Oil Trader Gunvor Re-Enters Metals in Bet on Energy Transition

Oil trader Gunvor Group Ltd. is re-entering the metals business with the hire of veteran trader Ivan Petev.

(Bloomberg) — Oil trader Gunvor Group Ltd. is re-entering the metals business with the hire of veteran trader Ivan Petev.

Petev previously had senior roles at VTB Capital’s commodities business in Switzerland, at Castleton Commodities International LLC, and at JPMorgan Chase & Co. He has joined Gunvor as head of a new base metals business, according to people familiar with the matter who asked not to be identified as the matter isn’t public.

Gunvor’s previous foray into metals trading ended in 2016, with the company pulling back to its core business of energy after struggles that included a loss linked to the insolvency of Prateek Gupta’s Ushdev International Ltd.

Petev declined to comment when reached by phone, however his LinkedIn profile has been updated to reflect the new role.

Gunvor, which got its start exporting oil and products from Russia in the early 2000s, is one of a number of energy traders looking to expand in metals, including rivals Mercuria Energy Group Ltd. and Hartree Partners LP, amid expectations of a boom in the commodities required for the energy transition.

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