Out-Law News | 15 Jul 2014 | 4:53 pm | 1 min. read
Noble said the new company, Harbour Energy Ltd, will seek out assets “that provide exposure to key supply trends, while capturing value up-lift associated with control of off-take, logistics and supply chain management”.
Noble said it will be the new company’s “preferred off-take and marketing partner” while EIG, together with Harbour Energy’s internal management team, “will serve as manager of the company and oversee the acquisition of assets”.
EIG said Harbour Energy’s chief executive officer (CEO) will be Linda Cook, a former senior executive with Royal Dutch Shell. Cook has also been appointed a managing director of EIG and a member of EIG’s executive committee.
EIG specialises in private investments in energy and energy-related infrastructure globally and has $15.4bn under management as of 31 March 2014.
Formerly the Energy & Infrastructure Group at Trust Company of the West (TCW), EIG started operations as an independent investor to the global energy sector in January 2011, when it announced its separation from TCW.
Noble, which is ranked number 76 in the 2014 Fortune Global 500, sources bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia and supplies high growth demand markets, particularly in Asia and the Middle East.
Noble CEO Yusuf Alireza said: “The creation of Harbour Energy gives us the exciting opportunity of joining with an industry leader such as EIG to exploit the tremendous opportunities that the changing global energy markets are presenting.
Alireza said: “This transaction represents a significant milestone in the continued implementation of Noble’s ‘asset light’ strategy, exploiting our best in class expertise in logistics and supply chain management, while partnering with market leading asset managers and owners.”