Blacklisted Russian Tycoon to Build South Stream - Report
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 Expert.bg, 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.
- » US-EU Energy Council Backs Bulgaria-Greece Gas Link
- » Gazprom Puts Forward New South Stream Route
- » Bulgaria's NEK Repays EUR 309 M Debt to Local Unit of U.S.-based AES Corp
- » Bulgaria’s BEH Signs EUR 535 M Loan Deal to Repay Debt to Units of AES, ContourGlobal
- » Competition Regulator Carries out Inspection at OMV Bulgaria
- » Bulgaria's Competition Watchdog Conducts Inspections at Shell, Eko
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.