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Samsung C&T and KNOC Jointly Acquire Parallel Petroleum LLC

The press release states, “Samsung C&T and the Korea National Oil Corporation (“KNOC”) will jointly acquire US oil and gas company Parallel Petroleum LLC (“Parallel”). Samsung C&T Oil & Gas Parallel Corp., Samsung C&T’s local subsidiary in the US, and KNOC signed a Purchase and Sale Agreement with PLLL Holdings, LLC, which owns Parallel, in Midland, Texas on November 29th, 2011. Upon completion of the transaction, Samsung and KNOC will respectively own 90% and 10% of Parallel.

Parallel currently operates 8 oil and 2 gas producing fields in the states of Texas and New Mexico. Parallel produces approximately 8,400 barrels of oil and gas per day and has approximately 69 million barrels in reserves.

Through the deal, Samsung C&T will secure 50 professionals experienced in developing oil and gas fields. This will give Samsung C&T the ability to enhance its industry capabilities and strengthen its competitiveness.

Along with the investment in the Ankor oil fields in 2008, the acquisition of Parallel marked the significant foundation for the expansion of our natural resources business in the US market.

In 2008, Samsung C&T and KNOC jointly acquired the Ankor assets (daily production of approximately 16,000 barrels and reserves of approximately 71 million barrels) located in the Gulf of Mexico. Ankor currently produces oil from 17 platforms in 5 offshore oil fields, and Samsung C&T produces and explores for oil and gas from 10 other oil and gas fields around the world.”

Read more: Press Release

Ardian Auctions Off €1 Billion in Infrastructure Assets to APG

French private equity giant Ardian has auctioned off an undisclosed stake in a portfolio of European infrastructure assets valued at €1 billion to Dutch asset owner manager APG Investments. APG, which first invested in the portfolio in 2006, plans on buying out partnership interests in the portfolio held by other investors. French multinational insurance firm AXA SA will retain its stake as a co-owner of the portfolio alongside APG, with Ardian staying on as asset manager and advisor. The transaction remains subject to regulatory approval.

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Tribal Council Approves Cherokee Nation Sovereign Wealth Fund Act

Tahlequah, Oklahoma-based Cherokee Nation Tribal Council approved the creation of the Cherokee Nation Sovereign Wealth Fund Act to establish a fund to ensure the continuation of tribal operations and the general welfare of tribal citizens.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Participates in Series D Round in Chinese Mafengwo Travel Platform

Image Source: Screenshot from Website – December 12, 2017

Chinese social travel platform Mafengwo has raised US$ 133 million in a Series D funding round with aid from new investors, including private equity investor General Atlantic, tourism-centric Ocean Link, the Yuantai Changqing venture capital fund, Hopu Investment Management, and Singapore’s Temasek Holdings. Existing investors Capital Today, Qiming Venture Partners, and Hillhouse Capital also participated in the latest funding round.

Founded in 2010 by chief executive Gang Chen and chief operations officer Gang Lv in 2010, Mafengwo is popular among the Chinese millennial demographic, who use the app to look up travel information and booking services for nearly 60,000 destinations around the world. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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