Tuesday 26 September 2017

Abramovich son kicks off with first oil deal in Siberia

ARKADIY Abramovich, the eldest son of Chelsea FC owner Roman Abramovich, is reported to have done his first oil deal in Russia.

The 19-year-old, who has a controlling stake in Aim-listed cash-shell Zoltav, is using the company to snap up an oil field in Siberia in a $46m (€34m) deal.

Zoltav, which is 45pc owned by Abramovich junior's ARA Capital investment vehicle, is buying CenGeo Holdings for $26m, issuing new shares in a reverse takeover.

CenGeo owns the Koltogor oil discovery in Western Siberia, which is yet to be developed. The Koltogor licence sits in one of Russia's most prolific oil producing regions and is close to a number of major producing fields, including Samotlor, Russia's largest.

Irish Independent

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