Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Mikhail Fridman’s LetterOne Buys North Sea Fields From EON

Russian billionaire Mikhail Fridman

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.

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

Mikhail Fridman x640x360

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…

Mikhail Fridman

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…

BP natural gas rig in East Nile Delta

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…

Mikhail Fridman

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…

Russian billionaire Mikhail Fridman

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…

Mikhail Fridman,   German Khan

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…

Mikhail Fridman

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…

Ruble's Fall

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…

 

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Advertisement