Gunvor Group Ltd., the global commodity trader part owned by Russian billionaire Gennady Timchenko has no plans to acquire OAO Kuzbassrazrezugol Russia’s second largest producer of coal for power stations.

Mr Anton Kurevin a Moscow based spokesman for Gunvor said that Gunvor hasn’t been in talks with Kuzbassrazrezugol.

He said that Gunvor is completing the previously announced acquisition of the Kolmar coal project in eastern Siberia and is not considering any further coal purchases.

(Sourced from Bloomberg)