Putin's Friend Eyes Energy Trading in Bulgaria

Gennady Timchenko is a prominent businessman, active in the energy trading business, citizen of Finland, currently living Switzerland, and known as a friend of Russian President Putin. Photo by allvoices.com

A company, whose cofounder and shareholder is known as a close friend of Russian President, Vladimir Putin, has requested a permit to trade electric power in Bulgaria.

The Bulgarian online news agency Dnevnik writes that the State Commission for Energy and Water Regulation, DKEVR, will examine Tuesday the licensing request of Dutch-registered Gunvor International B.V.

The company has been established in 1997 by Putin's judo teammate and colleague from the Soviet KGB, Gennady Timchenko, in partnership with Sweden, Torbjorn Tornqvist.

In 2008, Forbes magazine included Timchenko for the first time in the billionaires list. In 2012, he was ranked 99th by the same magazine.

Gunvor is requesting a 20-year license while the trade will be conducted from its Amsterdam office. The plans are to start concluding deals ASAP, earlier than the end of 2012.

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