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Mubadala Petroleum Awards EPCIC Contract to Nippon Steel and Sumikin Engineering

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Mubadala Petroleum, a wholly owned subsidiary of Mubadala Development Company, announced that it has awarded a platform engineering, procurement, construction, installation and commissioning (EPCIC) contract to Nippon Steel and Sumikin Engineering Co. Ltd. (NSSE). The EPCIC contract covers the Nong Yao oil field development in Block G11/48 in the Gulf of Thailand.

In August 2013, the Sovereign Wealth Fund Institute reported that Mubadala Petroleum had decided to develop Block G11/48, but was still in negotiations regarding the contract for platform construction. The location of the concession is 165 km offshore in depths of 75 meters.

When questioned on the oil production from the facility, a spokesperson from Mubadala responded immediately via email stating, “peak rates are expected to reach approximately 10,000 barrels of oil per day (bopd) within a few months of first oil.” But the development which, “consists of a Wellhead Processing platform (WPP) and Wellhead Platform (WHP) with interconnecting pipelines to a Floating Storage and Offloading vessel (FSO) will be capable of producing up to 15,000 bopd.

Mubadala Petroleum, the operator of the concession, holds a joint interest in the concession with KrisEnergy Ltd. KrisEnergy claims a 25% working interest, with the rest being held by Mubadala Petroleum.

“We are pleased to be making headway,” said Chris Gibson-Robinson, KrisEnergy’s Director of Exploration & Production of the Nong Yao development. “We declared [sic] final investment decision in August last year and preliminary fabrication work commenced in November.”

Why Did Virtus Investment Partners Buy Sustainable Growth Advisers?

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On February 2, 2018, Virtus Investment Partners, Inc. revealed they acquired a 70% interest in Stamford, CT-based Sustainable Growth Advisers, LP, a high-conviction U.S. and global growth equity portfolio management company, from private equity firm Estancia Capital Management and a portion of equity held by the asset manager’s partners (including Sustainable Growth Advisers’ three co-founders). Scottsdale, Arizona-based Estancia Capital Management bought a minority interest in Sustainable Growth Advisers in August 2013 when it had US$ 5.3 billion in assets. Estancia Capital Management is noted for having a number of partners being from Lovell Minnick Partners LLC, a private equity firm specializing in asset management company buyouts.

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HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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