G. Timchenko has released space for China at Vankor deposit

Kommersant has learnt that Gennady Timchenko who was a minority shareholder of Rosneft in one of the largest Russia oil deposits ofVankor has sold his stake. His structure held 6.04% in “Vankorneft” CJSC. The businessman had long been trying to sell his stake but managed to do it only in August. The amount of the deal, according to Kommersant, made up about $500 mln. Now Rosneft is going to sell about 10% in Vankor to CNPC that might be an attempt to return the funds spent for the purchase of G. Timchenko’s package.

The businessman G. Timchenko owned 6.04% in Vankorneft CJSC, 3 sources familiar with the situation told Kommersant. The rest of the shares belonged to Rosneft. In late August the company announced that it had consolidated 100% in Vankorneft CJSC. According to the sources of Kommersant, Mr. Timchenko received about $500 mln for his stake. According to “SPARK-Interfax”, the holder of 6.04% was Taymyr Petroleum Company Limited registered in Gibraltar. Its final beneficiary, according to the sources of Kommersant, is Mr. Timchenko. The offshore’s head company is Stimul Trading Limited, Cyprus. According to the Cyprus registry, Hollington Consulting holds 75% in it, Wilshaw Enterprises Ltd – 25%, the owners of which are not released. Rosneft refused to comment. A representative of G. Timchenko only said that “Volga Group had nothing to do with the deal on this asset” (Volga Group was founded in 2007, officially manages the assets of the businessman).