German Khan News
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Alisher Usmanov, Russia’s richest person, moved control of most of his $20 billion fortune last year to a holding company based in the British Virgin Islands, a collection of more than 60 isles 5,600 miles away from Moscow.
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With $14 billion from selling out of TNK-BP, Mikhail Fridman and German Khan’s Alfa Group is planning to return to the oil industry and expand worldwide, according to Stan Polovets, chief executive officer of the Alfa- Access-Renova Consortium, which owned the Russian oil venture 50:50 with BP Plc.
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TNK-BP, the Russian crude producer half-owned by BP Plc, is holding talks on selling its Linik oil refinery in Ukraine, after struggling to keep the plant profitable in the face of cheap fuel imports.
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Billionaire Viktor Vekselberg will recapitalize his Russian power companies and pour as much as $1 billion into a “resource-intensive” industry at home after selling out of oil producer TNK-BP.
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Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
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TNK-BP, the Russian oil venture of BP Plc, told a London judge it was conducting an internal probe into allegations of corruption against it, and executive director German Khan, by a former employee.
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TNK-BP, which has halted its Linik oil refinery in Ukraine indefinitely, plans to use fuel imports for its retail stations in the country.
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TNK-BP, the Russian oil venture owned by BP Plc and a group of billionaires, won’t cut refining volumes as the country moves to the so-called 60-66 system of export duties, German Khan, an executive director and shareholder in the producer, told reporters today in Moscow.
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BP Plc’s incoming Chief Executive Officer Robert Dudley doesn’t expect his appointment to reignite disputes in TNK-BP and the company’s billionaire shareholders in the venture agree.
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The TNK billionaires, who agreed to sell out of their oil venture with BP Plc for $28 billion, said they plan to invest most of the proceeds in Russia after President Vladimir Putin said he “hoped” they would.
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