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Business News

Barsky back with a £4.6m stake in Matra

Maxim Barsky, the executive best known for quitting BP's Russian joint venture after missing out on the top job, is making a comeback with a £4.6m investment in the Russia-focused company Matra Petroleum.

Mr Barsky was deputy chief executive at TNK-BP until he left in October. Yesterday's investment will buy him a 29.8 per cent stake in Matra and allow him to use the company as an acquisition vehicle to build a multibillion-dollar business.

He is seeking to emulate his former boss, Tony Hayward. After leaving BP in the wake of the Gulf of Mexico oil spill, Mr Hayward set up a bid vehicle with Nat Rothschild. The resulting company, Genel Energy, is a Kurdistan-focused oil operator.