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Bunker decline shaves off a third of profit at Selfinvest

The major drop in oil prices has cut into the profit at Torben Østergaad-Nielsen-owned Selfinvest in the past financial year. For a turbulent year, which saw bunker business come under heavy pressure, the oil billionaire is satisfied with the result.

"Considering the uncertainty, we saw at the start of the financial year and how turbulent the year has been, I am proud of the results we have achieved," says Torben Østergaard-Nielsen in reference to the past financial year. | Photo: USTC

A strained bunker market with very low oil prices have made deep cuts in the financial results of oil billionaire Torben Østergaad-Nielsen's parent company Selfinvest, according to a financial statement from the Selfinvest business empire, which includes subsidiaries in the form of global shipping company USTC with the world's largest bunker supplier Bunker Holding.

Selfinvest's revenue came out to DKK 66 billion (USD 10.1 billion) in the 2020/2021 financial year, with profits before taxes amounting to DKK 621 million.

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