- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Investcorp buys Scottish oil field services firm Bahraini investment manager buys controlling stake in Hydrasun for US$150m-US$300m
Bahrain-based investment manager Investcorp has bought a controlling stake in Scotland-based oil field services provider Hydrasun, taking its US$1bn Gulf Opportunity Fund closer to full deployment.
Investcorp has been selling assets and making new investments as financial markets recover from the twin blows of the Arab Spring uprisings and the global financial crisis.
The company did not disclose the size of the stake or the value of the deal, but said it bought the holding from Equistone Partners Europe Limited.
“It’s in the middle market range,” Mohammed al-Shroogi, Investcorp’s president for the Gulf business, said on Monday.
“The size of the transaction is between the US$150m and US$300m range.”
This is the fund’s seventh deal. About US$750m of Investcorp’s Gulf fund is currently invested and the company expects to fully deploy the fund by the end of July, al-Shroogi told Reuters last month.
Having focused in the past few years on deals in the Gulf region, Investcorp is increasingly buying stakes further afield.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, had US$11.5bn in assets under management as of June 30, 2012.
The company last year sold truck and trailer parts distributor FleetPride to private equity firm TPG for over US$1bn.
Source: Reuters
