Commodities trader Gunvor has changed its name to Centalion and announced plans to shift its headquarters to Singapore, marking a fresh attempt to distance itself from past allegations of links to Russia. The company, which will now operate under the name Centalion, will leave its corporate base in Cyprus—where it has been based for the past 20 years—for the Asian city-state. Centalion will retain its main trading offices in Geneva, Switzerland, and Houston, Texas, where chair and chief executive Gary Pedersen is based. Trading houses are often drawn to lower-tax jurisdictions like Singapore for their legal headquarters. Competitor Trafigura made a similar relocation 14 years ago.
"The name Centalion reflects who we are: one team, moving together, at the heart of the global energy markets," said Pedersen. "We're making this move from a position of strength."
Gunvor's billionaire co-founder Torbjörn Törnqvist stepped down from his position as chief executive in December after 25 years with the company, amid accusations of ties to Russia. Under his leadership, Gunvor pursued a deal to acquire $22bn of Russian-owned oilfields from sanctions-hit Lukoil. The US blocked the deal and labeled the company a "Kremlin puppet," prompting Törnqvist's exit and sale of his majority stake.
Separately on Friday, rival trader Glencore said it expected profits at its trading business to top $5bn this year, close to an all-time record.
Source: Financial Times Markets · Summarized by HeadlinesBriefing