Khan heads Alfa-Group's new int'l energy investment vehicle
MOSCOW. June 17 (Interfax) - German Khan, co-owner and member of the supervisory board at Alfa-Group, will head L1 Energy, a new vehicle that the group is setting up to invest in the international oil and gas sector, the group said in a statement.
Former BP head Lord Browne will be on the new company's advisory board.
L1 Energy is part of LetterOne Group, a new international investment corporation that the Alfa-Group has set up and which also includes the Alfa-Group's telecommunications assets and the financial assets received as the result of the sale of its stake in oil producer TNK-BP .
Lord Browne is currently a partner at Riverstone. He is joined on the L1 Energy advisory board by Andrew Gould, chairman of the BG Group; Riverstone partner and former Anadarko Petroleum Corporation Chairman and CEO Jim Hackett; and Stan Polovets, CEO of the Alfa-Access-Renova (AAR) consortium, which used to be a shareholder in TNK-BP .
The advisory board will advise management on strategy issues, potential investment, and investment efficiency and control.
L1 Energy's head office is in London. The company's objectives include screening investment projects, carrying out transaction and managing investment. The company has access to constant capital, which it plans to use for long-term investment in oil and gas exploration and production, oil field services, oil and gas infrastructure and other projects. The company plans either full takeovers or to buy strategic stakes in companies.
The company said it was currently putting together a top-class international management team.
German Khan was CEO of TNK-BP since it was founded in 2003 until March 2013.
Stan Polovets will be responsible at the new company for liaison between the board, shareholders and management and will be based in New York.
Alfa-Group owns 50% of the AAR consortium, which owned 50% of TNK-BP. AAR sold its stake in TNK-BP to Rosneft for $28 billion in March 2013 and Alfa-Group's share of the proceeds is $14 billion.