Kuwait firms eye $220mn Asia investment

Kuwait's Noor Financial Investment Company and Ikarus Petroleum said on Sunday they were considering investments of about $220 million in Singapore and India.

Noor's Managing Director Naser Al-Marri said his company was acting as the financial adviser to Ikarus to acquire a 10% stake in the $2 billion Jurong petrochemical plant project in Singapore.

Project investors include Swiss-based commodity trader Glencore, South Korean refiner SK Energy, Chinese polyester producer Jiangsu Sanfangxiang Industrial Group, and Jurong Energy Corporation.

"The project will be funded $500 million from capital and $1,500 million from borrowing," Al-Marri said.

Noor may also invest in the Jurong project, said Al-Marri, without giving details. Both Noor and Ikarus are owned by National Industries Group Holding. Noor ia also among investors in Ikarus.

Suheil Abu Quries, chief executive of Ikarus, told newswire Reuters his company was yet to decide on the Jurong investment plan.

"We are studying the opportunity and will decide in April," he said.

Noor is also in talks to acquire 10% of an Indian energy firm in a $20 million deal, Al-Marri said.

He declined to identify the firm, saying only that the deal would allow both companies to invest in Kuwait's oil sector.

"We need to bring them to Kuwait... we will create a joint venture in Kuwait," Al-Marri told Reuters, declining to provide further details.

Noor said last month it was looking to raise as much as 25 million dinars ($92.15 million) through a rights issue to finance its expansion plans in emerging markets and in the Gulf.

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