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
U.S. Secretary of State Marco Rubio begins a Middle East tour in earnest on Wednesday, seeking to reassure Gulf allies who view concessions in President Donald Trump’s Iran deal that include a proposed $300 billion fund as too generous to a regional foe.
Lebanon's Finance and Budget Committee approved Monday a government bill establishing a "golden visa" scheme, offering wealthy foreigners and expatriates the opportunity to obtain Lebanese residency and a preferential tax regime in exchange for a minimum investment of $500,000.
U.S. Secretary of State Marco Rubio will travel Tuesday through Thursday to the United Arab Emirates, Kuwait and Bahrain, on a trip that will give the Trump administration a chance to sell its preliminary Iran accord directly to Gulf Arab allies.
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