China Investment Corporation Invests in Nobel Oil Group – Another Commodity Investment
According to the China Investment Corporation, “CIC has completed the settlement for its Phase I investment in 45% of the equity in Nobel Oil Group (“Nobel”) based in Russia. HongKong’s Oriental Patron has acquired 5% equity stake. The original Russian shareholders maintain their 50% stake. CIC has agreed to invest US$ 300 million in aggregation in this transaction. The US$ 150 million in Phase I investment includes $ 100 million for the purchase of equity stake from Russian shareholders and $ 50 million for Nobel’s operating expenses. In Phase II, the remaining US$ 150million is to be used within 9 months for acquiring and developing oil reserve assets (approximately 150 million barrels) in close proximity to Nobel’s existing oilfields.”
read more: CIC
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