|Gennady Nikolayevich Timchenko|
9 November 1952 |
Leninakan, Armenian SSR, Soviet Union
|Nationality||Russian and Finnish|
|Known for||Co-Owner of Gunvor|
|Net worth||US$14.1 billion (2013)|
Gennady Nikolayevich Timchenko (also spelled Guennadi Timtchenko) (born 1952) is a prominent businessman and public figure. He is the owner of the private investment group, Volga Group, which specializes in investments in energy, transport and infrastructure assets. He is Chairman of the Economic Council of the Franco-Russian Chamber of Commerce; Chairman of the Board of Directors of the Continental Hockey League; President of the SKA (St. Petersburg) ice hockey club; member of the Board of Trustees of the Russian Geographical Society  and a Chevalier of the French Legion d'Honneur.
Timchenko is ranked 62nd in the 2013 edition of the Forbes magazine billionaires list, with an estimated fortune of $14.1 billion USD.
Early life and family
Gennady Timchenko was born in Leninakan (now Gyumri), Armenian SSR (Soviet Union) in 1952 with a father who was in the Soviet military. He spent part of his childhood in the German Democratic Republic (1959-1965)  and in Ukraine.
He is married to Elena. They have three children. He currently lives in Geneva, Switzerland.
In 1977, he started to work as an engineer for the Izhorsky plant near St. Petersburg, which specialized in building power generators  Since he spoke German, he was then moved to the trade department of this state-owned company.
From 1982 to 1988 he worked as a senior engineer of the Ministry of Foreign Trade.
In 1988, when Russia started to liberalize its economy, he was promoted to be Deputy Director of the state-owned oil company Kirshineftekhimexport enterprise, which had been created in 1987 based on the Kirishi refinery (one of the three largest refineries in the RSFSR). At this time Timchenko’s teams set up some of the first export routes of oil products from the USSR to Western countries. Timchenko became one of the leading figures of the Russian oil trading industry.
In 1991, Gennady Timchenko decided to leave Russia and was hired by a Finland-based company, URALS FINLAND, specializing in importing Russian oil to Europe. He settled in Finland and became a Finnish citizen.
In 1995, the Urals Finalnd Oy was renamed International Petroleum Products Oy (IPP), and Gennady Timchenko became first deputy and then CEO of IPP OY.
In 2007, Gennady Timchenko founded the Volga Group (Volga Resources Group) private investment fund. This group holds his Russian and international assets covering the energy, transport, infrastructure construction, financial services and consumer sectors.
On July 4, 2013 Gennady Timchenko was appointed as a Chevalier of the Legion d'Honneur in recognition of his work in creating a permanent exhibibition of Russian art in the Louvre, support of "Russian Museum", and help in organizing the "Alekhine Memorial" chess tournament.
In an interview with The Wall Street Journal, Timchenko said that in 1999 he gave up Russian citizenship and became a Finnish citizen.
In an interview with Forbes (Russian edition) on October 26, 2012 Gennady Timchenko said that he now has both Russian and Finnish citizenships.
According to Forbes magazine, Timchenko is one of the wealthiest people in Russia and the world:
According to the Russian publication, RBC, in 2012 Timchenko's worth was estimated at $24.61bn.
In addition to business assets, Gennady Timchenko, according to media reports, also owns a property in Geneva, Switzerland, which consists of just over 1 ha of land, an internal area of 341m². According to the Land Registry Office of Geneva the purchase price of the property was SFR 8.4m (at the time of purchase in 2001 - about US$11m).
His income according to the Finnish tax authorities, increased tenfold from 1999 to 2001. In 2001 he declared an income of EUR 4.9m. Because of his high taxes, Gennady Timchenko moved to Switzerland in 2002.
Gunvor International B.V.
Gennady Timchenko is the co-founder (together with Torbjörn Törnqvist) of Gunvor Group Ltd a corporation registered in Cyprus, and operating in trading and logistics related to the international energy market.
Gunvor's main trading office is in Geneva, Switzerland. It also has trading offices in Singapore, the Bahamas and Dubai, with a network of representative offices around the globe. The company operates in the trade, transport, storage and optimization of petroleum and other energy products, as well as having investments in oil terminal and port facilities. Its operations consist of securing crude oil upstream and delivering it to market via pipelines and tankers.
The company is the fourth largest crude oil trader in the world after Glencore, Vitol, and Trafigura. Gunvor's revenue in 201- was $71.7 billion and $87 billion in 2011.
Gunvor's Russian oil trading business now consists of approximately one-third of total trading volume, and Gunvor sources crude oil from more than 35 countries around the world.
Gunvor's trading partners and clients include eight of the top 10. and 17 of the top 20 of the world's largest oil and energy companies. Gunvor also works with more than 50 top-ranking financial institutions around the world.
Gunvor also owns its own shipping company, Clearlake Shipping Ltd, which helps account, according to company’s officials, for its leadership in the oil trading.
In May 2008, he publicly maintained that his "career of more than 20 years in the oil industry has not been built on favours or political connections".
Volga Resources Group
Gennady Timchenko founded in 2007 and controls the Luxemburg-based fund Volga Group (Volga Resources Group). The purpose of this fund is “to invest in transferable securities as well as in other assets and financial instruments (…) to deliver long term capital appreciation to shareholders”.
As of early February 2013 Gennady Timchenko owns the following assets through Volga Resources:
• 23% of gas production company "Novatek" 
• 13% of the shares of seismic IG Seismic Services (IGSS) 
• 30% stake in coal company "Colmar" 
• 50% of the gas company "Petromir" 
• 44% of the shares trading Guvnor Group 
• 80% of the shares of the railway company "Transoilgroup" 
• 74% of the shares aviaservisnoy company "Avia Group" 
• 70% of the shares aviaservisnoy company "Aviva Group Nord" 
• 99% stake in the airline Airfix Aviation Oy (Sweden) 
• 80% of the shares of the construction company "Stroytransgaz" 
• 37.3% shares in gas processing and petrochemical company "Sibur Holding" 
• 25% of the timber company "Rovrik Timber AB" (Sweden) 
• 12.5% of shares of the insurance company "SOGAZ" 
• 44% of the shares of the insurance company SOVAG AG (Germany) 
• 8% of the bank "Russia" 
• 30% of the company "Russian Sea" (processing and supply of fishery products) 
• 100% of the manufacturer's drinking water, "Russian Time" (brand "Akvanika").
In 2013, at the St Petersburg International Economic Forum, he introduced the new investment group, Volga Group, which consolidated his assets and management company, Volga Advisors, which will monitor and assist companies in the Volga Group. Gennady Timchenko has given several interviews where he spoke about the strategy of these companies. He noted that for the next few years, his group will focus on the development of infrastructure projects in Russia. The entrepreneur believes that there is a lack of investment at the moment in this sector and the investment will pay dividends.
Participation in Novatek
In October 2008, Gennady Timchenko announced that the Volga Resources had bought 5% of the shares of the gas producing company Novatek, for an estimated 500 million US dollars. In May 2009, Volga Resources announced that it has agreed to purchase 13.13% of Novatek and Gennady Timchenko was elected to the Board of Directors of Novatek. He now has a 23.5% stake in the company.
Public activities and philanthropy
In 2008, Gennady and Elena Timchenko founded the Neva Foundation in Geneva, in order to promote and finance cultural projects in Switzerland and Russia. The foundation is notably focused on lyrical art and has a partnership with the Geneva Opera House. Renowned St-Petersburg philharmonic conductor Yuri Temirkanov is a trustee of the foundation.
In 2010, Gennady and Elena Timchenko created the Ladoga Foundation. The main activity of the fund is providing help for the elderly, as well as the restoration of spiritual and cultural heritage monuments, support for cultural projects and project support in the field of modern medical technology.
In 2011, Gennady Timchenko, was appointed Chairman of the Board of Directors and President of SKA (St. Petersburg), the leading ice hockey team.
In 2012 he was appointed Chairman of the Board of Directors of the Continental Hockey League (KHL).
In September 2013 it was announced that the Ladoga Foundation would be renamed as the Elena and Gennady Timchenko Foundation (abbreviated to Timchenko Foundation). This foundation has consolidated all of the family’s charitable activities into one portfolio that focuses on supporting elderly people, sports, culture and foster families. These strategic priorities are aimed at driving positive social change in Russia.
Sports and hobbies
Gennady Timchenko likes to play and watch tennis. Through his Finnish company, IPP, he has sponsored an outdoor tennis tournament in Finland since 2000, the IPP Open. According to unconfirmed reports he funded the Finnish national team in the Davis Cup  and has sponsored a number of Russian tennis players.
The media also has referred to the sponsorship of a sailing team which participates in the international RC44 yachting competition.
In April 2011, Gennady Timchenko replaced Alexander Medvedev as Chairman of the Board of Directors of SKA, the St Petersburg-based ice hockey club. In May of the same year, under the new management structure of the club, he was appointed as Club President.
In July 2012 he replaced Vyacheslav Fetisov as Chairman of the Board of Directors of the Continental Hockey League KHL.
In 2013, he became one of the sponsors and organisers of one of the most important international chess tournaments in the ELO rating – the Alekhine Memorial.
In July 2013 together with the Rotenberg brothers he established Arena Events Oy, which bought 100% of the famous Helsinki Hartwell Arena. They also bought a stake in Jokerit, the six-time ice hockey champion of Finland. It is expected that Jokerit will enter the KHL league in the next years.
The Elena Gennady Timchenko Foundation promotes the development of the ice hockey and chess among young people.
On October 12, 2013 Timchenko received French title of the Cavalier of Legion of Honour. This award prompted Russian political writer Andrey Piontkovsky to write that "awarding a criminal with nickname Gangrene the highest distinction brings shame to the French state" ("Когда Чрезвычайный и Полномочный Посол Французской Республики Жан де Глиниасти покорнейше явился как мальчик по вызову в Юсуповский дворец в Петербурге, чтобы вручить высшую награду Франциии — орден Почетного легиона — уголовнику по кликухе Гангрена, укравшему на пару со своим паханом Михал Иванычем десятки миллиардов долларов у русского народа , позором покрыло себя французское государство.")
- "Gennady Timchenko shows his philanthropic side". February 1.
- Co-owner of Novatek Timchenko Economic Council is Head of Franco-Russian Chamber of Commerce January 2
- "Oil trader Timchenko went to the image-makers". February 1.
- "Timchenko became a chairman of the board of directors of the KHL".
- "Appointed Chairman of the Board of SKA Gennady Timchenko".
- "Sobyanin restored to Russian Geographical Society merchant apartment house".
- "Timchenko has become a Chevalier of the Legion d'Honneur". February 1.
- "Forbes Timchenko Profile". Forbes.
- Hakalal, Pekkal (February 17, 2004). "Kremlin favourite Gennady Timchenko is Finnish citizen". Helsingin Sanomat.[dead link]
- "Timchenko's path from shop foreman to billionaire".
- "Excerpts: Gunvor’s Timchenko On His History, Putin and Gunvor". The Wall Street Journal. June 11, 2008. Retrieved 2009-04-06.
- "Main Investor".
- "At home among strangers". Russian focus. 2004-03-01.
- "Timchenko participates in bid to fund a major highway in St Petersburg for RUB 130 billion".
- "Gennady Timchenko: Co-owner of Gunvor Group companies and venture capital company Volga Resources".
- "Kremlin favourite is Finnish citizen". 17-02-2004.
- The World’s Billionaires
- The World’s Billionaires
- The World’s Billionaires 2011
- The World’s Billionaires
- "100 Richest Businessmen in Russia — 2008".
- "100 Richest Businessmen in Russia — 2009".
- "100 Richest Businessmen in Russia— 2010".
- "200 Richest Businessmen in Russia — 2011".
- "200 Richest Businessmen in Russia — 2012".
- Forbes: Forbes 2013 leaders in billionaire ranking
- "G. Timchenko rose to first place in the richest billionaire ranking".
- "Oil trader "Clear water"".
- "Timchenko's homes and hotels".
- "Gennady Timchenko Biography".
- "Gunvor Group".
- "How billionaire Timchenko built his business".
- Gennady Timchenko (May 22, 2008). "Gunvor, Putin and me: the truth about Russian oil trader". Financial Times.
- Volga's web site
- Investments: Energy
- Investments: Trading and Logistics
- Investments: Manufacturing and Construction
- Investments: Financial Services
- Investments: Consumer Goods
- "Timchenko bundles all assets in Volga Group".
- "Gennady Timchenko " We understand that the most important thing is a businessman's reputation"".
- "Volga Resources acquire 5% stake in Novatek".
- "Investments in energy and petrochemicals".
- "Bribery and corruption have become endemic".
- "No one can tell me that I undermined anyone or took anything away from anyone".
- "Children’s centre built from Timchenko fund".
- "New cottages for foster families".
- "Soljenitsyne, le courage d'écrire".
- "LES FEMMES RUSSES AIMENT LES FONDATIONS" [RUSSIAN WOMEN LIKE THE FOUNDATIONS]. Bilan (in French). 05/12/2008. Archived from the original on December 14, 2010.
- Web site of the foundation.
- [Вадим САМОРОДОВ: Фонд «Ладога» помогает пожилым ивановцам //«Ивановская газета», № 69 от 17.04.2012]
- [ Сообщество — старшему поколению газета «Рабочий край», № 185 от 07.10.2011]
- "Co-owner of Novatek Timchenko heads Economic Council as Franco-Russian Chamber of Commerce".
- "Charitable Foundation "Ladoga" renamed the Helena and Gennady Timchenko Foundation".
- [Кузнец своего «Газпрома» // «Огонёк» № 12 от 29.03.2010(статья доступна в базе public.ru)
- "Sergei Butov". Sport Express.
- "Think before doing".
- "CHL to join Finnish Jokerits".
- "SKA president becomes co-president of Finnish club".
- "Timchenko Foundation".
- "IS: Maailman nopein liikejetti Suomeen" [IS: The world's fastest liikejetti Finland]. Ilta-Sanomat (in Finnish). 8.1.2013.
- ""Другу Путина" Тимченко вручили орден Почетного легиона". NEWSru. 12 October 2013.
- ""Друг Путина" Тимченко получил высшую награду Франции, учрежденную Наполеоном". NEWSru. 4 July 2013.
- Piontkovsky, Andrey. "ПАДЕНИЕ ПАРИЖА". Echo of Moscow.