The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
HONG KONG and WASHINGTON, July 13, 2014 /PRNewswire/ -- Noble Group Limited (SGX: N21) ("Noble") and EIG Global Energy Partners ("EIG") today announced the formation and commitment to capitalize Harbour Energy, Ltd ("Harbour Energy"), a company that will own and operate upstream and midstream energy assets globally. Harbour Energy will seek to own high quality assets that provide exposure to key supply trends while capturing value up-lift associated with control of offtake, logistics and supply chain management. Noble will be preferred offtake and marketing partner of Harbour Energy, while EIG, together with the company's internal management team, will serve as manager of the company and oversee the acquisition of assets. Harbour Energy's capitalization will be funded solely through balance sheet capital of each of Noble and EIG.
EIG also announced today that Linda Z. Cook has been appointed a Managing Director of EIG, a member of EIG's Executive Committee and CEO of Harbour Energy.
"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," said Yusuf Alireza, Chief Executive Officer of Noble. "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."
R. Blair Thomas, Chief Executive Officer of EIG, said, "New sources of supply, together with demand growth in Asia, are driving fundamental changes in the energy sector and related trade flows. By partnering with Noble, we believe Harbour Energy will be uniquely positioned to benefit from the established global platforms of each of our firms and capture value both through the ownership and operational improvement of assets and the flow business those assets generate. We couldn't be more pleased that someone of the caliber of Linda Cook has agreed to join EIG and serve as CEO of Harbour Energy. She is an extraordinarily accomplished senior executive with deep operating and management expertise across all facets of the global energy industry."
About Noble Group
Noble Group (SGX: N21) manages a portfolio of global supply chains covering a range of agricultural and energy products, as well as metals, minerals and ores. Operating from over 140 locations and employing more than 70 nationalities, Noble facilitates the marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia, the Group supplies high growth demand markets, particularly in Asia and the Middle East. In order to ensure the integrity of its supply chains, the Group has a portfolio of interests in strategic logistics and processing assets which form an integral part of facilitating its key trade flows. Noble is ranked number 76 in the 2013 Fortune Global 500. www.thisisnoble.com.
EIG specializes in private investments in energy and energy-related infrastructure on a global basis and has $15.4 billion under management as of March 31, 2014. During its 32-year history, EIG has invested over $16.4 billion in the sector through more than 290 projects or companies in 34 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For more information, visit www.eigpartners.com.
Linda Z. Cook
Linda Cook, 56, spent 29 years with Royal Dutch Shell in multiple business units in multiple countries. A petroleum engineer by training, she joined Shell in 1980, spending the first 18 years of her career in various engineering, operations and management roles in North American E&P. She relocated to Europe in 1998 first to run strategy and finance for Shell's global E&P business and then to run Shell's gas & power business, including the world's largest LNG portfolio. In 2003 she became CEO of Shell Canada Ltd. and then in 2004 returned to The Hague as a Director and member of the Executive Committee of Royal Dutch Shell plc with responsibility for, among other things, gas & power, renewables, downstream technology and global trading activities, as well as general oversight for all Shell activities in Asia, North Africa, Mexico, Venezuela and selected Middle East countries. Mrs. Cook currently serves on the Board of Directors of The Boeing Company, Cargill Inc. and KBR Inc., and recently retired from the Board of Marathon Oil.
Important Legal Notice
This announcement is being made for information purposes only and is not intended to be, and must not be taken as, the basis for an investment decision or any investment activity. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any interest in Harbour Energy or any other entity, or any other securities in any jurisdiction including the United States, nor shall it form the basis of, or be relied upon in connection with, any contract or investment decision. Securities may not be offered or sold in the United States absent a registration statement or an exemption from registration.
SOURCE EIG Global Energy Partners