2Rivers Group

What 2Rivers Group does

2Rivers Group is a Singapore-headquartered energy trading company that trades and distributes oil products, petrochemicals, dry bulk, and biofuels. Based on available source material, the company is identified as a network of oil traders operating a transshipment and rebranding operation centered on the Karimun oil terminal in Indonesia, which was acquired in mid-2024 via the UAE-linked entity Novus Middle East DMCC. Russian-origin refined petroleum products — primarily diesel and fuel oil — are received at the terminal and re-documented as Indonesian product before redistribution to end-markets across Singapore, Malaysia, the Philippines, Myanmar, and China.

The network's revenue model is transaction-fee based on oil trading and transshipment, with pricing operated on a quoted/negotiated basis reflecting market conditions and volume. Indonesian customs data indicates approximately $1.6 billion in Russian-origin refined products flowed through the Karimun terminal between July 2024 and May 2026. The operation forms part of a broader shadow fleet of vessels employing flags of convenience, shell company structures, and disabled tracking systems to obscure the Russian provenance of cargoes, enabling circumvention of Western sanctions on Russian energy exports.

The company operates under significant Western regulatory exposure. The UK sanctioned 175 companies and 48 oil tankers across the 2Rivers network as part of its largest Russia sanctions package since 2022 (announced 24 February 2026); the EU included the Karimun terminal itself in an April 2025 sanctions package — the first third-country port so designated — and has sanctioned individual traders associated with the network, including Murtaza Lakhani and Etibar Eyyub. The network is accordingly restricted from EU jurisdictions, with operating geographies limited to Southeast and East Asia and the UAE. No products, technology platforms, named service offerings, patents, certifications, or AI/ML capabilities were identified in the source data.

Name

2Rivers Group

Legal name

2Rivers Group

Website

https://2rivers-group.ae

Company type

Private

Operating status

Operating

Short description

2Rivers Group is a Singapore-based energy trading network that transships Russian-origin diesel and fuel oil through the Karimun terminal in Indonesia, rebranding cargo for redistribution across Southeast and East Asia as part of a sanctions-circumvention shadow fleet.

Ownership category

akta.pro rank

Product category

Oil Trading and Transshipment

NAICS

Petroleum and Petroleum Products Merchant Wholesalers (4247), Petroleum Bulk Stations and Terminals (424710)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Wholesale-Petroleum Bulk Stations & Terminals (5171), Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Unbranded/Spot Fuels Distribution (Rack Sales) (EUALAIAC)

akta.pro secondary industries

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD), Crude Oil & Petroleum Products Tanker Transport (TLADALAA)

Keywords

• Oil trading
• Petroleum transshipment
• Refined products distribution
• Oil terminal operations
• Commodity trading

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure

Revenue model

1. Oil Product Trading and Transshipment: The company generates revenue through trading and transshipping Russian oil products including diesel, fuel oil and refined petroleum products through its acquired Karimun oil terminal. Products are received from Russian ports and redistributed across Asian markets after rebranding.

Distribution channels1 record

Core offering

2Rivers Group trades and transships Russian-origin refined petroleum products—including diesel, fuel oil, and other refined products—primarily through the Karimun oil terminal in Indonesia, acquired in mid-2024. Products received from Russian ports are rebranded as Indonesian origin and redistributed across Asian markets (Singapore, Malaysia, Philippines, Myanmar, China) on a negotiated, transaction-fee basis as part of a shadow-fleet network.

Product overview

2Rivers Group operates as part of a network of oil traders involved in the import, export, and transshipment of Russian oil products. The company is associated with shadow fleet oil network operations and a network of approximately 175 companies in the oil trading sector. No specific named product modules, software platforms, or digital service offerings were identified in the available source data.

Differentiator

Problem solved

Functional benefit

Products and services

• Karimun Oil Terminal Transshipment and Re-documentation Services Receiving, storing, rebranding, and transshipping Russian-origin refined petroleum products (diesel, fuel oil) at the Karimun terminal for redistribution to oil trading companies and distributors across Singapore, Malaysia, the Philippines, Myanmar, and China.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Novus Middle East DMCCcoreStrategic or Co-development Partner · 1 May 2024UAE-based Novus Middle East DMCC is linked to the 2Rivers network of oil traders. The entity acquired the Karimun oil terminal in mid-2024 and operates within the 2Rivers shadow fleet oil trading network, facilitating Russian oil product transshipment through Indonesian facilities.
• PT Oil Terminal KarimuncoreStrategic or Co-development PartnerTerminal operator PT Oil Terminal Karimun operates the oil terminal acquired by Novus Middle East DMCC. The terminal enables transshipment of Russian fuel products which are rebranded as Indonesian product before distribution to Asian markets. PT Oil Terminal Karimun denies any wrongdoing related to sanctions circumvention allegations.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Gunvor Group: One of the world's largest independent commodity traders of oil and petroleum products, with extensive physical trading and logistics operations across Europe and Asia. Gunvor is directly comparable as a major oil-product trader whose principals have historically navigated high-stakes regulatory scrutiny tied to Russian oil flows.
• Unipec (China International United Petroleum & Chemicals): Trading arm of Sinopec and one of the largest buyers of discounted Russian crude and petroleum products flowing into Asia. Directly comparable as a major Asian downstream buyer/distributor of Russian-origin oil products, providing the kind of counterparty demand that anchors 2Rivers' transshipment economics.
• Sovcomflot: Russia's largest shipping company and operator of one of the world's largest tanker fleets, including Aframax, Suezmax and product tankers. Sovcomflot has been sanctioned by Western jurisdictions and operates similar shadow-fleet-style logistics to move Russian crude and product exports to non-Western buyers, making it the closest structural parallel to 2Rivers' tanker operations.

Regional players

• Independent Petroleum Group (IPG): Kuwait-based trader and reseller of refined petroleum products and petrochemicals with a strong Asian distribution footprint. Comparable as a regional player distributing refined products across Southeast Asia, though operating within legitimate compliance frameworks.
• Hin Leong Trading: Historic Singapore-based oil trader and bunker fuel supplier with extensive regional trading, storage and distribution across Southeast Asia. Comparable as a regional Asian oil products trading and distribution platform serving similar geographies to 2Rivers, though it collapsed following 2020 fraud revelations and is undergoing restructuring.

Broad incumbents

• Vitol: The world's largest independent energy commodities trader, moving large volumes of crude, refined products and biofuels across global markets. Vitol is a broad incumbent comparable to 2Rivers in its core activity of trading and distributing refined petroleum products to Asian markets, though Vitol operates as a fully Western-compliant platform.
• Rosneft: Russia's largest state oil company and a major exporter of crude and petroleum products to Asian markets. Rosneft is a broad incumbent upstream/downstream operator that supplies the kind of Russian-origin barrels 2Rivers transships and rebrands, and is itself sanctioned by Western jurisdictions.
• Lukoil: Major Russian integrated oil company with significant refining and export capacity for petroleum products to international markets. Comparable as a Russian upstream/refining source feeding the same Russian-origin product flows that 2Rivers transships into Asia.
• Trafigura: Global commodity trading house with significant oil and petroleum products trading, blending, storage and distribution operations, including a large presence in Asia. Comparable to 2Rivers as a major non-Russian oil products trader serving Asian markets, though Trafigura operates within Western compliance frameworks.
• Mercuria Energy Trading: Major independent energy and commodities trader with a global oil and petroleum products book and significant Asian flow business. Comparable in trading and distribution of refined products into Asia, though fully Western-regulated.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 2Rivers Group