Gennady Timchenko Gives Interview to Russian TV
MOSCOW, April 12, 2014
MOSCOW, April 12, 2014 /PRNewswire/ --
Gennady Timchenko, the founder and beneficial shareholder of Volga Group, has
given an exclusive interview to Sergey Brilev on the Russian TV programme
"News on Saturday" ("Vesti v subbotu"). During the interview Mr Timchenko
commented in detail on a number of topics.
Partnership with China
*"Russia's turn towards China is partially due to Europe pushing us away in
recent years. By working with Chinese partners, we can also demonstrate to
the Europeans that we have new opportunities and promising markets in the
*"China is an area where we need to be present. Lots of companies want to
supply their products to China. Australia and other countries are building
LNG production facilities. We need to keep pace and not hold back on
cooperation with China."
*"We have been working with the Chinese for several years on serious
projects including Yamal LNG. This is a highly complex project in economic
terms. It is a mark of our success that we have been able to reach
agreement with our Chinese partners quickly and bring them on board as
shareholders in Yamal LNG. It is important that we keep up the pace and
achieve all of the plans we have set out by the start of 2017. Then we
will be able to start supplies of LNG to China in 2Q 2017."
*"Building big businesses such as this one creates large numbers of new
jobs in Russia. Businesses also create new tax revenues, which in future
will be used to pay public-sector workers and address social issues."
*"I also have good relationships with European businessmen. It is likely
that I will stay on as co-chairman of the Franco-Russian Chamber of
Commerce and Industry. I have also received an offer to head a similar
Russian-Chinese advisory body, which in all probability I will readily
US sanctions list
*"I found out that I had been included on the list from the news. I had
assumed that this was a possibility, but still to have it confirmed was
slightly unexpected, although something of a badge of honour for me. I
think that this is a judgement on my investments in Russia - in the energy
and petrochemicals sector, in infrastructure construction and the
*"Europe has not announced any sanctions against me. However, there have
been some complications as a result of the American sanctions, as some
banks have started creating difficulties for business. In effect, the
American authorities are making life difficult for European banks."
*"We assumed that this could happen, and took care of our funds held with
European banks ahead of time. All of these funds are now in Russia and are
being securely held by our Russian banks."
*"My stake in Gunvor was less than 50%. Essentially I was not obliged to
sell the shares, but I did so in order not to create problems for the
company, which is growing fast and today is one of the top three energy
On calls to use the ruble as the settlement currency for Russian exports
*"We have examined these proposals and are already in talks with our
counterparties, many of whom are prepared to consider the idea. To start
with we are talking about switching to settlement in euros, but given that
European sanctions remain a possibility we may also use the ruble for
settlement, as well as the renminbi for doing business with China. We are
ready for this, and it seems that our Chinese partners are also prepared
to give the idea serious consideration."
Relations with Europe
*"European leaders today have a poor understanding of the global situation
and the consequences of meddling in these or those processes. Western
media present events in Russia in a thoroughly negative light. Yes, we
have problems, and these need to be covered. But the fact remains that
there is a propaganda campaign being waged against Russia. And this is
*"I have never concealed my dual citizenship. People involved in state
business should probably declare their dual citizenship if they have it. I
do not see this as an infringement of any human rights."
About Volga Group
One of the largest investment groups in Russia, Volga Group has investments in
18 core companies, located mainly in Russia. The three core strategic
investment areas are energy, logistics and infrastructure. Volga Group also
has investments in the financial services and consumer goods sectors. The
Group's largest holdings include Novatek (23%), Sibur (37.3%), Transoil (80%),
STG Group (63%).
For media inquiries:
Mr. Anton Kurevin Communications Director, Volga Advisors Email:
email@example.com Tel.: +7-495-777-38-98 (extn. 711)
Mr. Stuart Leasor EM Advisors Email: firstname.lastname@example.org Tel.:
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