Successful 2009 for Gunvor

GENEVA, January 13 - The Gunvor Group, one of the world's major independent energy companies,
announces that 2009 was a very good year for the company. Total traded oil
volume was up 10% at 2.3m barrels per day. Turnover was $53bn, down from
$65bn, due to a lower oil price in 2009 compared to 2008.

Earnings for the year were significantly higher than in 2008. Trading
margins were particularly strong during the first half. There was growth
in existing business areas, as well as expansion into the non-oil
energy sector. Growth has taken place mainly outside the Group's original
core businesses, with 50% of its crude oil volumes now originating outside
Russia.

During 2009 the Group made investments into physical assets such as oil
terminals and facilities, the largest being into its oil export terminal in
Ust-Luga, outside St Petersburg, Russia, which is expected to become
operational in the first half of 2010.

In September Gunvor made its first direct investment in oil exploration
when it purchased a 30% interest in the Lagansky Block in the Caspian Sea
from Lundin Petroleum. So far this promising field has proven reserves of
over 230 million barrels of oil.

The Company intends to continue its expansion in 2010, both
geographically and by diversification. Gunvor's new Energy Trading Division
has executed its first trades in the natural gas, power and carbon markets
and this side of the business is expected to develop appreciably. The
investment programme into logistics infrastructure and oil exploration is
continuing.

Commenting on the future, Torbjörn Törnqvist, Gunvor's Chairman said,
"2009 has been a very good year for Gunvor. For 2010 we anticipate that there
will be a more competitive trading environment, with narrower margins. I am
confident that the quality of Gunvor's business model will enable it to
remain competitive under any market conditions."

    For more information:
    M: Communications
    Stuart Leasor: +44-20-920-2317 / +44-7703-537721
    leasor@mcomgroup.com

For more information: M: Communications, Stuart Leasor: +44-20-920-2317 / +44-7703-537721, leasor at mcomgroup.com