previous shareholders in December of last year, and Torbjörn Törnqvist, the founder of the company, stepped down after more than two decades. This deal resulted in the company being fully owned by senior employees, and Gary Pedersen was appointed as the new CEO.
Centalion has announced that the legal entity of the company will continue in the process of moving to Singapore, and existing contracts and business commitments will not change. The new brand has officially been adopted as of October 2, 2023, and will be introduced across the group in the coming months.
This group, which has been operating in Singapore since 2006, is one of the largest private commodity traders in the world. Last year, the company handled 253 million tons of goods and supplied approximately 3.3 million barrels per day of liquids to the market. The group's revenue reached $144 billion last year and is expected to have $6.1 billion in capital by the end of 2025.
These developments come after the challenging tenure of Törnqvist. The founder's departure coincided with increased scrutiny over this trader's historical ties with Russia and an unsuccessful attempt to acquire international assets from the major oil company under sanctions, Lukoil.
