Connect with us

AIGAIF and GIC Invest in CNOOC

Published

on

According to the press release, “CNOOC Limited (the “Company”) announces that an investor group led by AIG Asian Infrastructure Fund II, L.P. (“AIGAIF”), GIC Special Investments Pte. Ltd. (the private equity arm of the Government of Singapore Investment Corporation (“GIC”)) and American International Assurance (“AIA”) have invested approximately US$210 million in the equity shares of the Company. The share placement closed on April 7, 2000. The Company will use the proceeds from the placement to finance its capital expenditure and working capital requirement as well as to repay its existing bank debt.

AIGAIF, with US$1.7 billion in commitment, makes equity and equity-linked investments in infrastructure and infrastructure-related sectors in Asia. American International Group, Inc. is the sponsor and GIC is the principal investor of AIGAIF. The principal adviser to AIGAIF is Emerging Markets Partnership.

GIC is a fund management company entrusted with the mandate to manage Singapore′s foreign reserves.

The Company′s Chairman and CEO Liucheng Wei emphasized the significance of this investment: “With this investment, we gain access to international financial market to fulfill our growth plans for 2000 and beyond. We have set a clear goal for the Company: to establish ourselves as one of the world′s premier exploration and production companies. Offshore natural gas is an increasingly important source of clean and reliable energy for China and will be a key growth area for the Company. We are pleased to have support from sophisticated international investors such as AIGAIF, GIC and AIA.”

The Company was formed on October 1, 1999 through the reorganization of parent company China National Offshore Oil Corporation (“CNOOC”) and is one of the world′s largest exploration and production companies. The Company dominates the offshore oil and natural gas exploration and production in China. During the 12 months ended 1999, the Company had US$1.8 billion in revenues, US$495 million in net income and averaged daily production in excess of 210,000 barrels of oil equivalent. As of December 31, 1999, the Company had reserves of approximately 1.8 billion barrels of oil equivalent.

Through CNOOC, the Company has the exclusive right to enter into production sharing contracts (“PSCs”) with international oil and gas companies to conduct joint exploration and production activities offshore China and to sell such petroleum in China. Under the PSCs, the Company has the right to acquire up to a 51% participating interest in any oil or gas field discovered in the contract area after the foreign party has independently undertaken exploration and discovered commercial quantities of oil or gas.

CNOOC Ltd. is the largest producer of oil and gas offshore China and is one of the largest independent oil and gas exploration and production companies in the world with net proved reserves of approximately 1.8 billion barrels-of-oil equivalent as of December 31, 1999.”

Read more: Press Release

RDIF and Makara Capital form Technology Company Investment Joint Venture

Published

on

The Russian Direct Investment Fund (RDIF) and Singapore-based Makara Capital, a specialist in transaction financing and asset management, signed a deal to form a US$ 200 million joint investment platform to finance breakthrough innovative projects in Russia and Asia. Ali Ijaz Ahmad, the CEO of Makara Capital, is a board director of the Intellectual Property Office of Singapore (IPOS). Ali Ijaz Ahmad served as an adviser to Morgan Stanley and The Carlyle Group. He also had stints at the World bank and Goldman Sachs. Makara Capital was founded in 2005 as a joint venture with Credit Suisse AG and made independent by its founding partners in 2008.

Continue Reading

SVB Financial Group to Acquire Leerink Holdings

Published

on

Linking Boston to the San Francisco Bay Area in the world of pharmaceuticals, SVB Financial Group (SVB) announced that it has entered into a merger agreement to acquire Leerink Holdings LLC, the Boston-based parent company of Leerink Partners LLC, an investment bank focused on the healthcare and life science industries. Jeffrey A. Leerink formed Leerink in 1995. Santa Clara, California-based SVB Financial Group is the parent company of Silicon Valley Bank. SVB is big into life sciences and provides services to many healthcare companies and startups.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Digital Currencies Gaining Steam Among Central Banks

Published

on

At the Singapore Fintech Festival, International Monetary Fund head Christine Lagarde noted that central banks should consider issuing digital currency, as non-cash payments increased over the years – especially in developed markets. Digital currencies, also known as cryptocurrencies, such as bitcoin have lost tremendous value in recent months. Lagarde is referring to having the central bank issue digital currencies. Lagarde argued that a digital currency would be the liability of the state and not a private company. Saudi Arabia, China, Canada, Sweden, and even Uruguay have tinkered with possibly having digital currencies or some form. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Continue Reading

Popular

© 2008-2018 Sovereign Wealth Fund Institute. All Rights Reserved. Sovereign Wealth Fund Institute ® and SWFI® are registered trademarks of the Sovereign Wealth Fund Institute. Other third-party content, logos and trademarks are owned by their perspective entities and used for informational purposes only. No affiliation or endorsement, express or implied, is provided by their use. All material subject to strictly enforced copyright laws. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. SWFI is a minority-owned organization.