3i Names Russell Industrialist-in-Residence
3i, Europe's leading venture capital and private equity company, has strengthened its commitment to the gas and power sector with the appointment of Ian Russell, the former CEO of Scottish Power plc, as an industrialist-in-residence.
As a prominent industry figure, the appointment of Mr Russell is a major step forward in 3i's ambition to become the leading private equity player in the European gas & power market.
Mr Russell (54), brings a wealth of experience and knowledge of the energy and finance market to 3i having worked in the sector for more than 13 years.
His broad remit will cover the identification, analysis and execution of deals in the sector, with the intention then being for him to chair several of these opportunities where appropriate.
Mr Russell joined Scottish Power in 1994 as finance director and was promoted to CEO in 2001. Mr Russell graduated with a Bachelor of Commerce from the University of Edinburgh and is member of the Institute of Chartered Accountants of Scotland. He previously worked with HSBC in the UK and Hong Kong. Mr Russell was recently awarded a CBE for his work in the voluntary sector.
3i's Oil, Gas & Power team manages an investment portfolio with a value of $1bn across the UK, Norway, USA and Singapore. The current portfolio includes EDP, an oilfield development project manager and Noreco, a Norwegian independent exploration and production company. Successful realisations include Petrofac, the international oil and gas facilities service provider, which floated in October 2005; Revus Energy, the independent Norwegian upstream company, which floated in June 2005; and CH4 Energy, a leading exploration and production company, which was acquired by Venture Production plc in August 2006. Other previous portfolio companies include Wood Group and Venture Production.
- Wood to Design Pioneering LNG Platform (Oct 17)
- Wood Group Wins Total Refinery Maintenance Contract (Oct 11)
- Ichthys LNG Subsea Contract Goes to Wood Group (Sep 06)
Company: Venture Production more info
- Venture Production Shuffles Board (Sep 10)
- Venture Announces Board Changes (Aug 27)
- Venture Advises Shareholders to Accept Centrica's Offer (Aug 25)
Company: Revus Energy more info
- StatoilHydro Makes Small Gas Discovery at Canon Prospect (Apr 30)
- RWE Confirms Successful Luno Appraisal Test, Field Extension (Jan 30)
- Spring Energy Snags Stake in North Sea Production License (Jan 28)
Company: 3i more info
- 3i QPEL Grabs at Offer, Invests in Salamander (Jul 16)
- Emtunga Offshore Wins Order for Shell/Petronas Living Quarters (Mar 05)
- TSMarine Gets Major Investment (Jan 29)
Company: CH4 Energy Limited more info
- Venture Reports 'Outstanding' 2006 (Apr 17)
- 3i Names Russell Industrialist-in-Residence (Feb 14)
- Venture's Wagstaff: 2006 'A Record Year' (Jan 18)
Company: Petrofac more info
- Petrofac Extends North Sea Contract with Chevron (Oct 05)
- Petrofac JV Awarded $2B Refinery Contract In Oman (Aug 04)
- Petrofac Makes 29% Headcount Reduction, Revenue Hits $7.8B (Feb 22)