Thursday, 07 Jul 2011
Reuters reported that Energy trader Gunvor and Volga Resources had agreed to buy a 51% stake in Russian coking coal mines in Yakutia with 363 million tonnes of reserves.
The Kolmar mines originally held by billionaire Mr Mikhail Prokhorov Onexim group allow Gunvor to expand its growing coal business.
Mr Torbjorn Tornqvist Gunvor chairman said in a statement that "This deal marks our first entry into Russian coal mining."
The trader, co owned by businessman Mr Gennady Timchenko is diversifying its traditional crude oil and petroleum commodities trading business into other areas.
Under the terms of the deal, the Lonestate Assets investment vehicle will acquire 51% of Kolmar from existing shareholders.
Lonestate will fund the purchase through a loan from Montlink a joint venture of Gunvor and Volga Resources.
(Sourced from Reuters)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment