Latest news with #GulfEnergy
Zawya
12 hours ago
- Business
- Zawya
Tullow Oil signs $120m Kenyan assets sale deal to Gulf Energy
Tullow Oil Plc has signed a sale and purchase agreement with Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, to divest its entire interest in Kenya for a minimum cash consideration of $120 million. The deal, which marks an exit of the London-based firm from the country, was executed through Tullow Overseas Holdings BV, a wholly owned subsidiary of Tullow Oil Plc. Gulf Energy will act as guarantor for Auron Energy, while Tullow will guarantee the seller's obligations.'We are pleased to announce the signing of the Kenyan SPA (sale and purchase agreement), marking another step closer to completion of the transaction with Gulf Energy. For a total consideration of at least $120 million, the transaction supports our strategic priority to strengthen the balance sheet, with the first two payments totalling $80 million expected before the end of the year,' said Richard Miller, Tullow's chief financial officer and interim chief executive officer. The transaction involves the transfer of 100 percent of the shares in Tullow Kenya BV, the entity that holds all of Tullow's Kenyan assets. These assets include approximately 463 million barrels of potential oil reserves. The deal will be split into a $40 million payment due on completion, $40 million payable at the earlier of Field Development Plan (FDP) approval or June 30, 2026, and $40 million payable over five years from the third quarter of 2028 onwards. An FDP outlines how an oil company intends to develop a petroleum field, manage the impact on the environment and society, as well as give forecasts for production and costs.'In addition, Tullow will be entitled to royalty payments, subject to certain conditions. Tullow also retains a no-cost back-in right for a 30 percent participation in potential future development phases. This right can be exercised if a third-party investor participates in future development phases, whether through a sale or farm-down of the purchaser's interest in the assets,' Tullow said. In addition to transferring the assets, Auron Energy will assume all past and future decommissioning responsibilities and material environmental liabilities associated with the Kenyan operations, except for a single outstanding community petition, which remains Tullow's responsibility. The completion of the deal is subject to the approval of the Competition Authority of Kenya, and the successful physical and functional separation of Tullow Kenya from the wider Tullow group. Tullow expects the deal to be finalised later in 2025, with the first payment received upon closing and subsequent payments aligned with key project milestones. Tullow began exploring for oil in Kenya in 2010, having partnered with Africa Oil and Centric Energy to acquire interests in five onshore licences. Their first significant exploratory drilling occurred in early 2012, culminating in the discovery of oil at the Ngamia-1 well in Turkana County. This marked Kenya's first confirmed oil find. These early efforts put Kenya on the path towards becoming an oil-producing nation. The delays in full-scale production stemmed from a combination of infrastructure, regulatory, and financial challenges. In 2023, the withdrawal of Tullow's joint venture partners, TotalEnergies and Africa Oil, left it as the sole operator and funder of the project, increasing financial pressure. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Bloomberg
14-07-2025
- Business
- Bloomberg
Tullow and Kenya's Gulf Energy Win Extension for Oil-Field Plan
Tullow Oil Plc and Gulf Energy Ltd. won an extension to submit a development plan for fields in Kenya, a crucial step to completing a sale of the assets. Tullow agreed to sell the oil deposits to the Nairobi-based trading firm in April, after struggling for more than a decade to bring them on stream. The $120 million deal was welcomed by investors eager to see Tullow's debts come down, but it's dependent on submission of a plan to get the oil flowing.
Forbes
03-07-2025
- Business
- Forbes
Wealth Of Thailand's 50 Richest On Forbes List Rises Over 11% To $170.5 Billion
Red Bull's Chalerm Yoovidhya & family retain top spot SINGAPORE (July 3, 2025) – The combined wealth of tycoons on the 2025 Forbes list of Thailand's 50 Richest rose more than 11% to US$170.5 billion, despite slower-than-expected economic growth amid trade tensions and mounting political uncertainty. The complete list can be found here, as well as in the July issue of Forbes Asia and the August issue of Forbes Thailand. Overall, the net worths of nearly half the listees were up with the biggest dollar jump—$8.5 billion—recorded by the Red Bull family, led by Chalerm Yoovidhya. In the No. 1 position for the second year in a row, their wealth skyrocketed to a record $44.5 billion as annual revenue of the energy drinks giant rose to €11.2 billion ($12.9 billion) in 2024 on worldwide sales of nearly 13 billion cans. The Chearavanont brothers of the Charoen Pokphand group retained their position as the country's second-richest with their net worth up by 23% to $35.7 billion. The group is doubling down on digital infrastructure, investing $1 billion with BlackRock to build data centers. The group's fintech unit Ascend Money recently got approval to set up a virtual bank. Energy-and-telecoms tycoon Sarath Ratanavadi climbed two spots to No. 3 for the first time with $12 billion, up from $9.2 billion last year. Completing the merger between his Gulf Energy Development and Intouch Holdings and listing the combined entity in April as Gulf Development powered his ascent. Taking the No. 4 spot is beverage tycoon Charoen Sirivadhanabhakdi, whose net worth was relatively flat at $10.5 billion. In a key move, the patriarch transferred some holdings to his five children but being the group founder, the fortune continues to be listed under his name. Rounding out the top five on the list is the Central Group's Chirathivat family, who saw their wealth decline 13% to $8.6 billion, as weak consumer sentiment impacted the retail sector. A total of 19 listees faced a downdraft. Coffee magnate Prayudh Mahagitsiri's (No. 18, $1.4 billion) wealth took a hit as his PM Group's long-standing joint venture with Nestle ended. Two patriarchs passed away since the last ranking: Vanich Chaiyawan, chairman emeritus of Thai Life; and Pongsak Viddayakorn, cofounder of Bangkok Dusit Medical Services, who went on to build a separate healthcare business under Principal Capital. Their fortunes are now listed under the Chaiyawan family (No. 6, $4.2 billion) and the Viddayakorn family (No. 30, $1.1 billion). Four people fell from the ranks, including renewable energy magnate Somphote Ahunai, whose Energy Absolute faced financial stress. The minimum net worth to qualify for the list dropped to $420 million from last year's $550 million. The top 10 richest in Thailand are: This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges and analysts, the Stock Exchange of Thailand and regulatory agencies. Unlike the Forbes World's Billionaires list rankings, this list encompasses family fortunes, including those shared among extended families of multiple generations. Public fortunes were calculated based on stock prices and exchange rates as on June 13. Private companies were valued based on comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don't reside in the country but have significant business or other ties to the country. For more information, visit About Forbes: Forbes is an iconic global media brand that has symbolized success for over a century. Fueled by journalism that informs and inspires, Forbes spotlights the doers and doings shaping industries, achieving success and making an impact on the world. Forbes connects and convenes the most influential communities ranging from billionaires, business leaders and rising entrepreneurs to creators and innovators. The Forbes brand reaches more than 140 million people monthly worldwide through its trusted journalism, signature ForbesLive events and 49 licensed local editions in 81 countries. For media queries, please contact: Catherine Ong Associates Pte Ltd Catherine Ong, cell: +65 9697 0007, Email: cath@ Chenxi Wang, cell: +65 8187 3215, Email: chenxi@
Forbes
02-07-2025
- Business
- Forbes
Energy-And-Telecoms Tycoon Sarath Ratanavadi Leaps Ahead To Become Thailand's Third-Richest Person
Sarath Ratanavadi. gulf development This story is part of Forbes' coverage of Thailand's Richest 2025. See the full list here . Four years after diversifying into telecoms, energy tycoon Sarath Ratanavadi is reaping the fruits of that strategic move. In April, he concluded the merger between his power producer Gulf Energy Development and Intouch Holdings, the biggest shareholder in Advanced Info Service (AIS), the country's second-largest mobile phone operator by subscribers, with the listing of the rebranded Gulf Development on the Thai stock exchange. Its market cap of 640 billion baht ($20 billion), makes it Thailand's fourth most valuable listed company. The tycoon's net worth zoomed 30% to a record $12 billion and he jumped two places to become the country's third-richest for the first time. Sarath, who founded Gulf in 2007, continues to eye new ventures. Last year, the company joined with Google Cloud to build AI-powered cloud facilities in Thailand while its joint venture with Binance, cofounded by Changpeng Zhao, launched a Thai edition of the cryptocurrency exchange. Gulf has also acquired a roughly 5% stake in Kasikornbank, founded by fellow rich lister Banthoon Lamsam's family. Notably, AIS is part of a consortium that secured approval in June to set up a virtual bank.
Yahoo
27-06-2025
- Business
- Yahoo
Significant Increase in Taiwan Semiconductor Manufacturing Co Ltd by iShares MSCI ACWI ex U.S. ETF
iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) recently submitted its N-PORT filing for the second quarter of 2025, offering a glimpse into its strategic investment decisions during this period. The ETF aims to replicate the performance of the MSCI ACWI ex USA Index, which includes large and mid-cap stocks from 22 developed markets (excluding the U.S.) and 27 emerging markets. This index represents approximately 85% of the global equity opportunity set outside the U.S., making it a comprehensive benchmark for international equities. iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) added a total of 27 stocks, among them: The most significant addition was Celestica Inc (TSX:CLS), with 25,541 shares, accounting for 0.04% of the portfolio and a total value of C$2,179,300. The second largest addition to the portfolio was Gulf Energy Development PCL (BKK:GULF), consisting of 1,074,006 shares, representing approximately 0.03% of the portfolio, with a total value of ?1,575,400. The third largest addition was Pidilite Industries Ltd (BOM:500331), with 34,692 shares, accounting for 0.02% of the portfolio and a total value of ?1,247,180. iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) also increased stakes in a total of 1,463 stocks, among them: The most notable increase was Taiwan Semiconductor Manufacturing Co Ltd (TPE:2330), with an additional 760,000 shares, bringing the total to 5,286,000 shares. This adjustment represents a significant 16.79% increase in share count, a 0.36% impact on the current portfolio, with a total value of NT$149,776,440. The second largest increase was Tencent Holdings Ltd (HKSE:00700), with an additional 191,400 shares, bringing the total to 1,390,900. This adjustment represents a significant 15.96% increase in share count, with a total value of HK$85,193,940. iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) completely exited 80 holdings in the second quarter of 2025, as detailed below: Mirvac Group (ASX:MGR): iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) sold all 733,904 shares, resulting in a -0.02% impact on the portfolio. Orica Ltd (ASX:ORI): iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) liquidated all 105,819 shares, causing a -0.02% impact on the portfolio. iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio) also reduced positions in 4 stocks. The most significant changes include: Reduced Korea Zinc Co Ltd (XKRX:010130) by 8,623 shares, resulting in a -90.77% decrease in shares and a -0.01% impact on the portfolio. The stock traded at an average price of ?777,750 during the quarter and has returned -6.60% over the past 3 months and -21.17% year-to-date. Reduced CGN Power Co Ltd (HKSE:01816) by 639,000 shares, resulting in a -25.53% reduction in shares and a -0.01% impact on the portfolio. The stock traded at an average price of HK$2.51 during the quarter and has returned 9.40% over the past 3 months and -1.73% year-to-date. At the end of the second quarter of 2025, iShares MSCI ACWI ex U.S. ETF (Trades, Portfolio)'s portfolio included 1,715 stocks. The top holdings included 2.5% in Taiwan Semiconductor Manufacturing Co Ltd (TPE:2330), 1.42% in Tencent Holdings Ltd (HKSE:00700), 1.1% in SAP SE (XTER:SAP), 1% in Nestle SA (XSWX:NESN), and 0.95% in ASML Holding NV (XAMS:ASML). The holdings are mainly concentrated in all 11 industries: Financial Services, Industrials, Technology, Consumer Cyclical, Healthcare, Consumer Defensive, Communication Services, Basic Materials, Energy, Utilities, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
