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SWFI First Read, July 20, 2017

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Path to an Indian National Oil Champion

India-owned Oil and Natural Gas Corporation Limited (ONGC) got a green light to acquire a 51.1% stake in state-owned refiner Hindustan Petroleum Corporation from the Indian government. The ownership stake is valued at US$ 4.6 billion based on a recent market valuation of Hindustan Petroleum Corporation.

Alpha Investment Partners Invests Money into Singapore Data Center

Alpha Investment Partners Limited, through its vehicle called the Alpha Data Centre Fund, committed capital of 170 million SGD for a 70% stake in a newly built data center in Singapore. The property is called Thorium. The other 30% owner of Thorium is Keppel Data Centres.

Alpha Investment Partners is a subsidiary of Keppel Group.

David Wicks to be Head of Continental Europe for Northern Trust

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Saudi Arabia Sends Second Installment of Aid to Pakistan

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On December 14, 2018, Pakistan received its second installment of the US$ 3 billion in aid promised from Saudi Arabia on October 23, 2018. The US$ 1 billion given on December 14th boosted the foreign reserves of the State Bank of Pakistan, which went from US$ 7.2 billion to US$ 8.2 billion. The first installment was given on November 23, 2018. The last installment is expected to occur in January 2019.

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White House Nominates Heath Tarbert for CFTC Chairman

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The White House announced Heath P. Tarbert will be nominated to serve as Commissioner and Chairman of the Commodity Futures Trading Commission (CFTC). Tarbert currently serves as Assistant Secretary for International Markets at the U.S. Treasury Department. Before joining the U.S. Treasury, Tarbert was a Partner at law firm Allen & Overy. Tarbert was confirmed by the U.S. Senate for his current Treasury post at 87 (yes) to 8 (no).

Upon Senate confirmation, Tarbert’s CFTC term would start on April 14, 2019 and last for five years. Tarbert is taking over from J. Christopher Giancarlo whose term ends in April 2019. Tarbert will need a U.S. Senate confirmation to take the head CFTC post.

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KIA Could Sell Stake in North Sea Energy Business

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The Kuwait Investment Authority (KIA), through its unit Wren House Investment Management, is nearing a deal to sell a 40% stake in its North Sea energy business to JPMorgan Asset Management. In July 2018, KIA closed on a deal to acquire oil and gas pipeline firm North Sea Midstream Partners from ArcLight Capital.

More details to follow –

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