Mubadala goes fishing for deals in the Mediterranean

Above, a fish farming facility in the Mediterranean Sea. Sovereign investors across the region are increasingly investing in food resources on land and sea as a growing global population needs feeding. (Courtesy Mubadala)
Updated 21 June 2018

Mubadala goes fishing for deals in the Mediterranean

LONDON: Mubadala has netted a major fish farming deal as the Abu Dhabi-based strategic investment company targets the aquaculture sector.
Andromeda Group, a European firm with fish farming operations in Greece and Spain, has acquired stakes in two companies called Nireus and Selonda that mainly farm Sea Bream and Sea Bass.
Mubadala, which jointly owns Andromeda with AMERRA Capital Management, is a shareholder in the combined business.
“With our focus on aquaculture and agriculture investments, we are excited by the synergies that can be created between these companies,” said Thor Talseth, Andromeda group chairman. “We believe that significant value can be created by building on the comparative advantages of the Mediterranean aquaculture sector.”
Sovereign investors across the region are increasingly investing in food resources on land and sea as a growing global population needs feeding.
“Mubadala took the decision last year to build its presence in the agribusiness sector, which is strategically important to the global economy and has significant potential for value capture,” said Elham Al-Qasim, Mubadala’s agribusiness director. “Aquaculture is one of the most promising sub-sectors, where the deployment of new technologies can drive productivity improvements and accelerate growth.”
Mubadala’s global investment portfolio is valued at some $127 billion with assets spanning finance, energy, defense, real estate and health care.


Big oil feels the heat on climate

Updated 22 January 2020

Big oil feels the heat on climate

  • Trump singles out ‘prophets of doom’ for attack as industry leader promises global forum: ‘We will be different’
  • Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal

LONDON: Teenage environmental activist Greta Thunberg slammed inaction over climate change as the global oil industry found itself under intense scrutiny on the opening day of the World Economic Forum in Davos.

The teenage campaigner went head to head with US President Donald Trump, who dismissed climate “prophets of doom” in his speech.
She in turn shrugged off the US president’s pledge to join the economic forum’s initiative to plant 1 trillion trees to help capture carbon dioxide.
“Planting trees is good, of course, but it’s nowhere near enough,” Thunberg said. “It cannot replace mitigation. We need to start listening to the science and treat this crisis with the importance it deserves,” the 17-year-old said.
The 50th meeting of the World Economic Forum was dominated by the global threat posed by climate change and the carbon economy.
The environmental focus of Davos 2020 caps a year when carbon emissions from fossil fuels hit a record high, and the devastating effects of bushfires in Australia and other climate disasters dominated the news.
Oil company executives from the Gulf and elsewhere are in the spotlight at this year’s Davos meeting as they come under increased pressure to demonstrate how they are reducing their carbon footprint.
“We are not only fighting for our industry’s life but fighting for people to understand the things that we are doing,” said Vicki Hollub, CEO of Occidental, the US-based oil giant with extensive oil operations in the Gulf. “As an industry when we could be different — we will be different.”

‘Planting trees is good, but nowhere near enough,’ activist Greta Thunberg told Davos. (Shutterstock)

She said the company was getting close to being able to sequester significant volumes of CO2 in the US Permian Basin, the heartland of the American shale oil industry which is increasingly in competition with the conventional oil producers of the Arabian Gulf.
“The Permian Basin has the capacity to store 150 gigatons of CO2. That would be 28 years of emissions in the US. That’s the prize for us and that’s the opportunity. People say if you’re sequestering in an oil reservoir then you are producing more oil, but the reality is that it takes more CO2 to inject into a reservoir than the barrel of oil that it makes come out,” Hollub said.
The challenge Occidental and other oil companies face is to make investors understand what is happening in this area of carbon sequesteration, she added.
The investment community at Davos is also looking hard at the oil industry in the face of mounting investor concerns.
Greenpeace told the Davos gathering that the world’s largest banks, funds and insurance companies had invested $1.4 trillion in fossil fuel companies since the Paris climate deal. It accused some of these groups of failing to live up to the World Economic Forum goal of “improving the state of the world.”