Blacklisted Russian Tycoon to Build South Stream - Report

Business » ENERGY | March 21, 2014, Friday // 17:39| Views: | Comments: 5
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Bulgaria: Blacklisted Russian Tycoon to Build South Stream - Report Photo by BGNES

Gennady Timchenko, included in US list of sanctions over Ukraine, is to build Bulgaria's part of the South Stream.

The Russian official is reported to have a 63% share in Stroytransgaz, the company in charge of Bulgarian sector of the South Stream pipeline project.

The information, quoted by website, has not been immediately confirmed by the Council of Ministers.

Bulgaria's Economy Minister Dragomir Stoynev even announced on Friday he did not know which company is to manage the project on Bulgarian soil.

Reports by online editions of Russian newspapers Kommersant and Vedomosti suggest that Timchenko has the main stakeholder in Stroytransgaz since 2007, even though his name does not appear on the company's website.

Forbes describes Timchenko as the sixth richest Russian. The Financial Times has called him part of President Vladimir Putin's "inner circle".

Sanctions imposed by the US earlier forced him to sell his 43% share in energy giant Gunvor, the world's fourth-largest oil trader.

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Tags: Gennady Timchenko, Stroytransgaz, Russia, US, sanctions, Ukraine, gas, South stream, Dragomir Stoynev All Are Welcome! Join Now!
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» To the forumComments (5)
Behemoth2.0 - 24 Mar 2014 // 12:56:56

Timchenko is known to be the man who is handling Putin's private money. A big part of it is invested in Timchenko's company for oil trade Gunvor. Timchenko is also (beside the Rotenberg brothers) one of the principal contractors of the Sochi Olympiad and has made a fortune there (together with V.P.). All these guys together with a few others (Vladimir Yakunin, Yurij Kowaltshuk and Andrey Fursenko) are Datsha friends (in 1996 they founded together a Datsha cooperative "Ozero" near Peterburg) and it is them who are running this oriental despoty.

Yane - 22 Mar 2014 // 20:04:39

Nothing will stop south stream!

OMG - 22 Mar 2014 // 00:21:55

You mean those things you'll find in USA beef?

Armstrong - 21 Mar 2014 // 23:53:47

Perhaps they are taking steroids like Soviet athletes.

OMG - 21 Mar 2014 // 19:36:10

If he sold his Cyprus company he probably sold his Bulgarian too, don't you think?

He apparently was one step to fast... Like it seems all the time Russians are a bit faster and smarter.

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