German Khan
A major contributor to this article appears to have a close connection with its subject. (December 2016) |
German Khan | |
---|---|
Герман Хан | |
Alex Van der Zwaan (son-in-law) | |
Website | https://germankhan.online/ |
German Borisovich Khan (
TNK-BP became Russia's third largest oil company.[4] In 2013 TNK-BP was sold to Rosneft[11] for US$56 billion,[12] a sale described by Reuters as "one of the biggest energy takeovers in history."[13] Khan joined Mikhail Fridman in establishing LetterOne, based in Luxembourg, for the purpose of investing some of the proceeds from the TNK-BP sale in international projects.[14][15][16] LetterOne's L1 Energy fund was founded in 2013.[6][17] Khan has donated funds to non-profits such as the European Jewish Fund,[18] and co-founded and supports the Genesis Philanthropy Group.[19]
Early life and education
German Borisovich Khan was born on 24 October 1961 in
Career
Alfa-Eco and TNK (1989–1990s)
After a chance meeting with businessman Mikhail Fridman,[1] who had also been a student at MISIS,[1] Khan was asked to head-up a wholesale trade business Alfa Eco as part of a wider company, Alfa Group Consortium.[4][5] The company began by buying and selling a range of products[5][11] including the purchase, upholstery and sale of carpets[5] to domestic and then later, export markets.[11] Khan took on a number of managerial positions within the company as it expanded into new areas, including head of the wholesale trade department, then head of the export department.[23][6] Currently under the umbrella company Alfa Group Consortium,[24] other divisions now include Alfa Capital Management, Rosvodokanal Group, AlfaStrakhovanie Group and A1 Group.[5] It also holds interests in the telecommunications company Vimpelcom and Russia's biggest food retailer, X5 Group.[citation needed]
Khan held a number of managerial positions at Alfa Group starting in 1992. With Alfa-Eco restructured as the trading arm of the Alfa Group, Khan was Alfa-Eco's head of trade operations until 1996
TNK-BP leadership (2003–2013)
In 2003, Alfa Group sold exactly half of TNK to
During Khan's tenure as a TNK-BP executive director,[26] TNK-BP became Russia's third largest oil company and globally a top ten private oil producer.[4] Without a majority stakeholder in the company to dictate choices, by 2008, BP executives were in conflict with AAR over TNK-BP's strategy to internationalise the business.[28] After several ongoing lawsuits, issues between AAR and BP were compounded in 2010, after Khan and Fridman resisted BP's push to do business with the state-owned oil company Rosneft in Russia,[13] contrary to their shareholder agreement.[29] By 2011, Khan's net worth was estimated at $9.6 billion, which placed him at 92 on the Forbes billionaires list, also ranking him as the thirteenth wealthiest person in Russia.[25] Khan was appointed executive director of TNK-BP Ltd. in January 2011.[6]
Founding LetterOne and L1 Energy (2013–2015)
In July 2012, TNK-BP was sold to the state-owned Rosneft[11] for $56 billion,[12] a process which was still underway by early 2013.[13] Reuters described it as "one of the biggest energy takeovers in history," with the overall deal worth $55 billion.[13] Khan officially left TNK-BP in March 2013 after Alfa Group sold its 50% stake in TNK-BP to Rosneft for $28 billion.[17][30] Khan earned around $3.3 billion in the deal.[31][32] Using the $14 billion raised from selling their stakes in TNK-BP, Khan joined Mickhail Fridman[15][16] in establishing LetterOne (L1),[17][30] based in Luxembourg,[14] for the purpose of investing the proceeds from the sale of TNK-BP in international projects.[12][14]
LetterOne's
North Sea assets, L1 divisions (2015–2016)
On 3 March 2015, L1 Energy purchased 100% of DEA,[39] an international exploration and production company[35] owned by the German utility RWE, for US$7 billion[36] (€5.1 billion).[39] RWE DEA had total natural gas production output of 2.6bn cubic metres in 2013.[citation needed] The deal was approved by Germany[35] and seven other national and supranational authorities, including the European Union and Ukraine.[36] Despite this, the L1 purchase of RWE DEA was opposed by UK Energy and Climate Change Secretary Ed Davey, who "raised concerns" that sanctions[35] might "force L1 Energy to shut down production in the North Sea, imperiling oil supplies"[40] and 5% of Britain's North Sea natural gas output.[41]
DEA sold its North Sea oil fields
Sanctions (2022)
Khan (along with Fridman and Kuzmichev) was sanctioned by the EU and UK in February and March 2022 as part of an extensive package of sanctions against Russian officials and oligarchs imposed in response to the
Philanthropy
Khan is an active supporter of the Life Line charitable programme, which provides medicine and surgery for seriously ill children in Russia. Since its founding in 2008, the program claims that 8334 children have been saved as a result of their work.
Legal
In May 2017 Khan, along with fellow
Khan is one of many Russian "oligarchs" named in the Countering America's Adversaries Through Sanctions Act, CAATSA, signed into law by President Donald Trump in 2017.[65]
Personal life
Khan has both Russian and Israeli citizenship.[1] He and his wife Angelika[4] have four children together, Jakob, Eleanora, Eva and Lev.[25][66] and live in London[4] and Moscow.[4][18][66] In 2010, Khan purchased a home on Eaton Square in London. Khan remains active with sports, for example participating in endurance, off-road, and rally driving competitions.[4] He enjoys hunting and has a collection of sporting guns and rifles.[4][66] According to WikiLeaks leaked US diplomatic cables, he was alleged in the past by other businesspeople to have carried handguns to business meetings in Russia.[67] Khan also owns a villa in Monte Argentario, a coastal area in Tuscany.[68]
Khan is the father-in-law of
See also
- List of Russian billionaires
- List of Russian people by net worth
- Russian oligarchs
- History of the Jews in Ukraine
- Energy in Russia
References
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- ^ Khan, Mehreen (11 October 2015). "Billionaire Jim Ratcliffe snaps up North Sea oil fields". The Telegraph. Retrieved 11 March 2016.
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- ^ a b "Petro Poroshenko announces initiative to create Holocaust Memorial Center". BabiYar.org. 29 September 2016. Retrieved 6 October 2016.
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- ^ "At the Center of Jewish life in Russia since 1996" (PDF). Russian Jewish Congress. 2012. Archived from the original (PDF) on 13 December 2016. Retrieved 10 November 2016.
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External links