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2Rivers

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2Rivers (formerly Coral Energy)
Company typePrivate
Industry
Founded2010; 14 years ago (2010)
FounderTahir Garayev
HeadquartersDubai, UAE
Number of locations
3
Area served
Worldwide (with a focus on Russia)[1]
Key people
  • Etibar Eyyub[2]
  • Talat Safarov
  • Anar Madatli
  • Ahmed Kerimov[3]
Services
OwnerPura Vida Holding Limited, UAE.[5]
Number of employees
300+ (as of October 2023)[6]
Website2rivers-group.com

2Rivers (formerly known as Coral Energy[7]) is a Dubai-based commodity trader, specializing in Russian crude oil and derived products.[1][8] 2Rivers have offices in Dubai, Singapore and Geneva.[9]

Coral Energy was founded in 2010 by Tahir Garayev.[2] In July 2024, Coral Energy was subject to a management buyout by three senior executives (Anar Madatli - the brother-in-law of Tahir Garayev, Talat Safarov and Ahmed Kerimov).[3] Another influential individual at 2Rivers is Etibar Eyyub, he has been with Coral Energy since 2014.[2]

Tahir Garayev is sanctioned by the National Security and Defense Council of Ukraine.[10] Despite the management buyout, it was reported in September 2024, that Tahir Garayev continues to control 2Rivers.[11]

Coral Energy was a relatively small commodity trader from 2010 - 2022, but after the Russian invasion of Ukraine in February 2022, Coral Energy became one of the largest traders of Russian oil globally, largely due to a close personal relationship between the founder Garayev and US-sanctioned Rosneft CEO Igor Sechin.[2]

In September 2024, it was reported that Igor Sechin used 2Rivers to circumvent international sanctions.[11] In October 2023, Ahmed Kerimov, the 2Rivers CFO, denied that the company had any connection with high-ranking officials in Russia.[6]

Activities

Associated companies

The 2Rivers group of companies includes US-sanctioned Bellatrix Energy[12] and US-sanctioned Voliton DMCC.[13]

Another company that shared directors with Coral Energy is Nord Axis which was established on 15 February 2022 (9 days prior to Russia's invasion of Ukraine).[2] In October 2023, Kerimov denied that Coral Energy had any associations to Nord Axis.[6] Company filings for Nord Axis showed that Adalat Kazimili was the sole owner of Nord Axis in May 2022. Kazimili was also registered as an official representative of Coral Energy Turkey in 2022.[14] In 2023, Nord Axis was operated by Etibar Eyyub who worked for Coral Energy.

Other companies associated to 2Rivers include Novus Middle East DMCC, Vetus Investments Limited, Apeiron Energy DMCC, Pontus Trading DMCC, Polar Energy SA, Matterhorn Group FZE and Alpen Energy LLC.[11]

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 naptha.[15]

In August 2022, Coral Energy became Pakistan's top fuel oil supplier.[8]

Russian oil trading

When Trafigura wound down its relationship with Rosneft in 2022, Rosneft asked Coral Energy to take Trafigura's place.[2]

In July 2022, Coral Energy outbid China's Sinopec for the purchase of Russian Eastern Siberia–Pacific Ocean (ESPO) crude oil cargoes.[8]

In December 2022, Coral Energy bought 121,000 barrels of Russian crude oil a day from Surgutneftegas.[16]

In April 2023, Coral Energy were linked to the use of Shadow fleet vessels.[4]

In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across Sub-Saharan Africa.[17]

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.[14]

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.[2][18]

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.[12]

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.[19]

References

  1. ^ a b "Russia's ghost fleet: Moscow's new oil routes". LeMonde. 2023-08-06. Retrieved 2024-10-14.
  2. ^ a b c d e f g "The Secret Oil-Trading Ring That Funds Russia's War". Wall Street Journal. 2024-02-19. Retrieved 2024-10-14.
  3. ^ a b "Management buys out oil trader Coral Energy". Reuters. 2024-06-25. Retrieved 2024-10-14.
  4. ^ a b "Lloyd's List Daily Briefing - 5th April 2023" (PDF). 2023-04-05. Retrieved 2024-10-14.
  5. ^ "Coral Energy Founder Tahir Garayev and His Network of Companies Help Russia Evade Sanctions – Investigation". Гордон | Gordon (in Russian). Retrieved 2024-10-16.
  6. ^ a b c "Interview with Ahmed Kerimov". haqqin.az. Retrieved 2024-10-14.
  7. ^ "Coral Energy Group Rebrands as 2Rivers Group, Signaling a New Era of Development and Growth". Yahoo Finance. 2024-07-29. Retrieved 2024-10-14.
  8. ^ a b c "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". 2022-08-03. Retrieved 2024-10-16.
  9. ^ "2 Rivers". 2rivers-group.com. Retrieved 2024-10-14.
  10. ^ "Haraiev Takhir Hadir Ohly". OpenSanctions.org. 1980-01-13. Retrieved 2024-10-14.
  11. ^ a b c "Coral Energy ta kompaniya hto dopomagaye rosiji obhoditi sankci". 2024-09-23. Retrieved 2024-10-14.
  12. ^ a b "Russia's sanctions-dodging is getting ever more sophisticated". The Economist. ISSN 0013-0613. Retrieved 2024-10-14.
  13. ^ "Treasury Tightens the Price Cap with New Sanctions and Updated Guidance". U.S. Department of the Treasury. 2024-09-20. Retrieved 2024-10-14.
  14. ^ a b "Death of Ivan Sechin: A Geopolitical Mystery?". Whale Hunting. 2024-03-01. Retrieved 2024-10-14.
  15. ^ "Coral Energy". 2023-11-16. Retrieved 2024-10-14.
  16. ^ "New Kings of Russian Oil Were These Six Traders in December". Bloomberg.com. 2023-03-21. Retrieved 2024-10-14.
  17. ^ "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.
  18. ^ 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)
  19. ^ "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.
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