The management team of oil trading company Coral Energy has bought out the company after acquiring the remaining 40% stake from the founder, reported Reuters, citing sources. 

Coral, established by Tahir Garayev in 2010, has offices in Dubai and Singapore. The company also plans to establish a subsidiary in Switzerland.  

The remaining stake was acquired by Coral Energy’s CEO Talat Safarov, CFO Ahmed Kerimov and Anar Madatli. 

As per the statement sent to Coral’s banks, the managers – who already owned a 60% stake in the company – acquired the remaining stake earlier this year.  

Citing corporate documents, the publication said that the shareholding has been transferred and final payment transfer is expected to be made later in 2024.  

Safarov and Kerimov joined Coral in 2015 and 2017, respectively.  

"Our management buyout marks the beginning of a new chapter for Coral Energy," Safarov was quoted as saying in a statement. 

Coral Energy emerged as one of the main purchasers of Russian goods and oil in 2021–22, including from the massive state-owned Rosneft.  

Approximately 25% of Coral's trading volumes were made up of Russian oil. 

According to the statement released by the new management, it ceased doing business with Russian counterparts in 2023 and did not engage in any activity with them in 2023 or 2024. 

In a call, Kerimov said: “We are not planning to go back into Russian oil... our priority is to diversify. Today we trade non-Russian fuel oil, gas oil, gasoline, naphtha, crude oil and petrochemicals. Our share of crude is relatively lower at less than 10%." 

Although Russian oil imports have been prohibited by Western nations, Russian fuel and crude may still be marketed internationally through Western services based on a price limit plan developed by the Group of Seven (G7) countries. 

"By suspending its Russia activities, Coral Energy aims to align more closely with evolving regulatory frameworks and ensure adherence to the highest standards of ethical conduct," the statement read. 

"Once counterparties, policymakers and financial partners are comfortable with Coral’s process, the company may re-enter the market with a new trading team." 

Following its withdrawal from the Russian market, the company was forced to shutter its Moscow headquarters and reduce its workforce.