Gunvor 2010 Statement

GENEVA, February 23, 2011 - The Gunvor Group, one of the world's leading energy trading
companies, announces an 11% increase in volume year-to-year to 104 Million
tons and a turnover of USD65 billion, up from USD53 billion in 2009.

Trading conditions were less favorable than in the previous
year with narrower margins resulting from increased competition and less
price volatility. The company expanded its operations into new commodities
such as coal and gas as well as increasing its geographical presence.

Significant investments were made, mainly into logistical
facilities and trading infrastructure.

Commenting on the future, Torbjorn Tornqvist, Gunvor's
Chairman said: "Despite the narrower margins, 2010 was still a good year for
Gunvor and we have seen a stronger start to 2011. The oil price is anybody's
guess. There are still capacity slacks along the entire oil chain and a crude
oil price of over USD100 per barrel would not appear to be warranted given
current fundamentals. However, political risk and uncertainty particularly in
the Middle East, financial and other macroeconomic aspects may very well
drive prices higher. I expect to see a higher level of volatility 2011
compared to 2010."

    For further information:
    Stuart Leasor
    M:Communications
    +44(0)7703-537721
    leasor@mcomgroup.com

For further information: Stuart Leasor, M:Communications, +44(0)7703-537721, leasor at mcomgroup.com