LONDON, April 29 Swiss-based commodity trading
house Gunvor opened this month a new trading office in Shanghai
dedicated to Chinese domestic business, the company on Tuesday,
as it aims to expand its presence in Asia.
Gunvor China Trading Ltd, set up in the Shanghai Free Trade
Zone, will initially focus on trading base metals, coal and iron
ore and will at a second stage trade petroleum products too, the
Shanghai, will be the company's fifth trading office,
joining existing desks in Geneva, Singapore, Nassau, and Dubai.
"While the office is still forming, we expect it will have
about 20 people by year-end," the company said in an emailed
statement. "Many banks have already expressed interest in
supporting this activity. We expect it will be financed on-shore
in China by Chinese and international banks."
Energy-focused Gunvor is expanding in iron ore and base
metals as part of its strategy to diversify its product
In Geneva, its main trading office, Gunvor employs over 225
people while its Singapore office, the company's fastest
growing, currently employs more than 100 and comprises about a
third of Gunvor's trading in crude oil, oil products, coal, iron
ore, industrial metals and precious metals.
The company also opened a representative office in Beijing
Gunvor Group's core earnings rose by a quarter in 2013. It
expects results to improve again this year despite the
uncertainty it faced in March due to sanctions on its co-founder
Gennady Timchemko, for close ties to Russian President Vladimir
Putin, which dissipated when Timchemko sold his stake in the
(Reporting by Silvia Antonioli; editing by William Hardy)