ENOC invests in Gulf’s first private energy venture
Posted: 11 April 2005
The Emirates National Oil Company (ENOC) LLC, has become the co-sponsor and an investor in the region’s first private equity fund focused on the GCC’s energy sector.
The US$300 million GCC Energy Fund L.P., sponsored by Gulf International Bank (GIB) and Standard Bank, will make equity investments in companies and projects right across the diverse energy sector’s activities.
The Fund, which was launched last week, has already identified several major regional investment opportunities requiring in excess of US$ 350 million of equity participation.
“The region’s strong energy industry outlook, the increasing role of the private sector in major projects investments and the constantly evolving GCC capital markets have been major influencing factors in the decision to participate in this strategic fund,” said Hussain Sultan, ENOC Group Chief Executive and Board Member.
Managed by The GCC Energy Fund Managers Limited, one of the first companies to be incorporated and licensed within the Dubai International Financial Centre (DIFC), the fund manager is responsible for capital raising, transaction origination, investment selecting, structuring and monitoring deals, and designing and executing appropriate exit strategies for each investment.
“Investors across the world are looking for funds which can return consistent value and the Fund aims at becoming a key component for the continuous growth of the region’s energy industry, in which ENOC is a major contributor,” Sultan said.
“With its 30 subsidiaries across the expansive spectrum of the energy sector, the ENOC Group makes an ideal partner for the Fund, since it intends to position itself as the partner of choice to local and international investors looking to participate in one of the regional economies’ major drivers.”
Posted by Editor Pipeline Magazine
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