Mikhail Fridman not an NCS player, says Norway Oil Minister / News / The Foreigner

Mikhail Fridman not an NCS player, says Norway Oil Minister. Tord Lien made his statement following news that the Russian oligarch might gain access to hydrocarbon operations on the Norwegian Continental Shelf. In March, investment company LetterOne (L1) announced that it had reached a deal with German company RWE to buy its oil and gas arm RWE Dea for the sum of some EUR 5.1bn (USD 7.1bn). Billionaire Mr Fridman co-owns L1 with partner German Khan. They established the group in order to invest some of the USD 14bn from their sale of their holdings in Russian oil producer TNK-BP to Rosneft in 2013.

oil, gas, russia, norway, ukraine, ncs



The Foreigner Logo

The Foreigner is an online publication for English speakers living or who have an interest in Norway. Whether it’s a glimpse of news or entertainment you’re after, there’s no need to leave your linguistic armchair. You don’t need to cry over the demise of the English pages of Aftenposten.no, The Foreigner is here!

Norske nyheter på engelsk fra Norge. The Foreigner er en engelskspråklig internett avis for de som bor eller som er interessert i Norge.

Google+ Google+ Twitter Facebook RSS RSS



News Article

LATEST:

Mikhail Fridman not an NCS player, says Norway Oil Minister

Published on Friday, 24th October, 2014 at 01:04 under the news category, by Sarah Bostock and Michael Sandelson   .
Last Updated on 24th October 2014 at 09:57.

Tord Lien made his statement following news that the Russian oligarch might gain access to hydrocarbon operations on the Norwegian Continental Shelf.

Petroleum and Energy Minister Tord Lien
Mikhail Fridman, who co-owns LetterOne, will not be a player on the NCS but the owner of parent company RWE Dea Norge, according to the Minister.Petroleum and Energy Minister Tord Lien
Photo: MPE/Scanpix


In March, investment company LetterOne (L1) announced that it had reached a deal with German company RWE to buy its oil and gas arm RWE Dea for the sum of some EUR 5.1bn (USD 7.1bn).

Billionaire Mr Fridman co-owns L1 with partner German Khan. They established the group in order to invest some of the USD 14bn from their sale of their holdings in Russian oil producer TNK-BP to Rosneft in 2013.

RWE Dea Norge, owned by a subsidiary company of RWE Dea, according to Petroleum and Energy Ministry officials, has seven operatorships and interests in a further 33 licences on the NCS.

On 27th June, bureaucrats at the Ministry approved RWE Dea Norge’s continued NCS licence ownership following L1’s announced purchase. This type of transfer of ownership requires the consent of Norwegian authorities

Today, Thursday, Minister of Petroleum and Energy Lien defended Ministry officials’ green light regarding RWE Dea Norge.

“LetterOne, which is an investment company in which Mikhail Fridman is one of the owners, will not be a player on the Norwegian Continental Shelf, but the owner of the parent company RWE Dea Norge,” Minister Lien wrote in an email to news agency NTB.

Earlier this year, the EU imposed sanctions on Russia due to the Ukraine conflict. Norway followed suit, imposing its own on 15th August.

In a statement the Ministry issued, Wednesday, officials said that “the restrictive measures concern activities in Russia, and are not relevant to activities on the Norwegian Continental Shelf."

Russian oligarch Mr Fridman is not subject to the embargoes against Russia. However, they are also hitting private Russian companies not connected to President Vladimir Putin’s inner circle.

Per Rune Henriksen, Member of the Norwegian Parliament for the Labour Party (Ap), fears that Norway could have itself in a difficult situation should either Mr Fridman or RWE Dea end up on the sanctions list.



Published on Friday, 24th October, 2014 at 01:04 under the news category, by Sarah Bostock and Michael Sandelson   .
Last updated on 24th October 2014 at 09:57.

This post has the following tags: oil, gas, russia, norway, ukraine, ncs.





  
Do NOT follow this link or you will be banned from the site!