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Teenage Son of Billionaire Abramovich Buys Siberian Oil Field

Bloomberg Billionaires Index
Bloomberg Billionaires Index

Arkady Abramovich, the 19-year-old son of Chelsea Football Club owner Roman Abramovich, bought a Siberian oil field, seven years after his father sold his Russian crude producer to OAO Gazprom for $13 billion.

The younger Abramovich’s Zoltav Resources Inc. agreed to acquire CenGeo Holdings Ltd., which controls the license to the Koltogor field in Russia’s Far North, for $26 million of new shares, Zoltav said in an e-mailed statement today. Abramovich’s ARA Capital Ltd. also agreed to buy $20 million of new Zoltav shares to maintain its 45 percent holding.

CenGeo’s main shareholder, Valentin Bukhtoyarov, will get 29.1 percent of Zoltav in the so-called reverse takeover, according to the statement. CenGeo acquired the company with the rights to the Koltogor field from OAO Gazprom Neft, which was called Sibneft before the older Abramovich sold it to Gazprom, the world’s largest gas producer, in 2006.

“This is an excellent first acquisition for Zoltav and will allow the company to build an operational management team for future acquisitions in the sector,” Zoltan Chairman Symon Drake-Brockman said in the statement.

Roman Abramovich, 46, is the 71st richest person in the world, with a fortune of $13.4 billion, according to the Bloomberg Billionaires Index. He has six children and was the governor of Russia’s Chukotka region across the Bering Strait from Alaska in 2000 to 2008.

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