Welcome!

News Feed Item

Gennady Timchenko Gives Interview to Russian TV

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 Asia-Pacific region."
  • "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 accept."

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 foodstuffs industry."
  • "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 traders worldwide."

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 disturbing."

Dual citizenship 

  • "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%).

Website: http://www.volga-resources.com


For media inquiries:

Mr. Anton Kurevin
Communications Director, Volga Advisors
Email: [email protected]
Tel.: +7-495-777-38-98 (extn. 711)

Mr. Stuart Leasor
EM Advisors
Email: [email protected]
Tel.: +44(0)7703-537721

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices t...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...