Noble, EIG in venture to own and operate energy assets

[TOKYO] Noble Group Ltd, Asia's largest commodity trader by sales, formed an energy venture with private equity firm EIG Global Energy Partners LLC to invest in assets worldwide.

The venture, Harbour Energy Ltd, will own and operate energy extraction and processing assets, with Noble the preferred buyer and re-seller of its products, the venture partners said yesterday. Harbour Energy will be funded solely by Noble and EIG, the companies said.

Noble has been moving away from full control of commodities or energy assets, instead favouring investments in firms that manage such businesses. The Hong Kong-based company's strategy means it can secure raw materials for resale without being committed to the running of a mine or oil field.