LetterOne completes the sale of assets in the North sea

LetterOne completes the sale of assets in the North sea


LONDON, 22 Oct. Maria Tobacco. The company LetterOne, owned by Russian businessman Mikhail Fridman, completed the sale of assets in the North sea to the Swiss chemical company Ineos, said on Wednesday the Ministry of energy of the United Kingdom.

“LetterOne completes the sale of 12 North sea fields leading oil and chemical company Ineos. This transaction is a direct result of the intervention of the government in April of this year to ensure continued safe oil production at fields in the UK North sea”, — stated in the message on the website of the Ministry of energy.

The representative of the Department, commenting on the news, noted the importance for the country’s oil and gas industry and reiterated the need for government interference.

“Ineos is a wealthy and industrious player on the market that will work with us to maximize the potential of the Northern sea”, is given in the message of his word.

The Ministry of energy of the UK in late April 2015 stated that it intends to revoke licenses to extract oil in the North sea fields DEA (oil and gas unit RWE), if LetterOne does not take action on the change of control. At the same time the Ministry stated that LetterOne has six months to transfer the property rights on licenses for 11 oil and gas fields.

The British authorities feared that businessmen can get into the sanctions lists, although at the moment neither Friedman nor his partners in these lists are not. According to British authorities, the possible sanctions could lead to a shutdown of gas fields in the British sector of the North sea.

Later it became known that LetterOne has decided to sell field in the North sea Ineos, the guarantees for the continuation of full operation, data read by the British government, is important for LetterOne, which in the future tends to expand in the energy and telecommunications sectors.

A few days ago, the representative LetterOne has informed Agency Reuter that the British authorities have informed Friedman that he can continue to implement their investment projects in the country even after the forced sale of its owned fields in the North sea.