Kingdom Holding invests $50m in Nigeria energy firm
The transaction was through the second Kingdom Zephyr fund, PAIP II.
FHN was set up in 2009 to capitalize on the exceptional opportunities for indigenous Nigerian involvement in the upstream sector of the oil and gas industry.
Prince Alwaleed commented: "We invest in the gas and oil sector based on a strategic investment approach."
PAIP II's investor base includes KHC, African Development Bank, International Finance Corporation, European Investment Bank, and Netherlands Development Finance Company.
Fernvale Investments (Mauritius) Pte Ltd. is a wholly owned indirect subsidiary of Temasek Holdings (Private) Limited.
Since its inception in 2008, PAIP II has invested around $100 million in three ventures: Thunnus Overseas Group, a seafood canning and processing business based in Cote d'Ivoire and Madagascar; Mixta, S.A., a builder of affordable housing, operating in five North African countries; and Buildworks, a South Africa based company listed on the AltX division of the Johannesburg Stock Exchange, that provides heavy building materials and constructs electrical power substations and transmission lines throughout Africa.
The Aret Adams Foundation is founded on the ideals of the late Godwin Aret Adams, a one-time managing director of NNPC, among other positions in the oil and gas industry. Its major objectives include education and empowerment of Nigerians in the urban
FHN, which was established in response to the Nigerian government's policy to increase indigenous participation in the countries oil and gas industry, is said to have strong onshore assets. It has also appointed Afren executive director Faiz Imam to
Royal Dutch Shell Plc (RDSA) said maintenance of its Nigerian deepwater Bonga oil and gas field, which accounts for about 10 percent of the country's daily output, will last “several weeks.