Energy

Falling Peso and Oil Prices Plague Mexico’s Prospects

Source: Thomson Retuers, EIA The falling global price of oil is having a material impact on fiscal budgets with regard to fossil fuel-reliant economies. Being a key oil exporter to the United States, Mexico is on the brink of opening foreign investment in the energy sector, planning auctions in 2015. Meanwhile, large-scale energy companies, plush [...]


Friday SWFI News Roundup, December 12, 2014

BC LNG Prosperity Fund Comments The provincial government of British Columbia maintains a belief that its proposed US$ 100 billion LNG prosperity fund is still a possibility. BC Natural Gas Minister Rich Coleman argues that the LNG fund could reach over US$ 100 billion in over 30 years, despite global declines in the price of [...]


OUT OF GAS: ArcLight Capital Struggles to Raise Capital for Sixth Fund

On December 10th, West Texas Intermediate (WTI), also known as Texas light sweet, and Brent crude oil prices drifted to recent new lows. WTI oil prices fell below US$ 61 a barrel, while Brent prices dropping under US$ 65 a barrel for the first time since 2009. This economic blessing for U.S. consumers is creating [...]


Temasek Acquires Remaining Stake in GTT from Total

A Singapore sovereign wealth fund is solidifying its liquefied natural gas (LNG) strategy by investing capital all along the energy supply chain. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Oil Prices Falling, CalSTRS Awards 2 Mandates for CTA

The California State Teachers’ Retirement System (CalSTRS) has awarded two commodity trading adviser (CTA) mandates. These managers plan to take long/short positions in a variety of markets including bond, stocks, commodities and currency markets. These allocations are being assigned to the pension’s US$ 1.2 billion silo for risk and innovation. [ Content protected for Sovereign [...]


UK Chancellor Osborne Confirms Sovereign Wealth Fund

UK Chancellor of the Exchequer George Osborne, in his Autumn Statement 2014 said, “we’re announcing a new Sovereign Wealth Fund for the North of England so that the shale gas resources of the North are used to invest in the future of the North.” To read the full speech, click here The sovereign wealth fund [...]


Kuwait Sovereign Wealth Fund and Macquarie Set to Acquire Spanish Utility Assets

Germany’s largest power company E.ON SE is set to sell its Spanish assets to Macquarie Group and Wren House Infrastructure Management, a sovereign wealth enterprise of the Kuwait Investment Authority (KIA). E.ON’s Spanish assets attracted the likes of investors such as CVC Capital Partners, Morgan Stanley Infrastructure, Borealis, First State Investments and Endesa. [ Content [...]


GOING NUCLEAR: China’s Biggest Nuclear Power Operator Seeking to IPO in Hong Kong

State-owned CGN Power Co. (China General Nuclear Power Group), China’s largest nuclear power plant operator, is seeking to raise US$ 3.16 billion in its Hong Kong initial public offering (IPO). CGN is under China’s State-owned Assets Supervision and Administration Commission (SASAC).[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view [...]


oil

How Iran Will Cope with Falling Oil Prices

In mid-November, Iranian Oil Minister Bijan Namdar Zanganeh embarked on a fact-finding visit to its gulf neighbor, the United Arab Emirates. Iran and other oil-producing nations are meeting to address the global falling price of crude oil. Earlier in the month, Minister Zanganeh visited Kuwait and Qatar. [ Content protected for Sovereign Wealth Fund Institute [...]


Cheniere Energy Gets Capital for Corpus Christi Liquefaction Project

On November 11, 2014, Cheniere Energy, Inc. got locked in a subscription agreement with RRJ Capital II Ltd., in which funds managed by RRJ Capital will acquire US$ 1 billion in unsecured convertible PIK notes issued by Cheniere. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


roads

UK Osborne Keen on Shale Gas-Backed Sovereign Wealth Fund

George Osborne, UK Chancellor of the Exchequer, commented on BBC Radio 4 that shale gas extraction revenues could be held in a sovereign wealth fund. The UK is looking at ways to lower its dependence on oil imports, while creating a savings vehicle from taxable earnings, like its northern neighbor Norway. Osborne said, “That’s a [...]


IPIC and Orascom Construction Seek to Build Coal-Fired Plant in Egypt

International Petroleum Investment Company (IPIC) and Orascom Construction, an Egyptian engineering and construction firm, have plans to develop, build and run a coal-fired power plant in Egypt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


New Mexico State Investment Council Commits to Blackstone Energy Fund

Energy focused private equity funds have gained significant traction among public pensions and sovereign wealth funds. Over the past 5 years, private equity funds have moved away from renewable energy investments to shale gas plays in North America. In fact, in 2011, Blackstone scrapped the idea of creating a dedicated cleantech fund. Big private equity [...]


China and Oman to Invest in Bagamoyo Port Infrastructure

The Government of Tanzania is hoping to construct a large port in the city of Bagamoyo which is 47 miles north of Dar es Salaam. The port is being primarily funded by China and construction will start by July 15, according to a statement from the President of Tanzania’s office. The port project could cost [...]


Warburg Pincus Raises $4 Billion for Energy Fund

New York-based Warburg Pincus LLC raised US$ 4 billion for its Warburg Pincus Energy Fund, beating its target raise of US$ 3 billion. High profile executives at the firm include former U.S. Treasury Secretary Tim Geithner as president. The team at Warburg Pincus began marketing the fund in November 2013. The fund is backed by [...]


london

Tory Peer Proposes Sovereign Wealth Fund Amendment to UK Infrastructure Bill

Lord Hodgson of Astley Abbotts, a Tory peer, proposed an amendment to the UK infrastructure bill. In it, Hodgson entails the formation of a soverign wealth fund being funded by shale gas revenue. Hydraulic fracturing, also known as fracking, could provide the UK with a boom in energy revenue. According to the Associated Press (AP), [...]


Group Led by bcIMC and Macquarie to Acquire Cleco

An institutional investor group led by British Columbia Investment Management Corporation (bcIMC) and Macquarie Infrastructure and Real Assets are acquiring Pineville-based Cleco Corporation, a public utility holding company. Cleco owns the regulated asset, Cleco Power LLC. There are other investors in the group such as John Hancock Financial. Institutional investors are attracted to public utilities [...]


PROMOTION: Mubadala Petroleum Has a New CEO

Mubadala Petroleum, a sovereign wealth enterprise of Mubadala Development Co, has promoted Mussabeh Al Kaabi to be CEO. He succeeds Maurizio La Noce who will remain a senior adviser to the company’s energy platform reporting to Dr. Sultan Al Jaber, the platform CEO. Mussabeh Al Kaabi was the company’s chief growth officer, joining Mubadala Petroleum [...]


US Set to Beat Out Saudi Arabia in Liquid Petroleum Production

United States liquid petroleum production is on the brink of beating Saudi Arabia’s production for the first time since 1991. The American energy renaissance is fueled by a number of advances including new recovery technologies such as horizontal drilling and hydraulic fracturing “fracking”. Fracking is commonly used for shale gas and oil recovery. [ Content [...]


GIC and ArcLight Sell 6 Nat-Gas Plant Interests to Carlyle Group

The Carlyle Group has acquired 75.05% of the outstanding interests and operational control of Southeast PowerGen from Boston-based ArcLight Capital Partners and GIC Private Limited, one of Singapore’s sovereign wealth funds. Southeast PowerGen is a holding company of 6 natural gas-fired power plants in Georgia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers [...]