Gunvor Welcomes New Kolmar CEO

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NICOSIA, Cyprus, July 6, 2012 /PRNewswire/ -- Gunvor Group Ltd today welcomed the new Chief Executive Officer of Kolmar Management Company LLC, Andrey Churin, a leading coal industry professional, who began the position on 3 July 2012. Mr. Churin will also serve as Director of Coal Mining and Infrastructure in Gunvor LLC. Combining the positions, Mr. Churin will be responsible for a wide range of issues, including the development and growth of Kolmar's coal assets, the company's marketing in the Russian and foreign markets, and development and implementation of the company's overall strategy.

Gunvor, in a 50/50 joint venture with Volga Resources, is in the process of finalizing the acquisition of a stake (60%) in Kolmar Group. Development of the Kolmar Group is aimed at bringing high quality coking coal reserves into production for export.

Mr. Churin has extensive experience working in the Russian coal mining industry. Since 2002, he has held executive level positions at Don Coal and Rostovshahtostroy; served as Managing Director of the coal business at En+ Group; and served as the CEO of Vostsibugol. Mr Churin studied economics at Rostov State University, and began his career in finance, responsible for the organization and management of investment projects of commercial banks.

Located in Sakha Republic of the Russian Federation, Kolmar Group is a coking coal mining and processing company (with reserves of more than 1 billion tonnes of high-quality coking coal) that operates several mines within the Chulmakan and Denisovsky coalfields within Eastern Siberia. Kolmar Group owns licenses for open pit and underground mining production and is developing new projects within these exploration areas.

Gunvor Group Ltd, one of the world's largest independent commodity trading companies by turnover, provides integrated trading products and logistics services for participants in the worldwide oil and energy markets. Based in Nicosia, Cyprus, the company's main trading offices are in Geneva and Singapore, with a network of representative offices around the globe. Follow Gunvor on Twitter: @Gunvor.

SOURCE Gunvor Group