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2015-03-03 21:00:00

NEW RUSSIAN EMPIRE

NEW RUSSIAN EMPIRE

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.

The deal gives Mr. Fridman's $29 billion investment fund, LetterOne Group, oil-and-gas fields in the U.K., Denmark, Norway, Germany and Egypt and licenses in several other countries, a springboard for ambitions to create a large global energy player. LetterOne named former BP PLC Chief Executive John Browne to lead the new business, called L1 Energy.

But…

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Tags: U.K., RUSSIA, RWE, LETTERONE, OIL, GAS, BP, ROSNEFT, L1 ENERGY, SANCTIONS
Chronicle:
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