Gunvor, Russia Oil and Gas
Andrey Bokarev got another asset of the trader.
Speculation that the assets of oil trader Gunvor, the share in which Gennadiy Timchenko sold Swedish partners a day before the introduction of the US sanctions against the businessman, will stay long under foreign control is confirmed. Following "Kolmar" Gunvor sold control of oil product terminal "Ust-Luga Oil" to the structure of businessman Andrey Bokarev. He began working with Gennadiy Timchenko even before the sanctions, becoming in 2012 the owner of the railway operator "Transoil". But the terminal was the largest deal in the history of this partnership - analysts estimate the share in it at 70 billion roubles.
In the period from January to May, commodity trader Trafigura acquired 3.8 million tons of oil from Rosneft. This is reported by Argus Media. Thus, Trafigura became the largest foreign partner of Rosneft in the first five months of 2015. For comparison, according to Argus Media, in the same period Rosneft sold the nearest pursuer of Trafigura - Swiss Glencore – 3.2 million tons. Shell received 1.9 million tons, Vitol – 1.74 million, Gunvor - 890 thousand and BP - 180 thousand tons.
According to Argus Media, based on information of Transneft, in the first five months of this year, Rosneft exported 38.8 million tons of raw materials. 18 million tons of them - by sea. Thus, the Trafigura’s share in total exports of Rosneft is about 10%.
A representative of Rosneft declined to comment on RBC data on export deliveries. Trafigura’s representative Victoria Dis refused to disclose details of the transactions with Rosneft. She confined herself to a refer to Trafigura’s report for the period from October 2014 to March 2015. The company stated in it that its access to Russian oil increased from 2013, when its division was opened in Moscow.
In spring of 2015, the mass media wrote about the growth of the oil purchases from Rosneft by Trafigura. The success of the trader was caused by features of its contracts with Rosneft, which actually allows it to lend Rosneft without violating Western sanctions.
In 2014 Gunvor was returned 10% of investments in oil product terminal in Ust-Luga in the form of dividends.Edited by Rhod Mackenzie / 2015-07-07 09:24:32
Gunvor has received 3.3 billion roubles in the form of dividends from "Ust-Luga Oil" (the oil product terminal in the port of Ust-Luga, the structure of Gunvor owns 100% of the terminal) in 2014, according to the report of the terminal operator for 2014. Of these, 1.7 billion roubles are part of the retained earnings for 2009-2012 (2.7 billion roubles are left in retained earnings). In 2013 Gunvor has received only 766 million roubles in the form of dividends from "Ust-Luga Oil" for the first nine months of 2013. During 2012 no dividends were paid. The company did not disclose information on the payment of dividends until 2012.
Gunvor Singapore Pte (in the structure of Gunvor) has attracted a $550 mln loan.
The credit line is opened by 2 tranches for 1 and 2 years. The loan will be spent by Gunvor to refinance another loan of $546.6 mln attracted in June 2014.
The organizers of the credit line were DBS Bank Ltd, ING Bank N.V. (Singapore Branch), Malayan Banking Berhad, (Singapore Branch), Oversea-Chinese Banking Corporation Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Singapore Branch) as well as Societe Generale (Singapore Branch).
Gunvor is in the top-3 largest oil traders in the world along with Glencore and Vitol. The company was founded in 1997, registered in Switzerland. The revenue in 2012 made up $93 bln. Gunvor holds on the parity basis with NTMP a company “Novorossiysk grease oil terminal”. Gunvor also holds the oil products port at the terminal in Ust-Luga.
The Federal Antimonopoly Service (FAS) has offered to return to the idea of selling a part of oil and oil products, which are exported, for rubles, head of the agency Igor Artemyev reported to the Interfax. "We have now returned to this idea, because it is necessary to help the ruble," - he said. This idea was expressed a few years ago - and even the President’s message then spoke of the need to develop appropriate mechanisms, he recalls. However, that time the ruble was too fortified.
Sale of only 10% of raw materials for rubles would require buyers to purchase the Russian currency equivalent to about $15 billion, which is comparable with the intervention of the Central Bank, said Artemyev.
President of Rosneft Igor Sechin has denied participation of the oil company and Gennady Timchenko, a former co-owner of the trader Gunvor, in illegal operations. The fact that US investigators are looking into the operations of these companies on suspicion of money laundering was reported at the beginning of April, but the companies denied any wrongdoing. Mr. Sechin also stated that Rosneft was ready to prove its noninvolvement in any illegal actions in court.
On November, 10, the Rosneft’s president Igor Sechin said in interview to the Russia 24 that he didn’t know the details of the investigation, conducted in respect of Rosneft and the trader Gunvor Group by US prosecutors. "I don’t know the circumstances of this case, but I know one thing: neither Rosneft, nor (Gennadiy) Timchenko participated in any crimes or in any violations - the president of the oil company explained. - And we can easy prove it in court".
The US Attorney Office and the Ministry of Justice has started investigation against G.Timchenko. Investigation officers suspect him of transferring money via the US monetary system, which was supposed to be connected with corruption-related business. The Wall Street Journal writes about it.
Public prosecutors study the deals of Gunvor Group on reselling of oil from “Rosneft” to the third parties.
Completion of a deal of purchase of 51% in Petroresurs, which holds the license for Lagansky block on the Caspian shelf, by Rosneft has been postponed indefinitely, including because of the sanctions, Lundin Petroleum reported. "The completion of the transaction with Rosneft is indefinitely due to a number of factors, including the sanctions. Lundin Petroleum is currently seeking for alternative solutions of cooperation in the development of the Lagansky block,"- the Swedish company’s report for the third quarter says. Lundin previously reported that it planned to close the deal in the first half of 2014. Rosneft doesn’t comment on the Lundin’s message.
Oil trader Gunvor is looking for buyers for a significant part of its Russian assets, including terminal Ust-Luga Oil, the Interfax reports, referring to the Financial Times. According to the newspaper, the company was forced make such step because of anti-Russian sanctions and the tense situation around the Ukraine.
The company will become the co-owner of the dock-side operator.
Gennady Timchenko’s "TRANSOIL" has been actively implementing a strategy of vertical integration. The company bought a quarter of "PUL trans", the auxiliary rail operator of the Ust-Luga port, and does not exclude the possibility of acquiring other port assets.
One of the leading Russian private railway operators, "TRANSOIL" (owned by Gennady Timchenko) continues buying up the assets. The company, which is negotiating on the acquisition of CJSC "Neftetransport" (see. "Kommersant" on August 6), signed a contract to purchase 25% in the capital of «Ust-Luga transport company» ("PUL trans") from the "Transport and Logistics Company" (TLC) on July 28. The amount of the transaction was not disclosed. TLC has kept 25%, another 50% is in the Russian Railways. Until recently Mr. Timchenko has already had an asset in Ust-Luga: through Gunvor whn he owned the "Neva pipeline company" oil terminal. But on the eve of the introduction of the United States sanctions against the businessman he sold the share of the trader (44%) to his business partner Torbjorn Tornqvist.