Gazprombank to buy Gunvor’s stake of Nevskaya pipeline in Russia
By ANDY HOFFMAN and IRINA REZNIK
Bloomberg
OAO Gazprombank will buy Gunvor Group’s stake in the Nevskaya pipeline, marking another step in the commodity trader’s plans to divest its Russian assets.
Gazprombank is purchasing Gunvor’s 50% interest in the Nevskaya Pipeline Co., increasing the bank’s stake to 74%, said Ekaterina Trofimova, first vice-president of Gazprombank. She didn’t disclose financial terms.
Gunvor last year announced plans to sell all of its physical assets in Russia after its co-founder and former shareholder Gennady Timchenko was sanctioned by the US over his close ties to Russian President Vladimir Putin.
Timchenko sold his 44% equity stake in Gunvor, one of the five-biggest independent oil traders, to partner and Swedish national Torbjorn Tornqvist the day before the Russian was sanctioned.
Nevskaya is a 4-kilometer (2.5-mile) pipe connecting a crude oil tank farm owned by OAO Transneft to a jetty on the Baltic Sea. Transneft already owns the remaining 26% of the pipeline after purchasing it from Gunvor in 2012.
Gunvor said in a 2013 bond prospectus that its costs related to the construction of the pipeline were $60 million. Seth Pietras, a Gunvor spokesman in Geneva, declined to comment.
Gunvor has also put its nearby Ust-Luga terminal located in the same area, 150 kilometers from St. Petersburg, up for sale and Tornqvist recently told Russian news agency Interfax that it was in advanced talks and nearing a deal for the terminal.
Gunvor said in April it had sold its 30% stake in Russian coal producer MC Kolmar to a company controlled by Andrei Bokarev.
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