Fmr TNK-BP exec Sommer joins Alfa Group's L1 management
MOSCOW. May 25 (Interfax) - Francis Sommer, former Executive Vice President of Technology at TNK-BP, has joined the management team at L1 Energy, the oil and gas division of the Alfa Group's LetterOne (L1) investment vehicle, L1 says on its website.
Former BP chief John Browne is already Executive Chairman of L1 Energy and a member of the L1 Energy Advisory Board.
L1 Energy's Management also includes Dmitry Avdeyev, who was formerly CFO of Rosneft ; Joao Saraiva e Silva, who was Managing Director of Carlyle's International Energy Partners fund; and Chistopher Smith, who served as General Counsel of AAR, the Alfa-Access-Renova Consortium.
The L1 Energy Advisory Board also includes Stan Polovets, CEO of AAR; Andrew Gould, Non-Executive Chairman of BG Group; and James Hackett, Partner at Riverstone Holdings LLC.
Alfa Group shareholders set up LetterOne Holdings S.A., which has a holding company based in Luxembourg, in June 2013. They invested $15.36 billion into the structure. Alfa received $13.86 billion from Rosneft for its 25% stake in TNK-BP, which went into LetterOne.
LetterOne closed the purchase of RWE Dea AG, the oil and gas business from Germany's RWE, for 5.1 billion euro in March.
