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2015-02-28 19:15:00

BP & RUSSIA: $10 BLN

BP & RUSSIA: $10 BLN

John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported.

Browne told the newspaper he will be appointed executive chairman of L1 Energy on Monday, giving up his jobs at private equity firm Riverstone and UK gas explorer Cuadrilla.

The appointment comes as L1 Energy, backed by investment funds owned by Fridman and his partner German Khan, prepares to complete as early as next week a 5 billion euro ($5.60 billion) deal to buy RWE Dea, the oil and gas arm of German utility RWE.

The acquisition is a rare development since Russian firms have struggled to expand abroad over the past year due to US and European Union sanctions imposed on the country for its actions in Ukraine.

Fridman and Khan plan to turn L1 Energy into a global oil and gas player, using $14 billion in proceeds from the 2013 sale of their stake in Russian oil producer TNK-BP to state-owned Rosneft.

Browne led BP from 1995 to 2007 and was one of the architects of TNK-BP, Russia's third largest oil producer at the time, in which BP owned 50 percent.

Before agreeing to form TNK-BP, Browne and the oligarchs a endured a rocky relationship for several years because BP had effectively accused the Russians of stealing its assets.

L1 Energy will be capitalised with $10 billion of equity from LetterOne and also be funded by debt. The intention, said Browne, was "to build great partnerships" and "create something with lasting value" using Dea, which owns UK North Sea assets, as a platform.

"The first thing we will do is look in Dea's areas of expertise to see where we can expand in those areas," Browne told the FT.

"Secondly, we will look at the whole of North America to see what can be done and with whom we can partner there. Then we will look around the rest of world."

The FT did not say how much Browne would be paid. His role at L1 could help overcome certain complications in the UK. L1 has been seeking a letter of comfort from the government to make sure its newly acquired assets in the North Sea are not seized if additional sanctions are imposed on Russia.

reuters.com

Tags: RUSSIA, BP, L1 ENERGY, SANCTIONS, ROSNEFT,

Chronicle:

BP & RUSSIA: $10 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

BP & RUSSIA: $10 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

BP & RUSSIA: $10 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

BP & RUSSIA: $10 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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