2Rivers
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| Company type | Private |
|---|---|
| Industry | |
| Founded | 2010 |
| Founder | Tahir Garayev |
| Headquarters | Dubai, UAE |
Number of locations | 3 |
Area served | Worldwide |
Key people |
|
| Services | |
| Owner | Pura Vida Holding Limited, UAE.[2] |
Number of employees | 300+ (as of October 2023)[3] |
| Website | 2rivers-group |
2Rivers (formerly known as Coral Energy[4]) is a Dubai-based commodity trader, specializing in Russian crude oil and derived products.[5][6] 2Rivers have offices in Dubai, Singapore and Geneva.[7]
Coral Energy was founded in 2010 by Tahir Garayev.[8] In July 2024, Coral Energy was subject to a management buyout by three senior executives (Anar Madatli, Talat Safarov and Ahmed Kerimov).[1]
In September 2024, it was reported that Igor Sechin used 2Rivers to circumvent international sanctions.[9] In October 2023, Ahmed Kerimov, the 2Rivers CFO, denied that the company had any connection with high-ranking officials in Russia.[3]
Activities
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.[10]
In August 2022, Coral Energy became Pakistan's top fuel oil supplier.[6]
Russian oil trading
When Trafigura wound down its relationship with Rosneft in 2022, Rosneft asked Coral Energy to take Trafigura's place.[8]
In July 2022, Coral Energy outbid China's Sinopec for the purchase of Russian Eastern Siberia–Pacific Ocean (ESPO) crude oil cargoes.[6]
In December 2022, Coral Energy bought 121,000 barrels of Russian crude oil a day from Surgutneftegas.[11]
In April 2023, Coral Energy were linked to the use of Shadow fleet vessels.[12]
In November 2023, it was reported that Coral Energy were re-selling Russian oil in several countries across Sub-Saharan Africa.[13]
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.[8][15]
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.[16]
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.[17]
References
- ^ a b "Management buys out oil trader Coral Energy". Reuters. 2024-06-25. Retrieved 2024-10-14.
- ^ "Coral Energy Founder Tahir Garayev and His Network of Companies Help Russia Evade Sanctions – Investigation". Гордон | Gordon (in Russian). Retrieved 2024-10-16.
- ^ a b "Interview with Ahmed Kerimov". haqqin.az. Retrieved 2024-10-14.
- ^ "Coral Energy Group Rebrands as 2Rivers Group, Signaling a New Era of Development and Growth". Yahoo Finance. 2024-07-29. Retrieved 2024-10-14.
- ^ "Russia's ghost fleet: Moscow's new oil routes". LeMonde. 2023-08-06. Retrieved 2024-10-14.
- ^ a b c "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". 2022-08-03. Retrieved 2024-10-16.
- ^ "2 Rivers". 2rivers-group.com. Retrieved 2024-10-14.
- ^ a b c "The Secret Oil-Trading Ring That Funds Russia's War". Wall Street Journal. 2024-02-19. Retrieved 2024-10-14.
- ^ "Coral Energy ta kompaniya hto dopomagaye rosiji obhoditi sankci". 2024-09-23. Retrieved 2024-10-14.
- ^ "Coral Energy". 2023-11-16. Retrieved 2024-10-14.
- ^ "New Kings of Russian Oil Were These Six Traders in December". Bloomberg.com. 2023-03-21. Retrieved 2024-10-14.
- ^ "Lloyd's List Daily Briefing - 5th April 2023" (PDF). 2023-04-05. Retrieved 2024-10-14.
- ^ "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.
- ^ "Death of Ivan Sechin: A Geopolitical Mystery?". Whale Hunting. 2024-03-01. Retrieved 2024-10-14.
- ^ 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.