Gunvor

Trading
Switzerland

In 2017 the U.S. state of Mississippi listed Gunvor on its Iran restricted companies list rendering Gunvor ineligible for investment and/or state contracting.

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"Major oil firms and trade houses are gradually resuming energy trading with Iran but efforts remain very cautious and often face huge legal obstacles, meaning a post-sanctions return to full-scale activity will take weeks if not months. Trading sources told Reuters major trading houses Gunvor and Vitol have each delivered several cargoes of gasoline into Iran in the past few weeks... Meanwhile, Swiss trading house Litasco of Russian oil major Lukoil (LKOH.MM) had to cancel a booking of a tanker to transport oil from Iran to Italy in early February due to what trading sources described as ship insurance difficulties. Trading sources on Wednesday cited preliminary fixtures being made by Glencore and Total for tankers to lift Iranian crude in February although it was still unclear if the deals had been concluded partly due to insurance issues. 'It is still very difficult despite the sanctions removal. Dollar clearing is an issue, banks' letters of credit is an issue, ship insurance is an issue. Loads of people are still very cautious,' said a senior trading executive. Leading shipping players say efforts by Iran to start exporting oil to Europe are being held up as tanker owners are still struggling to secure insurance for cargoes... Third-party liability insurance and pollution cover for vessels is provided by P&I clubs - marine insurers owned by shipping clients and reinsured internationally. The umbrella International Group of P&I clubs is still unable to confirm payments under re-insurance contracts. 'Gasoline exports to Iran are a bit easier as tankers are much smaller, insurance is easier and there are banks which are willing to do this as non-dollar transactions,' one senior trading source familiar with the matter said... 'It will take weeks if not months to return to full-scale crude exports to Europe. Tonnes of papers will need to change hands between inhouse risk officers, lawyers and banks before the picture is fully clear,' said a trading executive involved in the discussions. But ultimately oil should flow at full steam. 'It's just a matter of price. If the price is good, we'll buy it,' Marco Schiavetti, director of supply and trading with Italy's Saras said of Iranian oil. 'Obviously we will talk to them soon, and we will consider.'" (Reuters, “Gasoline cargoes sail to Iran, crude exports still tough,” 1/27/2016)