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
Saudi Arabia has strongly condemned the visit of Israeli National Security Minister Itamar Ben Gvir to the Al-Aqsa Mosque compound in East Jerusalem on Wednesday, calling it a provocation and denouncing what it referred to as “Israeli aggression” against the holy site.
The United Arab Emirates on Monday sentenced three people to death for the murder of an Israeli-Moldovan dual citizen who was killed in November in the Gulf country, state news agency WAM reported.
U.S. President Donald Trump is preparing to make Saudi Arabia his first foreign stop of his second term, with a high-stakes visit expected in mid-May, according to Axios, citing U.S. officials and a source familiar with the trip.
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