Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Timchenko to Buy Murmansk Port

ST. PETERSBURG — Businessman Gennady Timchenko has agreed to buy Murmansk Commercial Sea Port for $250 million, industry sources said Friday.

"The deal is expected to be closed in the first quarter," one of the sources said.

The deal was also confirmed by sources close to the buyer and the port owners.

Murmansk is Russia's leading coal export terminal and is controlled by a group of private investors. It has a monthly capacity of about 1 million tons and sends the bulk of its shipments to European destinations.

SUEK is the major supplier to the port, followed by Italy's Coeclerici and Mechel.

Timchenko has recently increased his activity in energy markets. His Volga Resources fund last year became the biggest shareholder in Russia's largest non-state gas producer, Novatek, while Swiss-based trader Gunvor, co-owned by Timchenko, started fuel oil export from the port of Ust-Luga.

Gunvor, the world's third-largest oil trader, also plans to become one of the world's top gas traders.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more