Gennady Timchenko is a billionaire who founded an oil empire from scratch

For more than 60 years, Gennady Nikolaevich Timchenko has achieved unimaginable results. He is one of the largest figures in Russian business. The famous oligarch is one of the richest people in the Russian Federation. His name is constantly present on the pages of Forbes magazine and other well-known publications, and his biography becomes the subject of controversy and omission. An exemplary family man, athlete, philanthropist. The largest companies are under his management. The billionaire is a trustee of multiple foundations, he has been awarded the Legion of Honor and is on good terms with the Russian president.

Childhood and parents of Gennady Timchenko

Gennady Timchenko was born on November 9, 1952 in the city of Leninakan, located in the Armenian SSR. The childhood of the future oligarch was spent in multiple moves. This is explained by the fact that the boy’s father was a serviceman, who, due to his occupation, had to serve in different parts of the USSR and even abroad.

For the first 7 years of his biography, Gena lived in Armenia. In 1959, his father was transferred to the German Democratic Republic. Mother and son followed him. In the GDR, the boy began his school education, which in 1965, due to another move, he continued in Ukraine, in the city of Bolgrad (Odessa region).

Childhood and family of Gennady Timchenko

The future creator of the oil empire, through whose structures about one third of Russian exports of petroleum products passes, was born on November 9, 1952 in Leninakan (since 1991 - Gyumri). His grandfather and grandmother were from the Kharkov region, which explains the Ukrainian surname. His father was a military man, so it is quite understandable that the boy spent his childhood in different countries and cities, at his place of service.

Gennady Timchenko in his youth

So he lived in Armenia until he was 7 years old. After that, their family spent six years in a Soviet military garrison in eastern Germany. Then the father was sent to the city of Bolgrad, located in Ukraine, near the Moldovan border, where his son continued his studies and graduated from school.

Having received secondary education, Gennady decided to become a submariner and tried to enroll in the appropriate school in Leningrad, but did not pass the medical expert commission. However, the young man did not give up on his intention to become a university student and successfully passed the entrance exams to the famous Military Mech.

Education

After graduating from school, Gennady Timchenko chose the profession of a conductor, but after unsuccessful attempts to enter one of the Leningrad schools, he abandoned this idea. The firm decision to obtain a higher education was realized in 1976 by entering the Leningrad Order of the Red Banner Military Mechanical Institute, which G. Timchenko successfully graduated in 1976 with a degree in mechanical engineering.

Gennady Timchenko

Family and childhood

Gennady Timchenko was born in Armenia, in the city of Leninakan (now Gyumri) on November 9, 1952 , where he lived the first seven years of his life. On his paternal side, his ancestors are from Ukraine. The father was a military man, and therefore the family quite often changed their place of residence, both cities and countries. But the boy spent most of his childhood in Ukraine and the GDR. Also in Ukraine, in the city of Bolgrad, Odessa region, he graduated from a secondary school.

The dream of a young school graduate was to become a submariner. He submitted documents to enter the Leningrad school, but when passing the medical expert commission, it became clear that this dream was not destined to come true. The young man was not accepted as a submariner. Gennady decided to try his luck at another higher educational institution and successfully entered the Leningrad Military Mechanical Institute (the famous Voenmekh).

Gennady Timchenko in his youth

Career and business of Gennady Timchenko

The future oligarch began his career in 1976 as a shift foreman in a workshop. His first place of work was the Izhora plant, located in the Leningrad region. The young engineer participated in the production of generators for nuclear power plants.

After working at IZ for 6 years, Gennady receives an invitation to a division of the Ministry of Foreign Trade of the Soviet Union, where he is appointed senior engineer. Here he works from 1982 to 1987. Many rumors are associated with this period of G. Timchenko’s life, which were spread even in serious media publications.

Occupying a responsible position in Vneshtorg, Timchenko had to spend a lot of time on business trips, most of which were abroad. This fact gave rise to suspicion that he was connected with the KGB of the USSR. Subsequently, the billionaire publicly denied these rumors.

In fact, the years of work at Vneshtorg became a springboard for the rapid career of the future oligarch. Business trips to Finland and Switzerland made it possible to become better acquainted with the foreign way of doing business and make connections, which later played an important role in the fate of Gennady Timchenko.

In 1987, on the basis of the Kirishi Oil Refinery, which at that time was one of the largest oil refineries in Russia, the KiNEks enterprise was formed, which has the right to export oil abroad. A year later, it is headed by Gennady Timchenko. Here he meets E. Malov and A. Katkov, who became his business partners. Their joint work led to the creation of the Russian-Finnish joint venture Urals.

Gennady Timchenko. Biography

In 1991, he went to work for Urals Finland Oy, the Finnish division of the Urals joint venture engaged in oil trading, one of the main buyers of Kirishineftekhimexport products. Also in the early 1990s. was among the founders of a number of companies, since 1994 - co-owner of the St. Petersburg company KINEX.

In 1995, Urals Finland Oy was renamed International Petroleum Products Oy (IPP Oy), from 1997 to 2001 Gennady Timchenko was its CEO. In 1997, together with Torbjörn Törnqvist, he founded Gunvor, which later became one of the world's largest private oil traders. In 2003, he became one of the founders of Transoil, the largest private operator engaged in oil transportation in the Russian Federation.

In 2007, the Volga Resources holding was registered in Luxembourg, which became the owner of stakes in such companies as SIBUR and Stroytransgaz. In June 2013, due to diversification of assets, the holding changed its name to Volga Group.

Since 2009, he became one of the main owners (23%) of NOVATEK OJSC, Russia’s largest independent natural gas producer, and joined the company’s board of directors.

On March 20, 2014, US sanctions were imposed against Timchenko and a number of companies owned by him in connection with the events in Ukraine. The US State Department stated that “Timchenko’s activities in the energy sector are directly related to Russian President Vladimir Putin.” Putin and Timchenko did not deny their friendship, but the businessman has repeatedly emphasized that his success in business is not related to his acquaintance with the Russian president. On April 17, 2014, on Direct Line, Putin, when asked about his connections with Timchenko and the brothers Arkady and Boris Rotenberg, replied: “Yes, these are my good acquaintances, friends. They earned their capital, some of them, even before we knew each other, for example, Mr. Timchenko, he has been in business since the early 1990s.”

After the introduction of sanctions, he sold his stake in Gunvor to Tornqvist, and also got rid of a number of other assets, including shares in the oil trader IPP and the Sheremetyevo and Pulkovo business terminals.

According to Forbes magazine, Timchenko ranks 68th on the list of the world's richest people with a fortune of $15.5 billion (he first entered this list in 2008, when his fortune was estimated at $2.5 billion).

Since May 2011, he has served as president of the SKA hockey club. Since July 2012, he has been Chairman of the Board of Directors of the Kontinental Hockey League (KHL). In 2013, together with Arkady and Boris Rotenberg, he bought 100 percent of the shares of the Helsinki hockey stadium Hartwall Arena and a stake in the Finnish club Jokerit, which has been playing in the KHL since 2014.

Since the beginning of the 2000s. lives with his family in Switzerland, has citizenship of Finland and the Russian Federation.

Awarded the French Order of the Legion of Honor (2013, for his contribution to the development of Franco-Russian projects).

Married, wife - Elena. Son and two daughters. Daughter Ksenia Frank is a member of the board of directors of Transoil, married to Gleb Frank, the son of the shipping company’s general director Sergei Frank.

He enjoys tennis, sailing, hockey, golf and alpine skiing. Together with his wife and daughter, Ksenia, he runs the “Elena and Gennady Timchenko Charitable Foundation” (created in 2010, until 2013 called “Ladoga”), which is aimed at solving social problems in Russia. He also manages the charitable foundations “Klyuch” (specializing in the development of the institution of foster families) and “Neva”, which is engaged in the development of cultural and scientific exchange between Russia and Switzerland.

Net worth of Gennady Timchenko

It is not possible to reliably determine G. Timchenko’s fortune, but the growth of his capital can be determined from some facts of his biography reflected in the press.

Gennady Timchenko was first noted as one of the largest financiers in the Russian Federation in 2004. On the pages of the Kommersant-Dengi magazine he ranked fifteenth out of 100.

In the winter of 2005, the business weekly magazine “Finance” mentioned Timchenko. Among the 450 richest citizens of Russia, with a fortune of $35 million, the businessman occupies the bottom line of the ranking. “Finance” noted a similar situation in 2006.

Gennady Timchenko

Gennady Timchenko became a millionaire back in the 90s, but for many years in Russia only a few friends and business partners knew about him. He himself did not strive for fame. Timchenko is the same age as Vladimir Putin and one of his friends. He was born into a military family in Leninakan, spent his childhood in Germany and Ukraine, and received higher education in Leningrad.

In the late 80s, Timchenko got a job at the foreign trade association Kirishineftekhimexport, which exported petroleum products from the Kirishi Oil Refinery, and this determined his future fate and career. Until the Crimean events of 2014, trading in oil and petroleum products was his main business. In 1997, together with partner Torbjörn Törnqvist, he founded the oil trading company Gunvor. Quite soon it became a major supplier of Russian oil to foreign markets. State and private oil companies, Surgutneftegaz, TNK-BP, and Gazprom Neft worked with Gunvor. By the end of the 2000s, Gunvor became one of the three largest oil traders in the world: at the end of 2010, it sold 116 million tons of oil, revenue amounted to $68 billion.

The day before the sanctions, on March 19, 2014, Timchenko sold 44% of the trader to Tornquist, and now the basis of his fortune is stakes in Novatek, the second largest gas company after Gazprom, the largest petrochemical holding. Timchenko also controls one of the leading construction companies, oil products carrier Transoil, and invests in food production: he owns the Aquanika water production plant and apple orchards in the Krasnodar Territory.

The Timchenko family lived abroad for a long time - first in Finland and then in Switzerland, but now, due to sanctions, they spend time mainly in Russia. Timchenko’s wife Elena heads their joint charitable foundation, which supports the older generation, develops sports and culture, and helps children. The eldest daughter Natalya studied English literature at Oxford, and now, according to Forbes sources, she has taken up cinema. The youngest daughter, Ksenia, graduated from the University of Edinburgh, where she studied philosophy and French. Her husband is Gleb Frank, the son of Sovcomflot CEO Sergei Frank, the couple has two children. Timchenko's youngest son Ivan studies international relations at the University of Geneva.

First business Worked as vice president of the foreign trade organization Kirishineftekhimexport (Kinex), created at the Kirishi Oil Refinery in the Leningrad Region. In 1996, at a privatization auction, together with his partners, he bought out Kinex, from which Gunvor, one of the world's largest oil traders, later grew.

Capital Novatek (23.49%), Sibur (17%), Stroytransgaz (53%), Transoil (80%).

The figure of 20 billion rubles could cost the ice palace in St. Petersburg, which plans to build the SKA club under the leadership of Timchenko by 2023. This will be the largest ice arena in the world.

Deal Deal In the summer of 2021, together with his partners, he sold his own large contractor Stroytransneftegaz to structures associated with Gazprom. Timchenko and his family owned about 50% of the company; the transaction amount was estimated to be 30 billion rubles.

Partner Leonid Mikhelson.

Brand Water "Aquanika".

Detail Owns the winery “Divnomorskoe Estate” near Gelendzhik. His partner in this business is Vladimir Kolbin, the son of the late Pyotr Kolbin, who was called a childhood friend of President Putin.

Second citizenship Finland.

Hobbies Plays hockey, collects works by Soviet artists.

Charity The Elena and Gennady Timchenko Charitable Foundation is dedicated to supporting the older generation, developing sports and culture, and helping children.

Sports President of HC SKA, Chairman of the Board of Directors of the KHL, Vice-President of the Russian Olympic Committee.

The best Forbes texts about Gennady Timchenko

• The same Timchenko: the first interview with the richest of Putin’s friends
• “I’ll persuade the dead”: Gennady Timchenko’s business rules
• London court about Gennady Timchenko: the mystery of the birth of Gunvor, squabbles with partners, a yacht for Putin
• Direct speech from billionaire Timchenko
• Timchenko's path: from workshop foreman to billionaire
• Partnership from God: why Mikhelson and Timchenko are getting rich

About business

• How the business of billionaire Timchenko works
• How billionaire Timchenko is breaking Gazprom's monopoly on gas exports
• Masters of the Arctic: why Putin and Total believed in Novatek Mikhelson and Timchenko
• Bottomless world: did Gennady Timchenko succeed in creating a strong brand of drinking water?

About family

• The end of the redistribution: how the son-in-law of billionaire Timchenko created a sea monster with revenue of 22 billion rubles

*Quote source: RBC, 2019

Private life of Gennady Timchenko

In his personal life, the billionaire is a loving husband and caring father. Gennady Mikhailovich met his future wife while studying at the institute, where she received her education as a radio engineer. After 3 years, a new family was created. Elena gave her husband two daughters and a son.

A successful career as a financial magnate made it possible to provide his children with an excellent education. Natalya (eldest daughter) studied at Oxford University. The youngest daughter, Ksenia, studied at the prestigious Edinburgh University. After studying at a Swiss school, Timchenko’s son returned to Russia to receive higher education here.

Spouse Elena

The oligarch devotes a significant part of his life to sports. He is a good tennis player and skis. Hockey is not just a hobby for Gennady Timchenko. As Chairman of the Board of Directors of HC SKA and the Kontinental Hockey League, he often spends time on the ice arena, where famous hockey players (P. Bure), entrepreneurs (A. and B. Rotenberg), and high-ranking officials (S. Shoigu) become his partners and opponents , V. Potanin) and even the head of state (V. Putin).

The billionaire loves sailing. He has participated in the prestigious international regatta in the RC44 yacht class.

Timchenko's merits include philanthropy. Back in 1998, he and the Rotenbergs organized the Yavara-Neva judo club, where the current head of the Russian Federation, V. Putin, was named honorary president. Thanks to the billionaire, the Klyuch and Neva foundations were created, through which many sports and socio-cultural projects were implemented, and a permanent exhibition of Russian art was created in the Louvre. The National Geographic Society and the Russian Chess Federation are under its tutelage.

One of G. Timchenko's hobbies is collecting art.

Personal life of Gennady Timchenko

The financial tycoon is married. His wife's name is Elena. They met in college through mutual friends. Both studied at Voenmekh, only Elena became a radio engineer. Three years after they met, they got married.

Gennady Timchenko and his wife Elena

The couple raised three children: the youngest son Sergei and two daughters, Natalya and Ksenia. The eldest daughter graduated from Oxford, Ksyusha graduated from the University of Edinburgh, the son studied in Switzerland at school, and returned to receive higher education in Russia.

Gennady Timchenko with his daughter Ksenia

Gennady has been involved in philanthropy for a long time and often. In 1998, in collaboration with the Rotenbergs, he participated in the organization (on Putin’s advice) of the Yawara-Neva judo club, in which the head of state became honorary president. Together with his wife Elena, they initiated the establishment of the Neva, Klyuch, and Ladoga foundations, through which hundreds of socio-cultural and sports projects were implemented. The Gennady and Elena Timchenko Foundation supported the Russian province. Elena was also a co-owner and director of transport and trade, Maples, Carring Finance, and Relais & Chateaux hotels in France. In 2012, she and their youngest daughter Ksenia (the wife of the son of Sovcomflot head Sergei Frank) were awarded the Order of Friendship of the Russian Federation.

The oligarch became the organizer of the creation of a permanent exhibition of Russian art in the Louvre in Paris, for which he was awarded the Order of the Legion of Honor in 2013. He is a co-trustee of the National Geographic Society and the Chess Federation.

For the head of the family, sport is a special passion. He is passionate about sailing, is the captain of his own Katusha team, and has participated in international regatta races among RC44 class yachts.

Gennady Timchenko about SKA in the 2015/2016 season Gennady Nikolaevich loves tennis, skiing, hockey, heads the Board of Directors of the SKA hockey club, plays on the ice field with famous hockey players, the president and high-ranking officials, billionaire entrepreneurs (Pavel Bure, Vladimir Putin, Sergei Shoigu, Vladimir Potanin, Arkady and Boris Rotenberg) in non-professional hockey, and also loves his dog Romy, who is the daughter of Koni, the president’s Labrador. Interview with SKA President Gennady Timchenko

Gennady Timchenko today

Now Gennady Nikolaevich Timchenko lives in Moscow, in the Sparrow Hills. He has a luxurious residence at his disposal, which was once occupied by Nikita Khrushchev.

Despite his advanced age, the creator of the oil empire has no intention of retiring and is actively involved in the financial and political life of Russia. As before, his name often appears on the front pages of all kinds of media and his companies are trusted with the most expensive projects.

And the fact that his main “brainchild” Volga Group is thriving can be judged by the increase in the company’s capital in December 2021 by 5.6 times.

Timchenko today

In 2001, coal was added to the oligarch’s previous business. Among other things, he became the owner of a controlling stake in the Kolmar in Yakutia. He also received a significant stake in two coal mining companies from the USA and South Africa. In addition, in recent years he has acquired enterprises in different European countries: an insurance company in Germany, several hotels in France, an airline in one of the Scandinavian countries. He now owns a Russian salmon production company called Russian Aquaculture. Starting in May 2014, all Timchenko’s capital was completely transferred to Russia.

House of Gennady Timchenko

It is curious that Gennady Timchenko’s place of residence was the former residence of Nikita Khrushchev in Vorobyovy Gory. Despite the ban on construction in the natural reserve, tennis courts and a helicopter pad were specially built for the oligarch and his family. In 2021, the billionaire solemnly celebrated his 65th birthday.

In 1976 (1977) he graduated from the Leningrad Mechanical Institute.

Biography[ | ]

Born in Leninakan (now Gyumri) of the Armenian SSR in the family of a serviceman of the Armed Forces of the USSR[16][17]; He spent part of his childhood in the GDR (from 1959 to 1965[18]) and in Ukraine; he graduated from school in Bolgrad, Odessa region.

In 1976 he graduated from the Leningrad Military Mechanical Institute with a degree in electrical engineering.[19][20] He began his career as a shift foreman at the Izhora plant[21] in the city of Kolpino near Leningrad[22] - he was engaged in the production of electric generators for nuclear power plants.

In 1982-1988 he worked as a senior engineer at the USSR Ministry of Foreign Trade[23].

In 1988, Gennady Timchenko became deputy director of the state foreign trade association Kirishineftekhimexport, which was created in 1987 on the basis of the Kirishi oil refinery (one of the three largest refineries of the RSFSR)[24].

In 1991, he went to work for Urals Finland Oy and moved to Finland[19][25].

In 1995, Urals Finland Oy was renamed International Petroleum Products Oy (IPP), and Gennady Timchenko became first deputy and then general director of IPP Oy[24].

In 1997, together with his partner Torbjorn Tornqvist, he founded the company Gunvor[23]. Both state-owned companies (Rosneft, Gazprom Neft) and private companies sold oil through Gunvor[26]. Gennady Timchenko sold his stake in the company to a partner in March 2014[27].

In 2007, Gennady Timchenko founded the private investment fund Volga Resources[28], currently Volga Group. The company unites the entrepreneur's Russian assets in the fields of energy, transport, infrastructure construction, finance and the consumer sector.

On July 4, 2013, Gennady Timchenko was awarded the Order of the Legion of Honor for creating a permanent exhibition of Russian art in the Louvre, supporting the activities of the Russian Museum and helping to organize and conduct the Alekhine Memorial tournament[14].

He is co-chairman of the Economic Council of the Franco-Russian Chamber of Commerce and Industry.

Citizenship[ | ]

According to the Vedomosti newspaper, in his interview with The Wall Street Journal, Timchenko said that in 1999 he renounced Russian citizenship[29] to obtain Finnish citizenship[30]. In 2003, Finland passed a law allowing dual citizenship[31]. After this, Timchenko apparently restored his Russian citizenship, since in an interview with Forbes on October 26, 2012, Gennady Timchenko stated that he has both Russian and Finnish citizenship[32].

In an interview on August 1, 2014, Timchenko stated that Russian citizenship was a priority for him and his family; Finnish was necessary for effective business, especially in the 1990s. According to him, he never hid the presence of foreign citizenship and pays taxes in both countries, despite the legislation prohibiting double taxation[33].