Gennady Timchenko is a Russian gas and oil magnate and a self made billionaire. According to Forbes, he is the 8th richest person in Russia, a position which he shares with Vladimir Lisin, who is also a Russian tycoon. Timchenko is also ranked as the 62nd richest person in the world, with an estimated net worth of $14.1 billion
Net Worth: $14.1 Billion (As of March 2013)
Source: Investments, Self-Made
Born: November 9, 1952
Nationality: Russian, Finish
Residence: Geneva, Switzerland
Marital Status: Married with 3 Children
Gennady Timchenko Background
This Russian tycoon was born on November 9, 1952. He holds a Bachelor of Arts/Science, which he attained from the Leningrad Mechanical Institute. He is the owner of the Volga Group, a private investment group that specializes in investments in infrastructure, transport and energy assets. He is also the co-owner of the Gunvo-Group, which is one of the largest international energy trading companies.
Timchenko is not only one of the wealthiest Russians, he is also one of the most powerful people in the country. In an interview with Forbes Russia, he stated that President Vladimir Putin is his close friend, whom he has known for years. Forbes Magazine ranks him as the 8th richest person in Russia and the 62nd richest person in the world, with an estimated net worth of $14.1 billion.
Gennady Timchenko started out his engineering career in 1977 and worked as an engineer at Izhorsky plant, which specialized in building power generators. Between 1982 and 1988, he worked with the Ministry of Foreign trade as a senior engineer. He was then promoted to the position of Deputy Director of Kirshineftekhimexport enterprise, which is a state-owned oil company. During this time, Timchenko became one of the who’s who in the Russian oil trading industry.
In 1991, Timchenko moved from Russia to Finland, and was hired by Urals Finland, a Finland-based company that specialized in importing Russian oil to European countries. He decided to become a citizen of Finland and abandoned his Russian citizenship. He however regained his Russian citizenship soon after. In 1995, Timchenko became the CEO of IPP OY.
In the year 1997, Timchenko teamed up with Torbjorn Tornqvist and established Guvnor Group, an international trading company. In 2007, he established the Volga Group, a private investment fund that holds Russian and international assets that covers transport, infrastructure, construction, energy and financial services among others.
In mid 2013, Timchenko’s work in developing permanent exhibition of Russian art was recognized, earning him the appointment that made him the Chevalier of the Legion d’Honneur. This self-made billionaire also owns stakes in Novatek (Russian gas company), Sibur Holding (petrochemical producer), Transoil (railway operator), Colmar (Coal Company) and IG Seismic Services.
Timchenko is married to Elena Timchenko, with whom he has 3 children. He and his wife reside in Geneva Switzerland. In addition to business assets, Timchenko owns over 1 hectare of land in Geneva. Besides being a successful businessman, he is also a devoted philanthropist. He is involved in various foundations and has contributed funds to many charities.
Interesting Facts about Timchenko
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