SNB Capital's Dubai Arm Launches $230 Million Fund for Oil & Gas Investments

SNB Capital's subsidiary in Dubai has unveiled a Shariah-compliant fund worth $230 million, a move to capitalize on promising opportunities in the oil and gas sector.

The fund is geared towards investing in prime oil and gas fields and developments.

Dubbed as the SNBC Capital Oil & Gas Fund I, the initiative will see indirect investments channeled into Repsol E&P, a collaborative effort between Spain's energy giant Repsol and the US-based investment firm EIG.

Repsol E&P stands out as an independent player in the exploration and production realm, boasting a portfolio of high-caliber oil and gas fields and developments primarily situated in OECD jurisdictions.

Notably, close to half of the company's reserves and resources are nestled in North America.

The strategic transaction opens doors to acquiring an expansive portfolio with a remarkable production capacity of 600,000 barrels of oil equivalent per day.

While Repsol will maintain its majority stake in the joint venture, the exact holding percentage remains undisclosed at this time.

SNB Capital, with assets under management totaling $66 billion as of December 2023, underscores its commitment to leveraging opportunities in the energy sector with this latest venture.

Source: Zawya