Temasek Holdings and RRJ Capital Invest in Kunlun Energy Offering
Singapore sovereign wealth fund Temasek Holdings and private equity firm RRJ Capital purchased almost half of the shares of the US$1.34 billion offering by PetroChina Company Limited’s unit Kunlun Energy Company Limited. PetroChina Company Limited is the controlling shareholder of the company. Kunlun Energy is incorporated in Bermuda and is involved in the natural gas sector. It plans to use the money to fund acquisitions and grow its liquefied natural gas business. The company has two major exploration projects in Thailand and Indonesia. It also owns a large number of natural gas businesses in China.
Temasek Holdings is an investor in Clean Energy Fuels Corp, a United States based company that provides natural gas fuel for commercial transportation. Temasek Holdings and RRJ Capital subscribe to the notion that natural gas is a cheaper substitute to diesel fuel.
RRJ Capital was created by Richard Ong. RRJ Capital and Temasek Holdings grabbed US$ 600 million worth of shares in the offering.
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