Glencore, Pioneer heads, former BHP Billiton chief join L1 Energy advisory board
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MOSCOW. Feb 14 (Interfax) - The advisory board of L1 Energy, the oil and gas arm of LetterOne (L1), belonging to shareholders of Russia's Alfa Group, is expanding its membership to six, according to information on L1's website.
Glencore Chairman Tony Hayward, BHP Billiton's ex-CEO Charles Goodyear and Pioneer Natural Resources Executive Chairman Scott Sheffield are joining the board whilst James Hackett, a partner at Riverstone Holdings LLC is leaving.
The board also includes former BP CEO and L1 Energy Executive Chairman Lord John Browne, Chairman of the board, Stan Polovets, CEO of AAR since 2007, and Andrew Gould, Non-Executive Chairman of BG Group.
L1 Energy develops L1 oil and gas assets; in particular, those part of RWE Dea AG, now DEA Deutsche Erdoel, which L1 purchased from Germany's DEA, for 5.1 billion euros, in March 2015.
Alfa Group shareholders set up L1 after the sale of TNK-BP in 2013. Over $15 billion cash was invested into the structure.