Saudi investment bank and asset manager SNB Capital said on Wednesday it had launched a fund that has raised over $230 million and that will provide investors with exposure to the oil and gas sector under a shariah-compliant structure.
The SNB Capital Oil & Gas Fund I, established by SNB Capital's Dubai subsidiary, will invest directly in Repsol E&P
Saudi investment bank and asset manager SNB Capital said on Wednesday it had launched a fund that has raised over $230 million and that will provide investors with exposure to the oil and gas sector under a shariah-compliant structure.
The SNB Capital Oil & Gas Fund I, established by SNB Capital's Dubai subsidiary, will invest directly in Repsol E&P, a joint venture (JV) between EIG and Spanish energy firm Repsol .
It will offer exposure to a global E&P (exploration and production) portfolio with a production capacity of around 600,000 barrels of oil equivalent per day, SNB Capital said in a statement.
Repsol will retain a majority stake in the JV while leveraging EIG's "long track record of investing across the capital structure in the global E&P sector to maximiae value creation, enhancing the strengths of Repsol E&P", it said.
Reporting by Federico Maccioni
Yemen's Iran-aligned Houthi militants fired on Saudi oil installations in two ports on the Red Sea coast on Saturday, but the United States held back from launching air strikes on Iran itself for the first night in two weeks.
Yemen is edging towards the resumption of a more than decade-old frozen conflict, Yemeni officials, Western diplomats and analysts say, as attacks on Saudi infrastructure and shipping by Iran-aligned Houthis test the patience of the kingdom and the Yemeni government forces it backs.
President Donald Trump said Thursday that a civilian nuclear cooperation deal signed with Saudi Arabia a day earlier is "totally subject" to the kingdom normalizing relations with Israel through the Abraham Accords, adding a significant condition that was not part of the original agreement as announced.
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