Gennady Timchenko

Gennady Nikolayevich Timchenko (Russian Геннадий Николаевич Тимченко; born November 9, 1952 in Leninakan (now Gyumri ), Armenian SSR) residing in Geneva ( Switzerland ) is a Russian- Finnish oligarch in the oil trade and close friend of President Vladimir Putin. In March 2013 Forbes Magazine guess its assets in the amount of 14.1 billion U.S. dollars ( 8th place in Russia).

Life

Timchenko studied at the Mechanical Institute of Saint Petersburg and graduated in 1977. Timchenko From 1987 to 1994 worked for the Russian company Kirishineftekhimexport. He moved his residence to Finland and became a Finnish citizen. The Russian company Gunvor was founded in 1997 by him and Torbjörn Törnqvist. 2007 founded the company Timchenko Volga Resources, based in Luxembourg. About his company Volga Resources, he earned first 5 percent in the Russian company Novatek and increased its share through acquisitions and May 2009, initially to 13 percent. and 2012 at 20.77 percent. In 2009, he acquired over Volga Resources, the German insurance companies SOVAG (Black Sea and Baltic insurance corporation) According to the American Forbes Magazine Timchenko is one of the richest Russians. Timchenko is married and has three children.

Timchenko currently lives in Geneva. In 2008 he founded together with his wife in Geneva Foundation Neva Since 2011 he has been President of Hockey club SKA St. Petersburg. In July 2012, Timchenko was elected Chairman of the Board (Board of Directors ) of the supranational Kontinental Hockey League. Timchenko is close friends with Russian President Vladimir Putin.

Citizenship

In an interview with the Wall Street Journal Timchenko said that he had given up his Russian citizenship in 1999 and became a Finnish citizen.

In an interview with the Russian edition of Forbes on October 26, 2012 Gennady Timchenko said that he was Russian and Finnish citizen now.

According to Forbes Magazine Timchenko is one of the richest people in Russia and the world:

According to the Russian publication RBC is Timtschenkos assets in 2012 amounted to 24.6 billion U.S. $.

In addition to his business assets Gennady Timchenko has according to media reports also owned land in Geneva, Switzerland, which amounts to just over 1 hectare of land and an inner surface of 341 m². According to Land Registry Geneva, the purchase price of the property amounted 8.4 million SFR (at the time of purchase 2001 approximately U.S. $ 11 million).

His income has increased tenfold, according to the Finnish tax authorities from 1999 to 2001. In 2001 he gave to an income of € 4.9 million. Because of its high tax burden Gennady Timchenko moved to Switzerland in 2002.

Gunvor International

Gennady Timchenko is (together with Torbjörn Törnqvist ) Co-founder of Gunvor, a company registered in Cyprus company with a focus on trade and logistics in conjunction with the international energy market.

Gunvors headquarters is in Geneva, Switzerland. It also has business offices in Singapore, the Bahamas and Dubai, as well as through a network of offices throughout the world. The company is engaged in trade, transport, storage and optimization of petroleum and other energy products and also has investments in oil terminals and port facilities. His companies exist upstream from hedging crude oil and its transport to market with pipelines and tankers. The company is the world's fourth largest crude oil traders behind Glencore, Vitol and Trafigura. Gunvors profit in 2010 amounted to 71.7 billion U.S. $ and 2011 U.S. $ 87 billion.

Gunvors Russian oil trading business amounts to about one-third of total trade, and Guvnor refers crude oil from more than 35 countries around the world. Guvnors trading partners and clients include eight of the top 10 and 17 of the top 20 of the world 's largest oil and energy companies. Guvnor is also working with more than 50 top-ranked financial institutions all over the world. In addition, Gunvor has the Clear Lake Shipping Ltd. on its own shipping company that contributes according to data of company representatives to its leading position in the oil trade. In May 2008, he publicly claimed that his " more than twenty year career in the oil industry has not been built on favors or political connections " is.

Given announced Western sanctions under Gennadi Timchenko Krimkrise sold in March 2014 his share to his partner Torbjörn Törnqvist, which thus holds 87 % stake.

Volga Resources Group

In 2007, Gennady Timchenko established in Luxembourg and controlled by him Fond Volga Group ( Volga Resources Group ). The purpose of this fund is to " invest in transferable securities and other assets and financial instruments ( ... ) to enable the shareholders long-term capital growth " is.

Beginning in February 2013 had Gennadi Timchenko about Volga Resources, the following assets:

• 23% of gas production company " Novatek "
• 13% of the shares in seismic IG Seismic Services ( IGSS )
• 30 % share of the coal company " Colmar "
• 50% of the gas company " Petromir "
• 44% of the Shares traded the Guvnor Group
• 80 % of the shares in the railway company " Transoilgroup "
• 74 % of the shares of aviaservisnoy company " Avia Group"
• 70 % of the shares of aviaservisnoy company " Avia Group North "
• 99 % share of the airline Airfix Aviation Oy (Sweden)
• 80 % of the shares in the construction company " Stroytransgaz "
• 37.3 % share of the gas processing and petrochemical company " Sibur Holding "
• 25 % of the lumber company " Rovrik Timber AB " (Sweden)
• 12.5 % of the shares of the insurance company " SOGAZ "
• 44% of the shares in the insurance company SOVAG AG ( Germany )
• 8% of the bank " Russia"
• 30 % of the company "Russian Sea" ( processing and supply of fishery products)
• 100% of the drinking water producer "Russian Time" (brand " Akvanika " )

In 2013 he exhibited at the International Economic Forum in St. Petersburg his new investment group Volga Group before that summarizes its holdings and management, as well as its management company Volga Advisors, which will monitor and support the company in the Volga Group. Gennady Timchenko has given several interviews in which he talked about the strategy of these companies. He noted that his group will focus in the coming years on the development of infrastructure projects in Russia. The entrepreneur believes that there is currently a lack of investment in this sector and that the investment will yield dividends.

Stake in Novatek

In October 2008, Gennady Timchenko announced that Volga Resources had acquired 5 % stake in the gas delivery company Novatek for estimated $ 500 million. In May 2009, Volga Resources announced that it had approved the acquisition of 13.13% of Novatek and Gennady Timchenko that had been elected to the board of Novatek. He now owns a 23.5% share in the company.