Noble ties up with US energy firm to form company for energy assets

SINGAPORE - Commodities firm Noble Group and US-headquartered EIG Global Energy Partners said on Tuesday they have formed a new company to own and operate energy assets globally.

Harbour Energy will own upstream and midstream energy assets and will be led by new chief executive Linda Z. Cook, who has also been appointed a managing director of EIG.

Noble will be Harbour Energy's preferred offtake and marketing partner, while EIG will manage the company and oversee its acquisition of assets.

"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," said Noble's chief executive Yusuf Alireza in a statement.

EIG's chief executive R. Blair Thomas added that "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."

EIG, headquartered in Washington DC, specialises in private investments in energy and energy-related infrastructure. As at March 31, it had US$15.4 billion (S$19.1 billion) in assets under management.