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
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions with...
"What is the next step in the evolution of IoT systems? The answer is data, information, which is a radical shift from assets, from things to input for decision making," stated Michael Minkevich, VP of Technology Services at Luxoft, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.