Gunvor CEO Torbjorn Tornqvist, who owns a controlling stake in the company, intends to reduce his stake. this reports Bloomberg with reference to a statement from Gunvor.

The company explained that Törnqvist's share will be reduced from 78 to 70%, while the share of the group of more than 200 Gunvor employees will increase.

“Gunvor is now in the process of transitioning to a partnership model of company ownership,” the oil trader said in a statement.

Earlier on Tuesday, it became known that Tornqvist had assigned himself special dividends in the amount of $1 billion to pay off the debt to the former co-owner of the oil trader, Russian billionaire Gennady Timchenko. “The payment is final and Törnqvist or the group have absolutely no obligation [to Timchenko],” Gunvor said in response to a request from the Financial Times.

In March, the oil trader reported record profits . At the end of 2015, Gunvor’s net profit amounted to $1.25 billion. This is 368% more than the previous year.

Timchenko sold his stake in the company to his partner Törnqvist in March 2014, the day before it became known that the Russian businessman was subject to US sanctions in connection with the annexation of Crimea to Russia.

A few days after the deal, the Swedish entrepreneur announced his intention to find a new business partner and divide his share in the ownership of the oil trader.

Gunvor CEO will reduce his stake in the company