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Swiss Gunvor Oil Trader Denies Rumors of Sale

© RIA Novosti . Vladimir Fedorenko / Go to the photo bankGennady Timchenko
Gennady Timchenko - Sputnik International
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The Swiss oil trader Gunvor has denied reports about the alleged sale of the company.

MOSCOW, May 21 (RIA Novosti) – The Swiss oil trader Gunvor has denied reports about the alleged sale of the company.

Gunvor spokesman Seth Pietras told RIA Novosti Wednesday that the company has no acquisition plans.

The Russian newspaper Kommersant, citing market sources, earlier reported that Gunvor was preparing a buyout. The company was reportedly negotiating with several potential buyers, including oil company Rosneft, according to Kommersant.

Gunvor Group was founded in 2000 by Gennady Timchenko and Torbjorn Tornqvist Swede. Timchenko sold his 44 percent stake in Gunvor to Tornquist in March, the day before he was put on a US sanctions list.

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