Gunvor Exits Agri-Trading to Keep Focus on Oil as Abela RetiresBy and
No plan to replace agriculture head who quits after ‘good run’
Former Goldman Sachs and Cargill trader joined Gunvor in 2010
Oliver Abela, head of agriculture trading at Gunvor Group Ltd., is retiring and won’t be replaced as the company focuses on its main energy-trading business.
Abela, who joined Gunvor in 2010 to trade food-related futures and options, “had a good run and made a positive contribution,” company spokesman Seth Pietras said Monday by phone. Gunvor will no longer pursue the “non-core” agriculture business, he said.
Headed by Swedish national Torbjorn Tornqvist, Gunvor has sold the bulk of its Russian assets and is focusing on expanding its energy-trading and infrastructure operations. The company now owns three refineries in Europe and has opened a U.S. office to trade oil and energy products. The firm exited metals trading earlier this year.
Before joining Gunvor, Abela was a trader with Goldman Sachs Group Inc. and Cargill Inc. He declined to comment on Monday when reached by phone in Geneva.