Monday 17 June 2013

Alfa Billionaires to Invest $10 Billion in Oil Using TNK Funds - Bloomberg

"Mikhail Fridman’s Alfa Group may invest $10 billion in the global oil and gas industry over the next five years using funds from the sale of its 25 percent holding in Russian oil producer TNK-BP.
The investment will be made through L1 Energy, a London-based venture headed by German Khan, one of Fridman’s co-investors in Alfa, according to a statement today. A trio of former oil industry chief executive officers -- BP Plc (BP/)’s John Browne, Schlumberger Ltd.’s Andrew Gould and Anadarko Petroleum Corp. (APC)’s Jim Hackett -- will serve on L1’s advisory board.
Alfa received $14 billion this year when state oil producer OAO Rosneft (ROSN) bought TNK-BP, a 10-year venture between a group of Russian billionaires and BP, in Russia’s largest ever deal. While L1 Energy will look at investments in Russia, the scope of the venture will range across the Americas, the Middle East, Africa and Asia."

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