LETTERONE IS LOOKING
REUTERS wrote, LetterOne, Russian billionaire Mikhail Fridman's investment vehicle, is looking at acquisitions in renewable energy and oil assets in the North Sea outside of Britain, its executive chairman John Browne told Reuters.
"We have been looking at it (renewable energy) and we would like to do it. We are figuring out exactly how to. We haven't decided the scale," Browne said in an interview on the margins of an oil conference in Stavanger, Norway.
He said options could include wind power, solar power, biomass and energy storage.
On oil, LetterOne was on the look-out for oil assets in the North Sea to add to its gas-heavy portfolio, Browne said, adding that L1 was not currently looking at oil assets in Britain.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.