Russian billionaire Mikhail Fridman’s LetterOne, through its Dea subsidiary, has taken a step forward to build a portfolio of attractive oil assets after the collapse in oil prices.
LetterOne Group beat off competition to acquire German Eon’s interests in three producing North Sea fields for $1.6 billion.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The deal, subject to approval by the Norwegian authorities and the European Commission, will double its production capacity in Norway to 75, 000 barrels of oil equivalent a day.
Earlier this week Chemicals producer Ineos Group AG agreed to buy dozen gasfields in British North Sea from DEA Deutsche Erdoel AG, a subsidiary of LetterOne. The deal is estimated to be worth $750 million, the Sunday Times reported. Terms were not disclosed by the companies.
UK government forced Mr Fridman to exit British North Sea, citing the potential for U.S. or European sanctions to be filed against Mr. Fridman in the future over Russia’s involvement in Ukraine.
Mikhail Fridman and his Russian partner German Khan set up LetterOne in 2013 after the sale of Moscow-based TNK-BP, the Russian oil-production BP Plc for $14 billion.
READ MORE: Mikhail Fridman
Swiss petrochemicals company Ineos has agreed to acquire a strong portfolio of natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of Russian billionaire, Mikhail Fridman’s More…
Billionaire Mikhail Fridman is looking to invest $16 billion in telecoms businesses in the West, and he’s enlisted a substantial advisory board of industry players to help him get the job done, The Financial More…
British Petroleum’s CEO Bob Dudley said on Friday the company plans to invest $12 billion together with its partner DEA in Egyptian gas fields. They intend to develop five trillion cubic feet of gas resources More…
U.K. Prime Minister David Cameron threatened to force Russian billionaire Mikhail Fridman to sell his North Sea Energy assets unless Fridman gives him assurances. According to Reuters, a spokesman for Cameron said, More…
UPDATE: German energy giant RWE plans to go ahead with the $5.9 billion sale of its Dea subsidiary to a Russian oligarch despite the British government’s renewed objections. (Deutsche Welle) The British More…
Tycoon Mikhail Fridman is leading An investment group of Russian billionaires looking to purchase luxurious student facilities in London, for an estimated $824 million, propertyweek.com reported. Fridman wants More…
Russian billionaires who have been bitten by sanctions are buying up student housing in the U.K, according to Property Week. LetterOne, an investment group founded by Mikhail Fridman, oil tycoon and, with a net More…
Mikhail Fridman was right. Russia’s economic problems don’t stem from its inability to juggle its numbers — they’ve been juggling like it was the Moscow Circus. And they don’t even stem More…
