Timchenko’s family turns out to be owner of half of Gazprom’s major contractor

Timchenko’s family turns out to be owner of half of Gazprom’s major contractor
Gennady Timchenko

Forbes magazine estimated the businessman’s fortune in 2016 at 11.4 billion dollars.

Gennady Timchenko’s family owns "at least a half" of the company Stroytransneftegaz, one of the largest contractors of Gazprom. Timchenko told RBC about that at the annual meeting of the Russian-Chinese Business Council.

Timchenko’s representative promised to tell the journalists later who exactly is meant by the "family" and how the shares in the Stroytransneftegaz are distributed.

Previously, it was known that Gennady Timchenko directly owns 31.5% of Stroytransneftegaz, but it has not been reported that among the owners there were also his family members.

It is to be noted that Stroytransneftegaz, until October 2016, was called Stroytransgaz. The company acts as a contractor in the largest Gazprom projects, including the pipeline to China called Power of Siberia and the construction of the LNG terminals in the Kaliningrad Region. In addition, at the end of 2016, the TV channel Rain reported that Stroytransgaz might become the general contractor of the most expensive road construction of the year – the construction of the fourth section of the Central Ring Road around Moscow worth of $ 90 billion, nearly 50 billion of which would be provided by the state.

Also, today, it transpired that Timchenko has invested in sports in China. The businessman is the co-owner of the KHL club Kunlun.

"This is advertising, sponsors: I see a huge potential for development of a commercial component," said Timchenko. He hopes that he will be able to raise the Chinese hockey to "the highest level" and benefit from that.

The businessman is also the Chairman of the Board of Directors of the Continental Hockey League and the hockey club SKA.

Forbes magazine estimated the businessman’s wealth in 2016 is at 11.4 billion dollars (fifth place in Russia). It is also to be noted that Gennady Timchenko is considered to be very close to the Russian President Vladimir Putin. With regard to Timchenko, there are personal sanctions imposed by the EU and the United States because of Russia's role in the Ukrainian crisis.

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