NEW YORK: Commodities trader Gunvor says it has provided financial backing to a team of energy industry executives for efforts to amass natural gas-producing assets across top US shale basins.
A Gunvor spokesperson confirmed the company has backed Western Natural Resources, a private oil and gas producer based in Oklahoma City which has previously developed energy production projects in partnership with asset manager KKR.
The financial backing for Western raises Gunvor’s exposure to United States natural gas production in a bet it will provide long-term benefits to the commodity trader’s portfolio.
Global demand for fossil fuel is expected to grow exponentially as energy-hungry data centres powering the artificial intelligence revolution come online and industrial electrification efforts intensify.
US natural gas has also become more desirable as the Iran war forces importers to rethink their supplier mix.
“The United States is a terrific place to invest right now,”
“This deal builds upon Gunvor’s existing investments in the US energy sector and will help contribute to the expansion of domestic energy supply,” the Gunvor spokesman said. — Reuters
