Swiss commodity trading powerhouse Gunvor is making headlines once again, this time for its renewed interest in the U.S. oil and gas sector. The move comes in the wake of a failed $22 billion bid for the international business of Russian oil major Lukoil, a deal that was abruptly scrapped after strong opposition from the U.S. government. According to Reuters and Free Malaysia Today, Gunvor’s latest strategy appears to be more than just a business maneuver—it’s also a bid to improve its standing with the Trump administration, which has previously labeled the firm a “Russian puppet.”
Gunvor’s attempt to acquire Lukoil’s assets was met with a chilly reception in Washington. President Donald Trump himself called Gunvor a “Russian puppet” after the Swiss firm made its multi-billion-dollar bid. The U.S. Treasury echoed this sentiment, referring to Gunvor as “the Kremlin’s puppet,” and made it clear the deal would not be welcomed. As a result, Gunvor quickly withdrew its offer, leaving the field open to American heavyweights like Carlyle, Exxon, and Chevron, who reportedly considered their own bids for Lukoil’s overseas business.
But Gunvor’s ambitions in the U.S. energy sector didn’t start or end with Lukoil. According to sources cited by Reuters and Free Malaysia Today, the company had already been eyeing U.S. oil and gas assets even before the failed Russian deal. Now, in the aftermath, Gunvor’s leadership sees an opportunity to both expand its business and mend fences with Washington. One anonymous source told Free Malaysia Today, “While Gunvor had been interested in increasing its US investments even before the failed Lukoil bid, such a move could now help it to improve relations with the administration of President Donald Trump, which has made it a top priority to attract more investments in the country’s energy industry.”
What exactly is Gunvor’s plan for the U.S. market? The company is reportedly considering providing financial backing to U.S.-based oil and gas independents, helping them acquire assets and expand their operations. Gunvor’s Americas unit, led by Gary Pedersen, has been actively exploring ways to support both newly formed private oil and gas companies and existing producers seeking to grow their footprint. The strategy involves not just direct purchases, but also acting as a financial backstop for bids made by local firms. As one source put it, Gunvor “has considered backing newly formed private oil and gas companies in buying assets on its behalf, and has held talks to provide financial backing for existing producers to expand their footprint.”
Gunvor itself has been tight-lipped about the specifics of any upcoming deals, but the company did confirm its ambitions for the U.S. market. In a statement to Reuters, Gunvor said, “The U.S. market remains a key growth area and we look forward to significant investments to come across the energy value chain.” The firm added, “Gunvor has been investing in US trading and energy infrastructure since 2012 and its portfolio there has an enterprise value of more than US$4 billion.”
Recent activity suggests Gunvor’s focus is shifting toward natural gas rather than crude oil. According to multiple sources, the company was involved in the recent bidding for assets owned by Canadian Baytex Energy in the Eagle Ford shale basin of South Texas. Gunvor provided a financial guarantee to support a bid by Houston-based Percussion Petroleum. Although Percussion’s bid was ultimately unsuccessful—the assets were sold earlier this month for over $2.3 billion—Gunvor’s willingness to back such deals signals its commitment to expanding its U.S. footprint, particularly in natural gas.
This is not Gunvor’s first foray into U.S. upstream production. In its 2024 annual results, the company revealed it had entered upstream natural gas production in the U.S., though it provided few details at the time. Subsequent media reports clarified that Gunvor had taken a 42% minority stake in Oklahoma-based private producer Flywheel Energy, further cementing its presence in the American natural gas sector.
Why the pivot to natural gas? The answer lies in broader market dynamics. Dealmaking in the U.S. shale industry has slowed in recent months, largely due to declining oil prices. However, natural gas has remained a rare bright spot. Analysts expect oil prices to remain under pressure into next year as supply growth continues to outpace demand. In contrast, the outlook for U.S. natural gas is more bullish, thanks to surging demand from power-hungry data centers and the expansion of U.S. liquefied natural gas (LNG) plants. As Reuters notes, “the outlook for US natural gas prices is more bullish due to expectations that power-hungry data centers and new US liquefied natural gas plants will boost demand.”
Gunvor is not alone in its pursuit of U.S. energy assets. Rival commodities traders and investment firms have also been ramping up their stakes in the sector. Vitol, one of the world’s top trading houses, pledged $1 billion to back VTX Energy Partners in 2022 after launching Vencer Energy, its first U.S. shale venture, in 2020. Hedge fund Citadel has also been actively acquiring natural gas-producing assets this year, capitalizing on the sector’s growth potential.
For Gunvor, the timing of these investments is critical. The company’s efforts to build a stronger relationship with the U.S. government come at a moment when Washington is eager to attract foreign capital to its energy industry, but remains wary of any perceived connections to Russia. Gunvor’s decision to drop the Lukoil bid and refocus on American assets appears calculated to address these concerns while positioning the firm for future growth.
Still, uncertainty hangs over the potential deals. Sources caution that while Gunvor is actively exploring opportunities, no agreements have been finalized. The White House declined to comment on the developments, and Gunvor itself has avoided providing details on any specific transactions. The company’s statement, however, leaves little doubt about its intentions: significant investments are on the horizon, with a particular emphasis on natural gas.
As the U.S. energy landscape continues to evolve, Gunvor’s maneuvering offers a glimpse into the high-stakes world of global commodity trading, where business decisions are often inseparable from geopolitics. Whether these efforts will be enough to repair the company’s reputation in Washington—and secure a lasting foothold in the American energy sector—remains to be seen. But one thing is clear: Gunvor is betting big on the future of U.S. natural gas, and it’s not alone in seeing opportunity where others see risk.
With competitors circling and demand dynamics shifting, the next chapter in Gunvor’s American story promises to be anything but dull.
