Gunvor Returns to Profit in 2019
Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.The Geneva-based firm, which reported a 2019 net profit of $381 million after a loss of $330 million in 2018, said on Tuesday it was also helped last year by earnings from gas trading and its European refining business.But the group, one of the world's top five oil traders, said revenue dipped to $75 billion in 2019 from $87 billion in 2018.Gunvor, which launched its U.S.
Fitch Downgrades Shell, Citing Asset Sales Concerns
Credit rating agency Fitch on Thursday downgraded Royal Dutch Shell following its acquisition of BG Group, citing risks to its asset sales goals to finance the $53 billion deal. Fitch downgraded Shell's Long-term Issuer Default Rating to 'AA-' from 'AA' and put it on negative outlook. Rival rating agency Standard and Poors announced a similar downgrade earlier this month, warning of a further possible lowering. Shell completed on Feb. 15 the acquisition of its smaller British rival, making its the world's top liquefied natural gas trader and a major deep water oil producer.
