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Noble, EIG open $2bn venture

July 20, 2014

LONDON:



Asian commodity trader Noble Group has joined forces with US private-equity firm EIG Global Energy Partners to launch a new venture aiming to snap up $2 billion in global energy assets.Harbour Energy will be helmed by former top Royal Dutch Shell executive Linda Cook, the companies said, with EIG and the new firm's management team overseeing cash raising and acquisitions, with Noble responsible for marketing and logistics. The move comes as Noble refocuses its business on commodity trading, while many energy majors are shedding once-prized assets to help streamline their operations and return cash to shareholders."This transaction represents a significant milestone in the continued implementation of Noble's 'asset light' strategy... while partnering with market-leading asset managers and owners," Noble chief executive officer Yusuf Alireza said.Cook, 56, spent 29 years with Royal Dutch Shell and was once tipped as a future CEO of the firm, before losing out in a leadership battle with then CFO Peter Voser in 2009.She was widely credited with building up Shell's natural gas business, a top business at the oil and gas major."She is an extraordinarily accomplished senior executive with deep operating and management expertise across all facets of the global energy industry," R Blair Thomas, chief executive officer of EIG said.Harbour Energy will initially be seeded with $150 million from Noble and $50 million from EIG, according to a person familiar with the matter.




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Source: Oil & Gas News


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