Tuesday, September 27, 2005

Price Of Gasoline

Unbeknownst to most football fans, Chelski may have just sewn up all of football's honours for the next decade. Roman Abramovich is on the verge of cashing in his oil wealth in a deal that could earn him at least $5 billion, probably $8 billion and anything up to $11 - $12 billion, staggering sums that are pretty much incomrehensible.

The report comes from Sunday's Observer. Interestingly the point is made that Abramovich will be the first of Russia's oligarchs to cash in his chips, most of the assumed wealth being asset based. The piece also contains this fantastic quote from William Browder, chief executive of the Moscow fund Hermitage Capital Management: 'If you take away the morality of the thing, it's a good deal on all sides'.

It's worth reading the whole piece. It's also worth reading just how Roman ended up being so rich in the first place. Within a decade Russia could virtually control Europe's energy supplies. If I had spare cash I know where I'd like it invested...
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