RENEWABLE INVESTMENT $3.7 BLN
FT - A group of private-equity investors led by New York-based Global Infrastructure Partners and China's sovereign wealth fund will acquire a portfolio of Asian wind and solar energy projects from Singapore-based Equis Pte Ltd for $3.7bn.
"The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and Southeast Asia," Equis and GIP said in a joint statement.
The investor group will pay $5bn for Equis Energy and assume company debts worth $1.3bn. The group includes CIC Capital, an arm of China sovereign wealth fund China Investment Corp; Public Sector Pension Investment Board, a Canadian pension fund manager; and other GIP partners.
Equis Energy has assets across 180 projects in Australia, Japan, India, Indonesia, the Philippines and Thailand, with total installed capacity of 11,135 megawatts. The deal is subject to regulatory approval in those countries and is expected to close in the first quarter of next year.
CIC Capital is the private equity unit of CIC. CIC Capital's assets grew faster last year than CIC's other foreign-investment units, which mainly invest in publicly-traded securities, according to the group's latest annual report.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.