Gunvor Eyes Bigger U.S. Energy Investments After Lukoil Bid Fallout

Commodity trading giant Gunvor is exploring new investment opportunities in U.S. oil and natural gas assets as it works to rebuild ties with the Trump administration following tensions over its previous attempt to acquire foreign assets from sanctioned Russian major Lukoil. According to sources familiar with the discussions, Gunvor dropped its bid after the U.S. Treasury strongly opposed the deal, branding the firm a “Kremlin’s puppet.”

Despite the setback, Gunvor has long been interested in expanding its U.S. footprint. The company views increased investment as a strategic move that aligns with the Trump administration’s push to attract more capital into the American energy sector. People close to the matter say Gunvor’s Americas division, led by Gary Pedersen, has held talks with emerging private oil and gas companies and is considering financing existing producers to grow their operations. Although discussions are active, sources caution that no final agreements have been reached.

Gunvor declined to address specific deals but reaffirmed its commitment to the U.S. market, calling it a key growth region and highlighting its existing U.S. portfolio valued at over $4 billion. Since 2012, the firm has steadily expanded into trading and energy infrastructure across the country.

Current efforts appear to focus more heavily on natural gas opportunities than oil. Gunvor recently backed a bid from Percussion Petroleum to acquire Baytex Energy’s Eagle Ford shale assets in Texas, offering a financial guarantee to support the proposal. Although Baytex ultimately sold the assets for $2.31 billion to an undisclosed buyer, Gunvor’s involvement underscores its growing interest in U.S. shale.

The company has already entered U.S. upstream natural gas production, reportedly acquiring a 42% minority stake in Flywheel Energy. Major competitors, including Vitol and hedge fund Citadel, have made similar moves to secure natural gas and shale assets.

While overall shale deal activity has slowed due to weaker oil prices, the natural gas outlook remains strong, supported by rising demand from data centers and new LNG export facilities.