The bulk of Gennady Timchenko's wealth is derived from energy holdings. His biggest asset is a 45 percent stake in Gunvor Group, the fourth-largest oil trader in the world. He also holds stakes in Novatek, Russia's second-largest gas producer after Gazprom, and Sibur, Russia's largest chemical manufacturer.
OAO Novatek, Russia’s biggest non- state natural gas producer, climbed to an 18-month high in London after the investment banking arm of OAO Sberbank said net income is poised to double in three years.
Gunvor Group Ltd., the oil trader controlled by billionaire founders Torbjorn Tornqvist and Gennady Timchenko, said first-half profit rose 4.4 percent as better margins and gains on investments offset lower revenue.
OAO Russian Railways is seeking to regain the right to manage rolling stock a decade after the government weakened its monopoly by opening the market to competitors, Chief Executive Officer Vladimir Yakunin said.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Billionaire energy trader Gennady Timchenko may acquire the 33 percent he doesn’t already own in Transoil, the company bidding for OAO Russian Railways’s cargo unit Freight One OJSC, Kommersant reported.
Russian billionaire Gennady Timchenko’s Volga Resources investment fund has agreed to form a 50-50 venture with Maxim Vorobiev’s RS Group that will hold 60.936 percent of OAO Russian Sea Group, a Russian consumer-food producer.