Saudi's SNB Capital launches fund with focus on oil and gas

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.