Timchenko, Co-Owner of Gunvor and Putin’s Business Partner, Arrives in Prague for Ice-Hockey

An ice-hockey match between Prague’s Lev and Saint Petersburg’s SKA took place in the O2 Arena on October 6th. The list of guests included quite a few more or less interesting names. One of them, however, towered over the others in a monumental way: the match was watched by the soon-to-turn 60 dollar multi-billionaire Gennady Nikolayevich Timchenko, co-owner of the fourth largest commodity trader* in the world – Gunvor Group, and a business partner of Russian president Vladimir Putin.

Mr. Timchenko apparently did not visit Prague to do business, but as the chairman and president of his Russian ice-hockey club.

Timchenko’s business success is associated with dispossession of the Yukos Oil Company, the assets of which were subsequently transferred to its state-owned competitor Rosneft. Gunvor only started to seriously grow and make money after achieving the key position of Rosneft-produced-oil exporter. Today, its portfolio includes everything to do with fossil fuel (oil, natural gas, coal) production, processing, transport, and trading.

The Russian daily Vedomosti stated today that the businessman would ponder returning to Russia after twenty years abroad.

Gunvor Turnover
2007 $43bn
2008 $65bn
2009 $53bn
2010 $69bn
2011 $87bn
*) Vitol, Glencore and Trafigura are bigger.

Translated by Lingvus

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