Oil Trader Gunvor Posts Record Profit on Russian Asset Sales
- Earnings from oil trading and refining operations climb 10%
- CFO Jacques Erni sees profit from trading increasing this year
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Gunvor Group’s profit soared to a record $1.25 billion last year as the commodity trader sold the bulk of its Russian assets and earnings from oil trading increased.
Net income rose more than fourfold from $267 million in 2014, Cyprus-based Gunvor said in an e-mailed statement on Tuesday. Chief Financial Officer Jacques Erni said he expects trading profit to increase this year, after earnings from oil trading and refining climbed 10 percent in 2015.