LETTERONE - BASF and L1 Energy, the energy investment arm of LetterOne, announce their intention to merge their oil and gas subsidiaries.

Ex-BP boss aims to build major energy industry player from scratch Lord Browne heads new oligarch-backed $10bn fund L1 which is buying up energy industry assets while price of oil is low

Russian billionaire Mikhail Fridman began building an international energy company on Monday, closing a €5.1 billion ($5.7 billion) purchase of German utility RWE AG ’s oil-and-gas business over British opposition that could force the sale of the unit’s U.K. assets.

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.