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Russian billionaire Timchenko sells his Gunvor stake to Tornqvist

March 21, 2014, 10:41 UTC+3 MOSCOW
As a result of the deal Tornqvist became owner of an 87% controlling stake, and Timchenko has sold his whole stake in the company
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Gennady Timchenko

Gennady Timchenko

© ITAR-TASS/Interpress/Alexander Nikolaev

MOSCOW, March 22. /ITAR-TASS/. Russian billionaire Gennady Timchenko has sold his stake in global commodity trading company Gunvor to his partner Torbjorn Tornqvist, the company stated on its website on Friday. Timchenko was put on US sanction list on Thursday.

The company’s stake belonging to Gennady Timchenko was sold to Torbjorn Tornqvist on March 19, the company’s website said. As a result of the deal Tornqvist became owner of an 87% controlling stake, and Timchenko has sold his whole stake in the company, Gunvor stated.

The other 13%of Gunvor’s stock is owned by other officials of the company.

Gennady Timchenko is a major Russian business tycoon ranking 9th in Forbes rating of 200 richest people in Russia. The billionaire owns controlling stakes in Transoil (80%) and in Stroytransgaz (63%). He also owns stakes in Russian second largest gas producer NOVATEK (23.5%) and Russian gas processing and petrochemical company SIBUR (37.3%).

On Thursday, the United States has announced a new sanction list of 15 more Russian officials and five businessmen, including Gennady Timchenko.

Gunvor has an oil production terminal in Ust-Lug, a sea trading port in north-western Russia , oil refineries in Belgium and Germany, 50% stake in an oil pipeline in Ust-Lug, 50%stake in fuel terminal at the Russian Black Sea port of Novorossiysk, 33% stake in US coal producing company Signal Peak, 30% stake in Russian coalmining company Kolmar, 24% stake in South African coalmining company Keaton Energy, 16% in Panamanian terminal Petroterminal de Panama S.A., 14.7% in block Lagansky in the Caspian Sea and ten percent stake in oil pipeline TAL connecting Italy, Austria and Germany.

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