Trading Giant Gunvor Doubles Down on Biofuels Bet

Commodity trading major Gunvor has struck a deal to acquire 50% of a biofuels project in the Netherlands as part of a diversification push following record profits in the past two years. The Financial Times reports that Gunvor already operates two biofuel plants and is doubling down on the sector despite weakening demand for biofuels. The commodity firm’s move stands in stark contrast to recent decisions by two oil supermajors to take a step back from biofuels because of demand trends. Last month, Shell said it would pause construction of…