| Company type | Private |
|---|---|
| Industry | |
| Founded | 2010; 15 years ago (2010) |
| Founder | Tahir Garayev |
| Headquarters | Dubai, Singapore |
| Area served | International |
| Services | |
| Website | 2rivers-group |
2Rivers Group is an energy commodities company trading oil and petrol products sourced from the Middle East and dealing primarily with customers in Asia and the Middle East and North Africa region. The group consists of 2Rivers DMCC, which has been present in Dubai for nearly 15 years, and 2Rivers PTE Ltd., a 14-year-old company located in Singapore.
Founded by Azerbaijani citizen Tahir Gadir oghlu Garayev (Tahir Garayev) in 2010, 2Rivers' operations focus on physical trading, including shipping, chartering, and demurrage. It operates a terminal network to handle throughput, storage, and blending. The company sources commodities from suppliers in the MENA region, including the United Arab Emirates, Algeria, Saudi Arabia, Greece, and Turkey.
In 2022, the group signed a deal with Saudi Aramco to target the MENA region and began a management buyout.
History
A management buyout of its predecessor, Coral Energy, began in 2022. Managers who were hired in 2017 and had received equity in exchange for their services began the process of buying the remaining shares Coral Energy from the owner and founder Tahir Garayev. It was completed in June 2024 and Garayev ceased association with the company.
Like other major players in the oil market, its predecessor had a presence in Russia, opening an office in Moscow in 2016. The company also closed its business in Russia in 2022 as the onset of the Ukrainian war meant Russia was under sanctions. Coral Energy’s Moscow office was closed in 2022, though some employees represent themselves as still working for the company. Several news media engaged in misinformation that implied the company still does business in Russia. Etibar Eyyub, a founder, ceased working for Coral Energy in 2022.
References
- Etienne, Richard (2024-12-06). "Un ancien important négociant de pétrole russe s'installe à Genève". Le Temps (in French). ISSN 1423-3967. Retrieved 2025-01-21.
- Peshimam, Gibran; Lerh, Jeslyn (August 3, 2022). "UAE's Coral Energy becomes Pakistan's top fuel oil supplier - data". Reuters. Archived from the original on 2022-10-17. Retrieved 2025-01-21.
- "Tahir Garayev, Coral Energy Pte Ltd: Profile and Biography". Bloomberg.com. Retrieved 2025-01-21.
- "GABON : Azerbaijani trader Coral Energy to replace Augusta - 08/03/2022". Africa Intelligence. 2025-01-21. Retrieved 2025-01-21.
- "Coral Energy Group Rebrands as 2Rivers Group, Signaling a New Era of Development and Growth". www.prnewswire.com. July 29, 2024. Retrieved 2025-01-21.
- ^ Payne, Julia (June 25, 2024). "Management buys out oil trader". Reuters. Retrieved January 21, 2025.
- Faucon, Benoit; Paris, Costas; Wallace, Joe (March 19, 2024). "Russia's Backdoor to the Global Banking System Is Slamming Shut". The Wall Street Journal. Retrieved 2025-01-21.
- Smith, Yves (2024-02-22). "WSJ Misinforms by Omission in Article on Oil Sanctions-Buster by Ignoring Dollars and SWIFT". Naked Capitalism. Retrieved 2025-01-21.