July 14 (Reuters) - Global commodity trader Noble Group Ltd has joined forces with a private equity group to setup an energy investment fund run by a former Royal Dutch Shellexecutive, its second such arrangement in a year.
Noble and EIG Global Energy Partners are creating HarbourEnergy, the latest deal to combine commodity merchants' tradingsavvy with the financial power of private equity. Linda Cook,who previously was head of Shell's gas and power business, willbe chief executive officer. See full release at:
"This transaction represents a significant milestone in thecontinued implementation of Noble's 'asset light' strategy,exploiting our best in class expertise in logistics and supplychain management, while partnering with market leading assetmanagers and owners," said Noble CEO Yusuf Alireza.
The arrangement is similar to one announced last September,when Noble and private equity group TPG invested $500 million ina mining-related investment venture called X2 Resources led byMick Davis, the former head of Xstrata.
As with X2, Noble will be the "preferred" partner to marketfuture production from Harbour Energy's investments. EIG,together with the group's management, will oversee acquisitions. (Reporting by Jonathan Leff; Editing by Chizu Nomiyama)