Lord Browne heads new oligarch-backed $10bn fund L1 which is buying up energy industry assets while price of oil is low
Lord Browne, the former BP chief executive, plans to exploit the collapse in oil prices to build a major new company using $10bn of Russian cash.
John Browne, who was appointed executive chairman of the oligarch-backed L1 Energy group last week, is scouring the industry to snap up assets at knock-down prices, said friends, who added that few outside observers have realised the huge ambitions Browne has to create a major global force in energy.
Related: Lord Browne bounces back into oil