Commodity trading firm Gunvor has been holding active discussions to invest in U.S. oil- and gas-producing assets, potentially improving relations with the Trump administration after the fallout from its bid for Russian energy giant Lukoil’s foreign assets, sources familiar with the matter said.

Gunvor withdrew its bid to acquire Lukoil’s assets after strong opposition from the U.S. Treasury, which labeled the firm a “Kremlin’s puppet.” While the company had already shown interest in expanding U.S. investments before the failed Lukoil deal, such a move could now bolster its relationship with the administration, which prioritizes attracting investments into the U.S. energy sector.

U.S. Investment Plans

Gunvor’s Americas unit, led by Gary Pedersen, has considered backing newly formed private oil and gas companies in acquiring assets on its behalf, as well as providing financial support to existing producers to expand their operations. Sources cautioned, however, that a deal is not guaranteed.

In a statement, 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 company has been investing in U.S. trading and energy infrastructure since 2012, with a portfolio valued at over $4 billion.

Focus on Natural Gas

Potential U.S. investments are expected to concentrate on natural gas rather than oil. Gunvor was reportedly involved in bidding for assets owned by Baytex Energy in the Eagle Ford shale basin, providing a financial backstop to a bid by Percussion Petroleum, although Percussion was ultimately unsuccessful. Baytex sold the assets to an undisclosed buyer for $2.31 billion.

Gunvor’s move aligns with a broader trend among global commodities traders investing in upstream U.S. energy. In 2024, Gunvor entered U.S. upstream natural gas production, acquiring a 42% minority stake in Oklahoma-based Flywheel Energy.

Industry Context

Other trading houses have also expanded into U.S. production. Vitol launched its first U.S. shale venture, Vencer Energy, in 2020 and later pledged $1 billion to VTX Energy Partners. Hedge fund Citadel has also acquired natural gas-producing assets this year.

While activity in the U.S. shale industry has slowed recently due to declining oil prices, natural gas remains a bright spot. Analysts expect U.S. gas prices to stay robust, supported by demand from data centers and liquefied natural gas (LNG) facilities.

Gunvor’s renewed focus on U.S. investments highlights the growing trend of traders integrating upstream assets to secure their supply chains, particularly in the natural gas sector.