UK: Russian tycoon Fridman in legal threat over North Sea fields
| Publisher | Radio Free Europe/Radio Liberty |
| Publication Date | 2 March 2015 |
| Cite as | Radio Free Europe/Radio Liberty, UK: Russian tycoon Fridman in legal threat over North Sea fields, 2 March 2015, available at: https://www.refworld.org/docid/5509416bc.html [accessed 3 June 2023] |
| Disclaimer | This is not a UNHCR publication. UNHCR is not responsible for, nor does it necessarily endorse, its content. Any views expressed are solely those of the author or publisher and do not necessarily reflect those of UNHCR, the United Nations or its Member States. |
March 02, 2015
Russian billionaire Mikhail Fridman has reportedly threatened legal action against the British government over its plans to block his bid to buy 12 oil and gas fields in the North Sea.
Fridman's LetterOne fund is acquiring German company RWE Dea, the owner of the North Sea assets, in a 5-billion-euro ($5.6 billion) deal that was due to be completed on March 2.
As part of the deal, LetterOne is creating a subsidiary, L1 Energy, to be chaired by former BP chief John Browne.
But Britain's Department of Energy said on February 28 it opposed the acquisition "in its current form," citing concerns over the effect on British oil and gas production of "possible future sanctions" on LetterOne over the crisis in Ukraine.
The Financial Times quoted LetterOne on March 1 as saying L1 Energy "reserves all its rights" regarding the Department of Energy decision on the issue "including, if a decision is issued, to challenge it as being unlawful."
Based on reporting by FT, the BBC, and Reuters
Link to original story on RFE/RL website
