- Volga Group

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- Volga Group
Volga Group is a privately-held investment group that manages
investments in the logistics, infrastructure, financial services and consumer
goods sector on behalf of its main shareholder, Gennady Timchenko. The
Group invests strategically in areas of the Russian market where it sees
opportunities for long-term growth and development, and looks to introduce
best management practices and cutting edge production technologies at its
companies.
Profile
Investment group
Volga Group is committed to the positive development of business culture in
Russia, and achieves this by implementing the highest international standards
of corporate and operational management. The result is beneficial not only to
Volga Group itself – increasing its value growth and assets – but also helps to
increase the competitiveness of Russian companies on international markets.
Volga Group started out as an oil trading and logistics businesses, and retains
many of its investments in the energy sector to this day. The Group also sees
great potential for future growth in Russian infrastructure, and holds stakes in
a number of companies in this field, including Stroytransgaz, Gunvor Group,
Transoil, ARKS, SK MOST, and Sakhatrans. Volga Group’s construction
portfolio includes roads, bridges, ports, metro lines, power lines and railroad
logistical centres. The Group’s management believes that creating more
advanced infrastructure in Russia is the key to improving growth and
economic development, and will also, in turn, improve the quality of life of
Russian citizens.
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Main Shareholder
Gennady Timchenko
Chairman
Chlodwig Reuter
Board Members
Sven Olsson
Paul Mousel
Investment and Management Advisor
Volga Advisors
*consolidated stake with Gunvor Group
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Gennady Timchenko,
founder and main shareholder of Volga Group:
Russia has a supportive business environment. The country’s wealth of
natural resources, strong growth prospects and competitive tax legislation
make it one of the most attractive countries in Europe for doing business.
Volga Group’s companies help Russia grow by creating jobs, paying taxes
and developing infrastructure to benefit the whole country.
I have always had an interest in the development of infrastructure, and admire companies that do so. I invest in businesses that are key to the development of the country as a whole and not just the interests of the Group,
such as the construction of pipelines, roads, railways, bridges and tunnels.
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Volga Group owns stakes in Russia’s largest independent natural gas
producers – NOVATEK (23%) and Petromir (50%), which operates the
Angaro-Lenskoye gas deposit in Irkutsk (Siberia) – and as part of Gunvor
Group also owns 60% of Kolmar, a coal miner and processor.
NOVATEK accounts for about 9% of Russia’s total natural gas production
Energy sector
Energy is a key sector of the Russian economy. The sustainable development of
the sector is of great importance to both national security and to Russians’ quality
of life.
and over 16% of gas supplied via the country’s Unified Gas Supply System.*
NOVATEK operates the Yurkharovskoye, Vostochno-Tarkosalinskoye,
Khancheiskoya and other natural gas deposits in the Yamalo-Nenets
Autonomous District, where it is also building a large LNG plant.
The Angaro-Lenskoye gas field operated by Petromir has estimated reserves
of more than 1.2 trillion tonnes. The Group holds all the required permits
licences to develop the site further.
Kolmar Group refines and produces high-quality coking coals at deposits south
of Yakutia. The Group is fully licensed to develop and extract coal from these
fields, which hold deposits of more than 1 billion tonnes. Kolmar is constructing
new extraction and processing facilities at the Denisovsky and Inaglinsky
mines. Once complete, these facilities will increase the company’s annual
output to 12 million tonnes. Modern logistics and improved infrastructure will
help the the region continue developing as one of Russia’s most important and
productive mining clusters.
*Data from CDU TEK Group, 2012
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12 394 m BOE
NOVATEK proven
reserves (2012)
1,221 tr m
3
Reserves
of Angaro-Lenskoye
gas field
> 1 bn tonnes
Kolmar coal
reserves
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Gennady Timchenko,
founder and main shareholder of Volga Group:
While European demand for gas and other energy supplies has fallen due
to the financial crisis, China needs about 1.5 billion tonnes of coal a year.
Russian coal reserves are capable of satisfying this demand. We can build
roads and pipelines that will enable us to supply the local market with
energy and other resources. We will of course continue operating
in Europe, but we believe that the future belongs to Asia.
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Petrochemicals have wide application across all sectors of industry.
Volga Group owns 37.7% of SIBUR, which buys associated gas and
liquid hydrocarbon feedstock from oil companies and develops them
into fuels and a wide range of other petrochemicals, including base
Petrochemicals
polymers, synthetic rubbers, plastics, organic synthesis products and
semi-finished materials.
SIBUR’s investment projects include a polypropylene production
complex in Tobolsk that will be one of the largest in the world when it
is completed; a plant in Nizhny Novgorod region that develops PVC
materials; and a liquefied hydrocarbon gas and naphtha terminal at the
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5,2 m tonnes
622,000 tonnes
Annual gas
fractionation
production
facilities
Annual synthetic
rubber output
port of Ust-Luga. Completion of these flagship projects will help Sibur
achieve its long-term goals.
Sibur is Russia’s largest processor by volume of base chemicals
obtained from associated gas, and the country’s largest petrochemicals
~19 bn m
3
Annual associated
gas processing
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475,000
Annual base
polymer output
tonnes
971 600 tonnes
Annual output of organic
synthesis products
company. Russia still burns large amounts of flare gas, which is
harmful to the environment and leads to a lower overall tax loss for the
state budget.
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The energy industry is more than just exploration, extraction and processing.
Trading and logistics
The international competitiveness of Russian fuels depends to a large degree
Torbjörn Törnqvist,
co-owner and CEO of Gunvor:
Transoil is a transport and logistics group that holds 20% market share
Gunvor is a leading global trading company. Russia is a strategically important
market for us. We have a clear vision for the future and are planning for the long
term. We believe in Russia and in our strong position in the Russian market. We
will continue to create added value for the Russian oil sector and other industries.
on effective trading and a strong logistical chain delivering products to end
users.
for the transportation of oil and oil products. Volga Group’s founder and
shareholder owns 80% of Transoil. The group has 10 offices across Russia
and owns one of the country’s largest rail and locomotive fleets, as well as
special locomotive crews and maintenance units to ensure that everything runs
smoothly.
Gunvor, the international commodities trading group 44% of which is owned
Igor Romashov,
Chairman of Transoil:
Railway transport can stimulate real economic growth only if there is investment
in infrastructure and a free market for transport and logistics. We have already
seen how competition enhances the quality of goods and services and can reduce
costs. New roads will help develop industries in Russian regions that have hitherto
not enjoyed this level of infrastructure, and modern equipment will ensure that all
processes meet modern safety and environmental standards.
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by Gennady Timchenko, works with the largest Russian and global energy
companies in more than 35 countries, and actively invests in infrastructure and
logistics projects including ports, terminals and pipelines.
Volga Group transports its energy supplies to international markets securely
thanks to its investments in large port terminals. The company enjoys a
competitive edge over its Russian competitors due to the strategic locations of
its outlets and high-tech equipment.
Port infrastructure
Gunvor Group owns 100% of the oil products terminal and 50% of the oil
terminal at the port of Ust-Luga on the Baltic Sea. The Group also owns 50%
of the Novorossiysk oil terminal on the Black Sea. The Ust-Luga terminal was
developed by Gunvor’s subsidiaries Rosneftbunker and Neva
Pipeline
Company, which increased Russia’s export capabilities and meant that it
was no longer necessary to transport oil via the Baltic States.
Sakhatrans, a subsidiary of Volga Group, is constructing a coal and
iron-ore terminal in Vanino District of Russia’s Far East. The terminal has a
Konstantin Khamlay,
CEO of Rosneftbunker and Neva Pipeline Company:
Ust-Luga will use the latest technology and will allow us to process up to 20
million tonnes of heavy oil products and up to 10 million tonnes of light oil
products every year. When the facility has reached full capacity, it will be
the largest oil terminal of its kind in Russia, strategically placed to ship rail
cargoes to Europe.
projected annual capacity of 20 million tonnes. When it is completed, the port
will become one of Russia’s largest coal export terminals to the Asia-Pacific
region.
30 m tonnes
Ust-Luga oil products
terminal capacity
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30 m tonnes
Ust-Luga oil terminal
capacity
20 m tonnes
Sakhatrans terminal
planned capacity
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Infrastructure is a key growth driver for the Russian economy. A modern, high-
Road-building
quality road network with interregional routes and connections is a key factor
in the development of industry and the Russian economy as a whole. Volga
Group’s subsidiaries Stroytransgaz (80%), SK
Vadim Gurinov,
President of Stroytransgaz:
MOST (25%) and GK
ARKS are all involved in road-building.
These companies currently have a number of large projects underway,
We are constantly working to unlock the company’s potential and increasing
value for our shareholders. We believe that Stroytransgaz will fulfil its potential
and become the leader of this sector and the largest construction holding company in Russia.
including the construction of a section of the M9 Baltia federal highway,
connecting Moscow to the Baltic states, and the Molodogvardeyskaya
transport junction in Moscow (Stroytransgaz, ARKS), a bridge connecting
Vladivostok and Russky Island, and the construction of a unique, non-stop
traffic Southern Ring Road motorway in Moscow to connect the west of the city
to the southeast bypassing the congested centre (ARKS).
20,3 km
Total length of railway
and road bridges in
Sochi District
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3,1 km
Length of the bridge between
Vladivostok and Russky
Island
17,5 km
Total length of the new
section of the
Kozhukhovskaya Line of
Moscow metro
(SK MOST)
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Stroytransgaz, 80% owned by Volga Group, develops infrastructure
in the energy sector. The company has extensive expertise and works
on large construction projects for oil and gas, power and petrochemical
facilities. Stroytransgaz is one of Russia’s biggest construction companies
and has large-scale projects both domestically and abroad. A key priority is
construction projects to modernise the power industry – an important field
Energy infrastructure
Gleb Frank,
board member of Stroytransgaz:
given the increasing demand for electricity Russia.
Stroytransgaz built power supply facilities for the fourth unit of the Kalininskaya
nuclear power plant in Moscow, Volgograd and Tver regions, delivering an
extra gigawatt of power to both Moscow and Volgograd regions. Further
We want to create Russia’s largest construction company to compete with
large international construction companies in America, Europe and Asia.
Within five years, Stroytransgaz will be able to compete on both a domestic
and international levels, catering to both developing and developed
countries.
construction projects in Rostov and Krasnodar regions will greatly increase
the reliability of the power supply in the Southern Federal District.
582,6 km
Length of power
transmission lines
to the fourth unit of
Kalinin NPP
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239 km
Length of 500 kW
power transmission
lines from Rostov
NPP to Tikhoretsk
94,6 km
Length of power
transmission lines
from Leningrad NPP
to Gatchina
82,1 km
Length of power
transmission lines
from Leningrad NPP
to Kingisepp
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The Group’s asset portfolio includes controlling stakes in the Finnish business
aviation operator Airfix
Aviation (99%) and the new Russian companies
Avia Group (74%) and Avia Group Nord (70%).
Airfix Aviation provides a complete charter flight management service. Avia
Group develops ground infrastructure for the Business Aviation Centre at
Moscow’s Sheremetyevo International Airport, while Avia Group Nord operates
Air transport
domestic and international business aviation flights from St Petersburg’s
Pulkovo-2 Airport.
Another important part of Volga Group’s business is the development of
infrastructure for business aviation. This includes the construction of high-class
business terminals and the operation of business flights.
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70 tonnes
Total potential volume of
salmon and trout breeding at
the 29 areas belonging
to Russian Sea
500 m litres
Annual production
capacity of Aquanika plant in
Nizhny Novgorod region
Insurance and financial
services
Consumer goods
Volga Group’s interests in the insurance and financial
To diversify its assets, Volga Group invests in companies in the
Volga Group also owns a 30% stake in Russian
services sector are German joint stock company
consumer goods sector. The Group owns 100% of
an innovative aquaculture group that is one of the largest
SOVAG (49%), which provides services to corporate
customers, and Russian company SOGAZ (12.5%),
Aquanika, a large Russian producer of natural mineral
suppliers of chilled and fresh-frozen fish in Russia. Commercial
water under the same brand name and other non-alcoholic
breeding of Atlantic salmon and trout in Karelia and Murmansk
which insures clients from all areas.
beverages. All these drinks are made using pure water from an
regions has good growth prospects, and at full capacity will be
underground sea. The company’s facility in Nizhny Novgorod
able to meet 30% of Russian demand for red fish; at present,
region has a total area of 124,000 square metres, and
fish imported from Norway accounts for 90% of the Russian
maximum annual output of 500 million litres of water and other
red fish market.
The group also owns an 8% stake in
Bank
Rossiya, which provides a full range of banking
services for corporate and individual customers.
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Sea,
beverages.
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Investing
in sustainable
growth
1987
1991
1997
In 1987, Gennady Timchenko joined
2007
2008
Luga. Gunvor also bought a 50% stake in the oil residue terminal at
In 2010, Volga Group diversified its assets, investing in the
construction of the business aviation terminal at Sheremetyevo
International Airport (the Group owns 74% of Avia Group). In the same
Russkoye Vremya, which
Kirishineftekhimeksport, an export company established by
year Volga Group acquired 100% of
the Kirishi oil refinery.
operates Aquanika, a producer of mineral water and non-alcoholic
beverages. At the same time the Group invested in Geotech Holding,
Four years later, in 1991, he established
a leading company in the field of seismic exploration in Russia and the
Urals Finland Oy to
CIS.
focus on the trading of oil and oil products.
In 1997, Gunvor entered the global market. Gennady Timchenko
2011
In 2011, IGSS was established as a result of a merger of Russian
assets between Geotech
Holding, Integra and
Schlumberger. Volga Group owns 13% of the new company.
The private oil and oil product transportation company Transoil
was established in 2003; today, 80% of its assets are owned by the
In the same year, the Group acquired a 37.3% stake in Sibur, the
founder and owner of Volga Group.
largest Russian and Eastern European petrochemical company; a
30% stake in coal mining and processing company Kolmar (60%
In 2007, the investment fund, Volga
consolidated stake with Gunvor Group) and a 30% stake in Russian
Resources, was
fish producer and supplier Russian
established to manage assets belonging to Gennady Timchenko.
A year later, Gennady Timchenko acquired a 23% stake in the
independent Russian gas producer, NOVATEK, and an 80%
stake in the international construction company, Stroytransgaz.
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terminal (100%) and oil terminal (50%) at the trading sea port of Ust-
the port of Novorossiysk, which was then under construction.
2010
owns 44% of the company.
2003
2009
In 2009, Gunvor invested in the construction of the oil products
2012
Sea.
In 2012, Volga Group acquired 89% of Sakhatrans, which is
building coal and iron ore concentrate terminals in Vanino District, and
12.5% of SOGAZ, a leading Russian insurer.
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Volga Group
www.volga-resources.ru
Volga Group
www.volga-resources.ru
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