ALBAWABA - Mikhail Fridman, a Russian–Israeli tycoon and one of the co-founders of Alfa-Group, a multinational Russian conglomerate and Petr Aven, a Russian businessman, economist, and politician who also holds Latvian citizenship now owns stakes in Harbour Energy, an independent UK oil company with gas and oil interests in the United Kingdom, Asia, Africa, and Mexico.
LetterOne and Harbour Energy
The two Russian tycoons, who own LetterOne, an international investment business based in Luxembourg with long-term investments in the telecoms, technology, healthcare, and energy sectors, have acquired shares and become part-owners at Harbour Energy after the company bought a German firm.
It is worth noting that Harbour Company is the largest oil producer firm in the UK, and the two Russian businessmen are subject to sanctions. LetterOne announced owning nearly 15% of Harbour Energy, the company itself is not sanctioned.
Harbour Energy, LetterOne, and Wintershall
Harbour Energy announced previously acquiring Whintershall, Germany's largest crude oil and natural gas producer. LetterOne was a partial owner of Wintershall, thus its shares have been swapped for Harbour Energy after the recent acquisition.
It is worth mentioning that Fridman and Aven were subjected to sanctioned in March 2022, after Russia’s invasion of Ukraine. (Shutterstock)
According to the acquisition terms, LetterOne will not have voting rights in Harbour Energy but will receive profits.
Louis Wilson, head of fossil fuel investigations at campaign group Global Witness, said: "The UK government and Harbour should have run a mile from this deal. A company part-owned by sanctioned Russian oligarchs, which the Tories considered too much of a security risk to own a few thousand UK broadband connections, has been given a big chunk of the UK’s biggest oil producer. Oligarchs should have no place in the UK’s energy industry’’.
On the other hand, a LetterOne spokesperson said: "LetterOne is committed to making long-term investments in businesses that matter. We are proud to be part of a bigger, stronger UK energy business that will bolster energy security, increase investment, and create jobs while helping deliver the nation's ambitious energy transition goals."
Fridman and Aven
It is worth mentioning that Fridman and Aven were subjected to sanctions in March 2022, after Russia’s invasion of Ukraine.
The two tycoons own approximately 50% of the LetterOne while most of the remaining shares are owned by Andrei Kosogov, a Russian businessman who is not under sanctions.
