Jump to content

2Rivers: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
AnomieBOT (talk | contribs)
Bots
6,530,225 edits
Rescuing orphaned refs ("gordon" from rev 1256961242)
Line 30: Line 30:
2Rivers Group (Coral Energy) was founded by Tahir Garayev in 2010.<ref name="reuters"/> According to market sources, 2Rivers most likely has ties to the functionaries of the ruling elite of [[Azerbaijan]].<ref name="enkorr">{{cite web|url=https://enkorr.ua/uk/news/perevzulisya_coral_energy_sta_2rivers_group/260384|title=Перевзулися: Coral Energy стає 2Rivers Group|website=enkorr.ua|date=2024-08-22}}</ref> Etibar Eyyub, Azerbaijani citizen, is the main point of contact between 2Rivers and [[Igor Sechin]].<ref name="wsj"/> He maintains a close relationship with Garayev and is instrumental in directing 2Rivers’ activities, but does not have an official ownership stake on paper.<ref name="lemonde">{{cite web |author=Julien Bouissou, Anne Michel and Poline Tchoubar |date=2024-10-30 |title=Shell companies, ghost ships and secret traders: How Russia circumvents Western oil sanctions |url=https://www.lemonde.fr/en/les-decodeurs/article/2024/10/30/shell-companies-ghost-ships-and-secret-traders-how-russia-circumvents-western-oil-sanctions_6730981_8.html |website=lemonde.fr |publisher=[[Le Monde]]}}</ref>
2Rivers Group (Coral Energy) was founded by Tahir Garayev in 2010.<ref name="reuters"/> According to market sources, 2Rivers most likely has ties to the functionaries of the ruling elite of [[Azerbaijan]].<ref name="enkorr">{{cite web|url=https://enkorr.ua/uk/news/perevzulisya_coral_energy_sta_2rivers_group/260384|title=Перевзулися: Coral Energy стає 2Rivers Group|website=enkorr.ua|date=2024-08-22}}</ref> Etibar Eyyub, Azerbaijani citizen, is the main point of contact between 2Rivers and [[Igor Sechin]].<ref name="wsj"/> He maintains a close relationship with Garayev and is instrumental in directing 2Rivers’ activities, but does not have an official ownership stake on paper.<ref name="lemonde">{{cite web |author=Julien Bouissou, Anne Michel and Poline Tchoubar |date=2024-10-30 |title=Shell companies, ghost ships and secret traders: How Russia circumvents Western oil sanctions |url=https://www.lemonde.fr/en/les-decodeurs/article/2024/10/30/shell-companies-ghost-ships-and-secret-traders-how-russia-circumvents-western-oil-sanctions_6730981_8.html |website=lemonde.fr |publisher=[[Le Monde]]}}</ref>


Until the end of 2023, Garayev owned 100% of 2Rivers (then Coral Energy) through a complex corporate structure. Garayev owned 100% of Novus Middle East DMCC (UAE), which controlled 100% of Vetus Investments Limited (UAE).<ref name="gordon"/> Vetus Investments then controlled 100% of Coral Energy. According to international investigations, under the growing pressure on the company to circumvent the latest sanctions, Garaev transferred 60% of the shares of Novus Middle East DMCC to the company Pura Vida Holding Limited (UAE),<ref name="gordon"/> secured by the current management of 2Rivers: Talat Safarov (45%), Ahmed Kerimov (35%) and Anar Madatli (20%). At the beginning of 2024, CEO Talat Safarov, CFO Ahmed Kerimov, and CCO Anar Madatli (Azerbaijani nationals and UAE residents) completed the purchase of Garayev's remaining shares.<ref name="censor">{{cite web|url=https://m.censor.net/en/news/3510392/amelin_on_the_activities_of_russian_shadow_tankers_in_eu_waters|title="Shadow" tankers of RF carried out environmentally hazardous ship-to-ship transportation in EU waters for EUR 273 million - Amelin|website=censor.net|date=2024-09-17}}</ref>
Until the end of 2023, Garayev owned 100% of 2Rivers (then Coral Energy) through a complex corporate structure. Garayev owned 100% of Novus Middle East DMCC (UAE), which controlled 100% of Vetus Investments Limited (UAE).<ref name="gordon">{{Cite web |title=Coral Energy Founder Tahir Garayev and His Network of Companies Help Russia Evade Sanctions – Investigation |url=https://english.gordonua.com/news/newsenglish/coral-energy-founder-tahir-garayev-and-his-network-of-companies-help-russia-evade-sanctions-investigation-1719887.html |access-date=2024-10-16 |website=Гордон {{!}} Gordon |language=ru}}</ref> Vetus Investments then controlled 100% of Coral Energy. According to international investigations, under the growing pressure on the company to circumvent the latest sanctions, Garaev transferred 60% of the shares of Novus Middle East DMCC to the company Pura Vida Holding Limited (UAE),<ref name="gordon"/> secured by the current management of 2Rivers: Talat Safarov (45%), Ahmed Kerimov (35%) and Anar Madatli (20%). At the beginning of 2024, CEO Talat Safarov, CFO Ahmed Kerimov, and CCO Anar Madatli (Azerbaijani nationals and UAE residents) completed the purchase of Garayev's remaining shares.<ref name="censor">{{cite web|url=https://m.censor.net/en/news/3510392/amelin_on_the_activities_of_russian_shadow_tankers_in_eu_waters|title="Shadow" tankers of RF carried out environmentally hazardous ship-to-ship transportation in EU waters for EUR 273 million - Amelin|website=censor.net|date=2024-09-17}}</ref>


== Associated companies ==
== Associated companies ==

Revision as of 16:02, 12 November 2024

2Rivers
Company typePrivate
Industry
Founded2010; 14 years ago (2010)
FounderTahir Garayev
HeadquartersDubai, UAE
Number of locations
3
Area served
Worldwide
Key people
  • Talat Safarov
  • Anar Madatli
  • Ahmed Kerimov[1]
Services
OwnerPura Vida Holding Limited, UAE.
Number of employees
300+ (as of October 2023)[2]
Website2rivers-group.com

2Rivers,[3] formerly Coral Energy, is a Dubai-based oil trading company engaged in the sale and export of crude oil and petroleum products.[4][5] 2Rivers was founded by Azerbaijani citizen Tahir Garayev in 2010.[1]

Prior to the 2022 Russian invasion of Ukraine, 2Rivers – at that time Coral Energy – was based in Geneva.[1] Executive Director Ahmed Karimov[6] emphasized that the new name reflects a forward-looking vision and dedication to connecting energy producers with end consumers through innovative and ethical approaches. The rebrand also symbolizes a fresh chapter for 2Rivers as it seeks to broaden its market reach, with recent plans to expand into Switzerland, strengthening its position in Europe to complement its focus in the MENA and Asian regions.[7]

After the invasion, 2Rivers moved its headquarters to Dubai and has offices in Singapore and Geneva.[1] The company announced that it closed its Moscow office in 2022.[8][9] Since, 2Rivers has been expanding its operations in West Africa, contributing to the global demand for crude oil and refined products.[10]


A report from The Wall Street Journal in early 2024 reported that Coral Energy controls at least 100 vessels through seemingly unaffiliated shell companies.[11][8]

History

2Rivers Group (Coral Energy) was founded by Tahir Garayev in 2010.[1] According to market sources, 2Rivers most likely has ties to the functionaries of the ruling elite of Azerbaijan.[12] Etibar Eyyub, Azerbaijani citizen, is the main point of contact between 2Rivers and Igor Sechin.[11] He maintains a close relationship with Garayev and is instrumental in directing 2Rivers’ activities, but does not have an official ownership stake on paper.[13]

Until the end of 2023, Garayev owned 100% of 2Rivers (then Coral Energy) through a complex corporate structure. Garayev owned 100% of Novus Middle East DMCC (UAE), which controlled 100% of Vetus Investments Limited (UAE).[14] Vetus Investments then controlled 100% of Coral Energy. According to international investigations, under the growing pressure on the company to circumvent the latest sanctions, Garaev transferred 60% of the shares of Novus Middle East DMCC to the company Pura Vida Holding Limited (UAE),[14] secured by the current management of 2Rivers: Talat Safarov (45%), Ahmed Kerimov (35%) and Anar Madatli (20%). At the beginning of 2024, CEO Talat Safarov, CFO Ahmed Kerimov, and CCO Anar Madatli (Azerbaijani nationals and UAE residents) completed the purchase of Garayev's remaining shares.[15]

Associated companies

Novus Middle East was used to purchase the Karimun oil storageterminal in southern Indonesia, at the entrance to the Strait of Malacca.[13]

Vetus Investments

According to a 2022 published analytical report by Transparency International, between 2014 and 2015, Mikhail Gutseriev and Kirill Shamalov (Putin’s former son-in-law) was involved in a Czech-Russian money-laundering scheme used for transfers of illicit funds from Russia to the Czech Republic.[16] Czech citizen, Taras Moroz, who serves a director of Czech-based Vetus Investments S.R.O.—a subsidiary of 2Rivers/Coral Energy’s holding company Vetus Investments—also appeared in corporate records of several Czech shell companies used by Gutseriev and Shamalov in their money laudering structure.[16] Organizers of the scheme concluded fictitious contracts for the purchase of Eurobonds between Czech and Russian companies, subsequently entering intoarbitral proceedings and influencing the decision of the commercial arbitration court in order to effectuate a transfer of illicit funds.[16]

In 2021, Coral purchased a cargo from Mikhail Gutseriev, in violation of UK and EU sanctions at the time.

Russian shadow fleet

On September 9, 2024, Vladislav Vlasiuk, Ukrainian Commissioner for Sanctions Policy and Special Advisory to President Volodymyr Zelenskyy confirmed that one of the largest transport companies that helps the Russian Federation export oil is 2Rivers/Coral Energy.[17]

2Rivers/Coral Energy complete false documents for transactions, conduct transfers in the open sea to avoid being seen, and also have offshore bank accounts in order to capture energy sales from the Russian Federation itself. The DMCC freezone in the UAE is the primary location from which 2Rivers operates their shadow network.[17]

— Vladislav Vlasiuk

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.[18]

2Rivers (formerly Coral) operates two silos — a “red team” that buys Russian crude and petroleum products (much of which is above the price cap) and a “blue team” that are Western-facing companies purporting to not have any involvement with Russia.[13] Accordingly, 2Rivers/Coral Energy has managed to keep Western financing for its activities, while it has also continued to trade illicitly.[13]

In August 2022, Coral Energy became Pakistan's top fuel oil supplier.[19]

Delivery of Rosneft products to Ukraine

At the beginning of 2021, Coral Energy replaced Proton Energy Group S.A. as the supplier of Rosneft products to Ukraine. Rosneft had previously contracted with Geneva-based Proton Energy, a company associated with Viktor Medvedchuk, an exiled Ukrainian oligarch who was a key supporter of Viktor Yanukovych, and Mikalai Varabei (also known as Nicolay Vorobei), to transport these exports to Ukraine via pipeline; however, Proton Energy terminated its trading operations in 2021 due increased risk of sanctions.[20] The US government sanctioned Varabei in August 2021 for aiding the Belarusian regime through his oil trading business in Belarus and Medvedchuk in 2014 for his ties to former Ukrainian president Viktor Yanukovych. The EU sanctioned Varabei in December 2020 and Medvedchuk in May 2024.

The operator of 2Rivers/Coral Energy Group in Ukraine is Alpen Trade, a company that Tahir Garayev founded in 2016. Together with the State Register of the Russian Federation, the authority of Alpen Trade, Safarov Javid Mursal Ogli is the current director.[20]

In addition to taking over Medvedchuk’s Rosneft contract into Ukraine, 2Rivers also acquired the Latvian B.L.B. Baltijas Terminal.[21]

Cyprus-based Lostrita Investments is the beneficial owner of Latvia-based Venta Energy Services SIA. Venta Energy Services, which operates the B.L.B. Baltijas Terminal, is owned by Kamran Asgarov. 2Rivers’ controls the Latvia-based oil export terminal through an associated partnership, Venta Energy Services.[21] Asgarov, as well as 2Rivers executives Ahmad Kerimov and Talat Safarov are listed as officers of Lostrita Investments.

Separately, in 2022, Ivano-Frankivsk city court froze assets belonging to both 2Rivers/Coral Energy and its subsidiary Apeiron Energy after they were found to have illegally imported jet fuel into Ukraine from Russia (Case № 344/7508/22).

Russian oil trading

When Trafigura wound down its relationship with Rosneft in 2022, Rosneft asked Coral Energy to take Trafigura's place.[11]

In July 2022, Coral Energy outbid China's Sinopec for the purchase of Russian Eastern Siberia–Pacific Ocean (ESPO) crude oil cargoes.[19]

In December 2022, Coral Energy bought 121,000 barrels of Russian crude oil a day from Surgutneftegas.[22]

In April 2023, Coral Energy were linked to the use of Shadow fleet vessels.[23]

In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across Sub-Saharan Africa.[24]

Refineries and future production

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.[25]

Sanctions

Tahir Garayev is sanctioned by the National Security and Defense Council of Ukraine.[26] Despite the management buyout, it was reported in September 2024, that Tahir Garayev continues to control 2Rivers.[27]

References

  1. ^ a b c d e Julia Payne (2024-06-25). "Management buys out oil trader Coral Energy". reuters.com. Reuters.
  2. ^ "Interview with Ahmed Kerimov". haqqin.az. Retrieved 2024-10-14.
  3. ^ "Oil trader Coral Energy rebrands as 2Rivers Group after buyout". Reuters. 2024-06-29.
  4. ^ Anna Hirtenstein, Joe Wallace (2022-05-27). "Little-Known Commodity Traders Help Russia Sell Oil". wsj.com. The Wall Street Journal.
  5. ^ Archie Hunter, Patrick Sykes, Jack Farchy (2023-08-05). "Upstart Traders of Russian Oil Had Representatives in Common". bloomberg.com. Bloomberg.{{cite web}}: CS1 maint: multiple names: authors list (link)
  6. ^ Group, 2Rivers. "Coral Energy Group Rebrands as 2Rivers Group, Signaling a New Era of Development and Growth". www.prnewswire.com. Retrieved 2024-11-12. {{cite web}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  7. ^ "Coral Energy Group Rebrands as 2Rivers Group - 2Rivers". 2024-07-23. Retrieved 2024-11-12.
  8. ^ a b David Ignatius (2024-06-18). "A wary White House views Russia oil sanctions through lens of inflation". washingtonpost.com. The Washington Post.
  9. ^ "Кто и как сегодня торгует российской нефтью". moscowtimes.ru. The Moscow Times. 2022-05-29.
  10. ^ Group, 2Rivers. "2Rivers Group Expands Operations into West Africa for Crude and Products Offtake". www.prnewswire.com. Retrieved 2024-11-12. {{cite web}}: |last= has generic name (help)CS1 maint: numeric names: authors list (link)
  11. ^ a b c 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)
  12. ^ "Перевзулися: Coral Energy стає 2Rivers Group". enkorr.ua. 2024-08-22.
  13. ^ a b c d Julien Bouissou, Anne Michel and Poline Tchoubar (2024-10-30). "Shell companies, ghost ships and secret traders: How Russia circumvents Western oil sanctions". lemonde.fr. Le Monde.
  14. ^ a b "Coral Energy Founder Tahir Garayev and His Network of Companies Help Russia Evade Sanctions – Investigation". Гордон | Gordon (in Russian). Retrieved 2024-10-16.
  15. ^ ""Shadow" tankers of RF carried out environmentally hazardous ship-to-ship transportation in EU waters for EUR 273 million - Amelin". censor.net. 2024-09-17.
  16. ^ a b c Kendo Nagasaki (2024-10-18). "Coral Energy: Putin's Bitch?".
  17. ^ a b "Власюк: Однією з найбільших транспортних компаній, що допомагають Росії щодо експорту нафти, є Coral Еnergy". zn.ua (in Ukrainian). Dzerkalo Tyzhnia. 2024-09-09.
  18. ^ "Coral Energy". 2023-11-16. Retrieved 2024-10-14.
  19. ^ a b "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". Reuters. 2022-08-03. Retrieved 2024-10-16.
  20. ^ a b "Україна знайшла нового постачальника продукції "Роснефти" – ЗМІ". epravda.com. Ukrainska Pravda. 2021-03-22.
  21. ^ a b Holger Roonemaa, Sanita Jemberga, Alexander Yaroshevich, Raimo Poom (2022-01-30). "Behind the Sanctions: How an Estonian-Latvian Conglomerate Benefits from Record Trade with the Lukashenko Regime". en.rebaltica.lv.{{cite web}}: CS1 maint: multiple names: authors list (link)
  22. ^ "New Kings of Russian Oil Were These Six Traders in December". Bloomberg.com. 2023-03-21. Retrieved 2024-10-14.
  23. ^ "Lloyd's List Daily Briefing - 5th April 2023" (PDF). 2023-04-05. Retrieved 2024-10-14.
  24. ^ "Africa : From Dubai to Cape Town, upstart trader Coral Energy rolls out African offensive - 20/11/2023". Africa Intelligence. 2024-10-16. Retrieved 2024-10-16.
  25. ^ "Russia's sanctions-dodging is getting ever more sophisticated". The Economist. ISSN 0013-0613. Retrieved 2024-10-14.
  26. ^ "Haraiev Takhir Hadir Ohly". OpenSanctions.org. 1980-01-13. Retrieved 2024-10-14.
  27. ^ "Coral Energy ta kompaniya hto dopomagaye rosiji obhoditi sankci". 2024-09-23. Retrieved 2024-10-14.
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=2Rivers&oldid=1256986077"