Kuwait Sovereign Wealth Fund unit said to purchase North Sea pipeline company. EPA
Kuwait Sovereign Wealth Fund unit said to purchase North Sea pipeline company. EPA

UK arm of Kuwaiti fund said to buy North Sea pipeline firm for £1.3bn



The British infrastructure arm of Kuwait's sovereign wealth fund has agreed to buy oil and gas pipeline firm North Sea Midstream Partners (NSMP) for around £1.3 billion (Dh6.27bn) from ArcLight Capital, according to two sources.

Wren House, the London-based infrastructure investment arm of the Kuwait Investment Authority (KIA), fought off bids from JP Morgan, Blackstone, and private equity fund KKR to buy NSMP, according to one of the sources.

"Wren House was bidding against some very big players and they simply offered the best terms," said the source. A spokesman for Wren House could not be reached for immediate comment.

Its bid was lower than one other but it offered better overall terms, according to one of the sources.

The current management team, including NSMP CEO Andy Heppel, will remain, the source said.

NSMP was valued at around £1.2bn to £1.3bn, the sources said.

Bank of America Merrill Lynch advised ArcLight on the transaction. Patrick de Loe, Merrill's managing director of Emea infrastructure, declined to comment.

Freshfields Bruckhaus Deringer was ArcLight's legal adviser. Wren House was advised by Jefferies and Macquarie Capital. Its legal advisor was Slaughter and May.

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The Sovereign Wealth Fund Institute ranks KIA as the world’s fourth-biggest sovereign fund, managing $592bn. Only Norway, China and UAE have bigger sovereign funds.

Wren House is headed by Hakim Drissi Kaitouni, a former investment banker who worked at Bank of America Merrill Lynch in London and New York.

Its other investments in the United Kingdom include stakes in Associated British Ports, London City Airport and Thames Water.

NSMP owns a 67 per cent interest in the Sirge pipeline that transports natural gas from the West of Shetlands basin and a 100 per cent interest in the Fuka pipeline which transports gas from the Sirge pipeline and various fields in the northern and central North Sea.

NSMP also owns the St Fergus Gas Terminal and Teesside Gas Processing Plant. NSMP counts the Rhum gasfield, in the North Sea and which is 50 per cent owned by the Iranian Oil Company, among its clients.

If you go

The flights

Fly direct to London from the UAE with Etihad, Emirates, British Airways or Virgin Atlantic from about Dh2,500 return including taxes. 

The hotel

Rooms at the convenient and art-conscious Andaz London Liverpool Street cost from £167 (Dh800) per night including taxes.

The tour

The Shoreditch Street Art Tour costs from £15 (Dh73) per person for approximately three hours. 

The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

You Were Never Really Here

Director: Lynne Ramsay

Starring: Joaquim Phoenix, Ekaterina Samsonov

Four stars

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

US federal gun reform since Sandy Hook

- April 17, 2013: A bipartisan-drafted bill to expand background checks and ban assault weapons fails in the Senate.

- July 2015: Bill to require background checks for all gun sales is introduced in House of Representatives. It is not brought to a vote.

- June 12, 2016: Orlando shooting. Barack Obama calls on Congress to renew law prohibiting sale of assault-style weapons and high-capacity magazines.

- October 1, 2017: Las Vegas shooting. US lawmakers call for banning bump-fire stocks, and some renew call for assault weapons ban.

- February 14, 2018: Seventeen pupils are killed and 17 are wounded during a mass shooting in Parkland, Florida.

- December 18, 2018: Donald Trump announces a ban on bump-fire stocks.

- August 2019: US House passes law expanding background checks. It is not brought to a vote in the Senate.

- April 11, 2022: Joe Biden announces measures to crack down on hard-to-trace 'ghost guns'.

- May 24, 2022: Nineteen children and two teachers are killed at an elementary school in Uvalde, Texas.

- June 25, 2022: Joe Biden signs into law the first federal gun-control bill in decades.

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 


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