Porter puts 1m pounds in Russian oil
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Your support makes all the difference.JOHN PORTER, the millionaire grandson of Sir Jack Cohen, founder of the Tesco supermarket chain, has emerged as a significant investor in Russia's first private oil venture, writes Neil Thapar.
Mr Porter, the son of Dame Shirley, the Tesco heiress, is understood to have invested about dollars 1.5m ( pounds 1.07m) through Eurosov, a London-based consortium that has taken a 30 per cent stake in Siberian Oil Corporation (Sinco).
News of Mr Porter's involvement came to light as Sinco announced that it had been granted approval to develop Yuzhnoye, a virgin oil field in western Siberia. Total cost of the development will be about dollars 35m.
Sinco was set up two years ago by Western entrepreneurs and Russian oil industry interests with the aim of building it into a large integrated oil company. Its founders hope to float the company on the London stock market in about three years' time.
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