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    HeraldScotland: UK Government and Russian Oligarch Set for Court Battle Over North Sea Gas Fields

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Summary

This week, Russian oligarch Mikhail Fridman closed a deal for 12 North Sea gas fields with RWE Dea; HeraldScotland says he'll be in for legal battles with DECC

by: Erica Mills

Posted in:

Press Notes

HeraldScotland: UK Government and Russian Oligarch Set for Court Battle Over North Sea Gas Fields

Whitehall appears set for a major court battle with a Russian oligarch to stop his company operating a raft of gas fields in the North Sea, No 10 has signalled.

Mikhail Fridman, a billionaire businessman, this week clinched a £3.7 billion deal through his investment company, LetterOne Group, with German utility firm RWE to acquire Dea, its oil and gas arm, which includes 12 licences off the Scottish coast.

But the Department for Energy and Climate Change(DECC) has expressed fears that the Russian company could be affected if, in the EU's dispute with Moscow over the crisis in Ukraine, further economic sanctions were imposed on Russian firms.

A Whitehall insider claimed there would be "enormous" problems if this happened, suggesting all of the 12 fields in the North Sea acquired by LetterOne could be shut down with not only production implications but safety and environmental risks too.

Read the full article HERE.