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20:17 GMT +3 hours21 December 2014
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Timchenko in Talks to Sell Transoil Stake

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Russian billionaire Gennady Timchenko, the core shareholder of Transoil railroad oil carrier, may sell some of his stake in the company, Timchenko’s spokesman Anton Kurevin said on Tuesday.

Russian billionaire Gennady Timchenko, the core shareholder of Transoil railroad oil carrier, may sell some of his stake in the company, Timchenko’s spokesman Anton Kurevin said on Tuesday.

‘As of today, Timchenko’s stake in the company stands at 93 percent. Market participants are showing interest in possible participation in the capital of Transoil but so far it is early to speak about final decisions,” Kurevin told Prime news agency.

Talks are currently underway with coal tycoon Andrei Bokarev, the owner of Kuzbassrazrezugol coal company to discuss possible cooperation, a source familiar with the matter confirmed to Prime news agency

The funds from the sale of the Transoil stake will be spent on financing Transoil’s ongoing projects, the source said, but declined to give the size of the stake for sale or the sum of the forthcoming transaction.

Transoil Group carries out cargo-shipping services using privately-owned and leased rolling stock, including oil shipment services in Russia, Mongolia, Finland, the Baltic states, CIS and Eastern Europe. The company’s operations involve 29,000 rail tank cars.

The company has a Moody’s Ba3 rating and a stable outlook