Noor-Ikarus plans $220m investment
Kuwait, March 10, 2008
Noor Financial Investment and Ikarus Petroleum said they were considering investments of about $220 million in Singapore and India.
Noor's Managing Director Naser Al Marri said his company was acting as the financial adviser to Ikarus to acquire a 10 per cent stake in the $2 billion Jurong petrochemical plant project in Singapore.
Project investors include Swiss-based commodity trader Glencore, South Korean refiner SK Energy, Chinese polyester producer Jiangsu Sanfangxiang Industrial Group and Jurong Energy Corporation.
'The project will be funded $500 million from capital and $1,500m from borrowing,' Marri said.
Noor may also invest in the Jurong project, said Al Marri. Both Noor and Ikarus are owned by National Industries Group Holding. Noor is also among investors in Ikarus.
Ikarus chief executive officer Suheil Abu Quries said his company was yet to decide on the Jurong investment plan.
'We are studying the opportunity and will decide in April,' he said.
Noor is also in talks to acquire 10 per cent of an Indian energy firm in a $20 million deal, Al Marri said and added that the deal would allow both companies to invest in Kuwait's oil sector.
'We need to bring them to Kuwait, we will create a joint venture in Kuwait,' Al Marri said.-TradeArabia News Service