2Rivers: Difference between revisions
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In August 2022, Coral Energy became [[Pakistan]]'s top fuel oil supplier.<ref name=":8">{{Cite web |date=2022-08-03 |title=UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data |website=[[Reuters]] |url=https://www.reuters.com/business/energy/uaes-coral-energy-becomes-pakistans-top-fuel-oil-supplier-data-2022-08-03/ |access-date=2024-10-16}}</ref> |
In August 2022, Coral Energy became [[Pakistan]]'s top fuel oil supplier.<ref name=":8">{{Cite web |date=2022-08-03 |title=UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data |website=[[Reuters]] |url=https://www.reuters.com/business/energy/uaes-coral-energy-becomes-pakistans-top-fuel-oil-supplier-data-2022-08-03/ |access-date=2024-10-16}}</ref> |
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=== Russian oil trading === |
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When [[Trafigura]] wound down its relationship with [[Rosneft]] in 2022, Rosneft asked Coral Energy to take Trafigura's place.<ref name="wsj">{{cite web |author=Joe Wallace, Anna Hirtenstein, Costas Paris |date=2024-02-19 |title=The Secret Oil-Trading Ring That Funds Russia’s War |url=https://www.wsj.com/business/energy-oil/russia-oil-trading-secret-network-sanctions-fc3981b7 |website=wsj.com |publisher=[[The Wall Street Journal]]}}</ref> |
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In July 2022, Coral Energy outbid China's [[Sinopec]] for the purchase of Russian Eastern Siberia–Pacific Ocean '''('''ESPO) crude oil cargoes.<ref name=":8" /> |
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In December 2022, Coral Energy bought 121,000 barrels of Russian crude oil a day from [[Surgutneftegas]].<ref>{{Cite news |date=2023-03-21 |title=New Kings of Russian Oil Were These Six Traders in December |url=https://www.bloomberg.com/news/articles/2023-03-21/new-kings-of-russian-oil-were-these-six-traders-in-december |access-date=2024-10-14 |work=Bloomberg.com |language=en}}</ref> |
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In April 2023, Coral Energy were linked to the use of [[Shadow fleet]] vessels.<ref name=":7">{{Cite web |date=2023-04-05 |title=Lloyd's List Daily Briefing - 5th April 2023 |url=https://www.lloydslist.com/-/media/lloyds-list/daily-pdf/2023/04-april/dailypdf050423.pdf |access-date=2024-10-14 |ref=Lloyds}}</ref> |
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In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across [[Sub-Saharan Africa]].<ref>{{Cite web |date=2024-10-16 |title=Africa : From Dubai to Cape Town, upstart trader Coral Energy rolls out African offensive - 20/11/2023 |url=https://www.africaintelligence.com/the-continent/2023/11/20/from-dubai-to-cape-town-upstart-trader-coral-energy-rolls-out-african-offensive,110099139-ge0 |access-date=2024-10-16 |website=Africa Intelligence |language=en}}</ref> |
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In March 2024, Etibar Eyyub, together with his partner Tahir Garayev, were reported to be the traders of 80% of all Russian oil exports, including Rosneft's.<ref name=":2">{{Cite web |date=2024-03-01 |title=Death of Ivan Sechin: A Geopolitical Mystery? |url=https://whalehunting.projectbrazen.com/death-of-sechin-a-geopolitical-mystery/ |access-date=2024-10-14 |website=Whale Hunting |language=en}}</ref> |
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=== Refineries and future production === |
=== Refineries and future production === |
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In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.<ref name="wsj"/><ref>{{Cite web |last=Abebe |first=Agathe Duparc, Robert Bachmann and Manuel |title=Russian oil trade in Switzerland: a fake farewell? |url=https://www.publiceye.ch/en/topics/ukraine/commodity-trading-with-russia/russian-oil-trade-in-switzerland-a-fake-farewell |access-date=2024-10-14 |website=www.publiceye.ch |language=en-US}}</ref> |
In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.<ref name="wsj">{{cite web |author=Joe Wallace, Anna Hirtenstein, Costas Paris |date=2024-02-19 |title=The Secret Oil-Trading Ring That Funds Russia’s War |url=https://www.wsj.com/business/energy-oil/russia-oil-trading-secret-network-sanctions-fc3981b7 |website=wsj.com |publisher=[[The Wall Street Journal]]}}</ref><ref>{{Cite web |last=Abebe |first=Agathe Duparc, Robert Bachmann and Manuel |title=Russian oil trade in Switzerland: a fake farewell? |url=https://www.publiceye.ch/en/topics/ukraine/commodity-trading-with-russia/russian-oil-trade-in-switzerland-a-fake-farewell |access-date=2024-10-14 |website=www.publiceye.ch |language=en-US}}</ref> |
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It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with [[Nayara Energy]] refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.<ref name=":1">{{Cite news |title=Russia's sanctions-dodging is getting ever more sophisticated |url=https://www.economist.com/finance-and-economics/2023/03/02/russias-sanctions-dodging-is-getting-ever-more-sophisticated |access-date=2024-10-14 |newspaper=The Economist |issn=0013-0613}}</ref> |
It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with [[Nayara Energy]] refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.<ref name=":1">{{Cite news |title=Russia's sanctions-dodging is getting ever more sophisticated |url=https://www.economist.com/finance-and-economics/2023/03/02/russias-sanctions-dodging-is-getting-ever-more-sophisticated |access-date=2024-10-14 |newspaper=The Economist |issn=0013-0613}}</ref> |
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Revision as of 03:25, 2 November 2024
 | |
| Company type | Private |
|---|---|
| Industry | |
| Founded | 2010 |
| Founder | Tahir Garayev |
| Headquarters | Dubai, UAE |
Number of locations | 3 |
Area served | Worldwide |
| Services | |
| Owner | Management Owned Company |
Number of employees | 120+ |
| Website | 2rivers-group |
2Rivers Group is a dynamic leader in the global energy market, specializing in the trading and distribution of liquid hydrocarbons, petrochemicals, dry bulk commodities, and biofuels. The company serves a broad portfolio of clients across multiple continents, guided by a deep commitment to operational excellence at every stage of business.
The mission of 2Rivers is to deliver reliable energy solutions with focus on reliability, sustainability and innovation. The experienced professionals make sure that the company's clients can count on 2Rivers for efficient, dependable service that meets their needs in an ever-evolving industry.
2Rivers responsibly sources products essential for global industries and economies, from a diversity of suppliers across MENA, meeting required quality standards and specific needs of clients worldwide.
History
2Rivers is a result of the successful completion of a management buyout (MBO). This crucial transformation is a significant milestone ushering in a new era of leadership under seasoned and reputable industry professionals while reinforcing the company’s commitment to integrity, transparency, and operational excellence.
Building on a solid foundation of 15 years in the commodities trading industry, 2Rivers has evolved from its origins as a small, niche, oil and petroleum products family start-up into a financially robust management-owned multiregional trading organization dealing in a wide range of energy commodities, underpinned by sound corporate governance.
2Rivers, through the recent strategic transition, underscores its continued role as a responsible and trustworthy player in the energy commodities trading sector.
Trading
2Rivers is involved in the global crude oil and product trading business. The company trades a number of oil and oil-derived products including: coal, natural gas, ethanol, fuel oil, VGO, bitumen, middle distillates, and naphtha.[1]
In August 2022, Coral Energy became Pakistan's top fuel oil supplier.[2]
Refineries and future production
In 2022, following the invasion of Ukraine by Russia, Trafigura sold its 10% share in the Vostok oil project to Etibar Eyyub and his company Nord Axis.[3][4]
It was reported in 2023 that Coral Energy was assigned a prepayment and off take agreement with Nayara Energy refinery in India (which was 49% owned by Rosneft), that was originally established by Bellatrix Energy.[5]
Sanctions
In October 2024, it was reported that the Office of Foreign Assets Control were investigating 2Rivers for breaching sanctions relating to the Russian oil price cap.[6]
Tahir Garayev is sanctioned by the National Security and Defense Council of Ukraine.[7] Despite the management buyout, it was reported in September 2024, that Tahir Garayev continues to control 2Rivers.[8]
References
External links
- ^ "Coral Energy". 2023-11-16. Retrieved 2024-10-14.
- ^ "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". Reuters. 2022-08-03. Retrieved 2024-10-16.
- ^ Joe Wallace, Anna Hirtenstein, Costas Paris (2024-02-19). "The Secret Oil-Trading Ring That Funds Russia's War". wsj.com. The Wall Street Journal.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Abebe, Agathe Duparc, Robert Bachmann and Manuel. "Russian oil trade in Switzerland: a fake farewell?". www.publiceye.ch. Retrieved 2024-10-14.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "Russia's sanctions-dodging is getting ever more sophisticated". The Economist. ISSN 0013-0613. Retrieved 2024-10-14.
- ^ "Africa : Dubai traders Coral Energy and Demex in Washington's sights over sale of Russian oil". Africa Intelligence. 2024-10-15. Retrieved 2024-10-15.
- ^ "Haraiev Takhir Hadir Ohly". OpenSanctions.org. 1980-01-13. Retrieved 2024-10-14.
- ^ "Coral Energy ta kompaniya hto dopomagaye rosiji obhoditi sankci". 2024-09-23. Retrieved 2024-10-14.