Mikhail Fridman's Alfa Group, flush with money after earning billions on the sale of TNK-BP, has set up a London-based oil and gas investment vehicle that could invest about $20 billion over a three to five year period, a representative of the subsidiary told The Moscow Times.
The unit, called L1 Energy, plans to invest $10 billion of its own funds, and another $10 billion might be borrowed or provided by other investors, she said.
L1 Energy has a mandate to identify, execute and manage long-term significant investments in exploration and production, oilfield services, infrastructure and other energy projects, Alfa said in a statement.
German Khan, one of Alfa's three co-owners, who returned to the group earlier this month after 10 years as the executive director of TNK-BP, will be chief executive of the company. L1 Energy will boast a big name advisory board that includes former BP chief executive Lord John Browne.
The fund will be part of a new international corporate investment vehicle, LetterOne Group, which will also include the group's telecommunications assets.
Read moreAlfa Group Sets Up Unit to Invest $20Bln in Oil, Gas | Business | The Moscow Times
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