7 Nov 2014 18:09

Timchenko not ready to buy Gunvor's Kolmar stake; Bokarev considering

MOSCOW. Nov 7 (Interfax) - Gennady Timchenko, the former co-owner of the Gunvor trading group, is not ready for now to purchase Gunvor's 30% stake in coal miner Kolmar.

"If they offer it, I'll take a look. But I'm not sure I will buy it, since it will immediately be included on the sanctions list. It must be considered," Timchenko told journalists.

Timchenko's Volga Group already has a 30% stake in Kolmar.

Andrei Bokarev, Timchenko's partner in Transoil and the co-owner of OJSC Coal Company Kuzbassrazrezugol , who was standing next to Timchenko, said: "If they offer, why not? We are always ready to talk." However, he said, it cannot be said that the possibility is being studied. "Everyone is waiting for now. Everyone is thinking for now. What is needed is to sit down and talk," Bokarev said.

The Financial Times earlier reported that Gunvor is seeking a buyer for a significant portion of its Russian assets, including the oil terminal OJSC Ust-Luga Oil. Gunvor is close to selling its Kolmar stake, the FT reported, citing sources.

By selling its Russian assets, Gunvor hopes to lower risks in the eyes of foreign creditors and to obtain funds to finance acquisitions elsewhere.

Timchenko sold his 43% stake in Gunvor last March, a day before the U.S. imposed sanctions against him, to Swedish billionaire Torbjorn Tornqvist, raising the latter's stake to about 87%. Gunvor is one of the world's biggest oil traders. Russian oil accounts for about 13% of revenue, the FT said.