Saudi National Bank’s $230m fund to energise oil sector 

Saudi National Bank’s $230m fund to energise oil sector 

SNB Capital, the investment arm of Saudi National Bank, has launched a $230 million oil and gas fund to offer investors exposure to top-tier energy companies. The Shariah-compliant fund launched by a Dubai-based unit of SNB Capital will invest indirectly in Repsol E&P, a joint venture between Spain energy giant Repsol and US-headquartered investment company EIG. Repsol […]SNB Capital, the investment arm of Saudi National Bank, has launched a $230 million oil and gas fund to offer investors exposure to top-tier energy companies.

The Shariah-compliant fund launched by a Dubai-based unit of SNB Capital will invest indirectly in Repsol E&P, a joint venture between Spain energy giant Repsol and US-headquartered investment company EIG.

Repsol will retain a majority stake in the joint venture, but no details were given. In September 2022, EIG acquired a 25 percent stake in Repsol Upstream, an exploration and production (E&P) company.

The new investment will help acquire a large-scale portfolio with a production capacity of 600,000 barrels of oil equivalent per day.

Repsol E&P operates oil and gas fields and developments in OECD jurisdictions, with nearly 50 percent of the reserves and resources in North America. 

SNB Capital, licensed by the Saudi market regulator, has $66 billion in assets under management as of December