02 March 2015

Lord Browne of Madingley Appointed Executive Chairman of L1 Energy

The LetterOne Group is delighted to announce that Lord Browne of Madingley is appointed Executive Chairman of L1 Energy with immediate effect.

The LetterOne Group is delighted to announce that Lord Browne of Madingley is appointed Executive Chairman of L1 Energy with immediate effect.

LetterOne is an international investment firm with total assets of around $29bn. The Group’s intention is to make long term large-scale investments where it believes it can generate value through the application of expertise and the provision of capital. L1 Energy is the Group’s vehicle for investments in the energy sector.

Commenting on Lord Browne’s appointment, Mikhail Fridman, Chairman of LetterOne Holdings, said:
“We are delighted that Lord Browne is joining us at L1 Energy. I have known John for many years as a valued business partner and most recently as a member of L1 Energy’s Advisory Board.

“L1 Energy is well placed, given the current low oil price, to identify further opportunities and invest in the energy sector. We are long term value investors and under John’s leadership, this is the start of an exciting new period. L1 Energy has significant funding and now has one of the world’s preeminent energy executive’s to lead it. We want to create something new, to invest globally and to draw on the best expertise around the world.”

Lord Browne said:
“L1 Energy and I share a unique ambition: to build a brand new energy company at a time of great change in the sector. L1 Energy is investing for the long term with a team of world-class energy and financial professionals. I am delighted to join that team.

“Great partnerships are often formed in the face of adversity. I have known and worked with Mikhail for almost 20 years, on both sides of the negotiating table. He is tough, hardworking and one of the shrewdest and most focused businesspeople I know. He is intent on building a new diversified international business, and I am looking forward to working with him again.

“I have enjoyed my 8 years at Riverstone, and am proud of the firm’s record-breaking achievements across the conventional and renewable energy sectors. But it is now time to move back into a senior executive role in the energy sector. I am thrilled to be joining L1 Energy and am excited about the future.”

Notes to Editors

  • The LetterOne Group is a global investment firm focused on the oil and gas and telecommunications sectors.
  • Founded in June 2013, LetterOne was born from the disposal of a 25% stake in TNK-BP to Rosneft in March 2013.
  • The LetterOne Group is comprised of two main investment vehicles: L1 Energy, which is focused on opportunities in the global oil and gas sector, and LetterOne Telecom, both supported by LetterOne Treasury operations.
  • Lord Browne of Madingley has almost 50 years of experience in the energy sector. He was chief executive of BP from 1995 to 2007. He is a crossbench member of the House of Lords, a former President of the Royal Academy of Engineering, and a Fellow of the Royal Society.

Contact details

Stuart Bruseth
Tel: 0203 053 4087
Tel: 0203 053 4034
sbruseth@letterone.com

L1 Energy

L1 Energy is an investment vehicle of LetterOne Group focused on opportunities in the global oil and gas sector by building a diversified portfolio of upstream assets through acquisitions and subsequent organic growth.

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