Temasek Holdings Pte Ltd, the state investment company of Singapore, has invested an impressive $400 million in the Brazil-based Oderbrecht oil and gas company. The investment is the latest move by the sovereign wealth fund to further consolidate its position in the resources sector and expand in the emerging markets.
“The funds will be used for fresh investments and will consolidate OOG as an integrated services company for the oil industry,” a joint statement by Odebrecht and Teamsek said Wednesday.
Miguel Gradin, president of Odebrecht Oil and Gas, announced that partnership with Temasek is in line with his company’s growth strategy as it strengthens OOG’s financial standing.
A statement said that Temasek’s investment will help the Brazilian company to further increase its “footprint in Brazil and in Odebrecht’s international markets, especially in Angola and Latin America.” The sovereign wealth fund has been increasing its exposure to the resources sector and certain emerging markets such as Brazil, China and India, in recent months.
Earlier this year, the sovereign wealth fund invested more than $600 million in U.S. natural gas company Chesapeake Energy Corp. and another $200 million in India’s GMR Energy.
According to its latest annual report, the energy and resources sector now accounts for roughly seven percent of the company’s investments, which is up from five percent in the financial year March ended 2009.
“The discovery and exploration of large deepwater oil and gas reserves, including those off the Brazilian coast, will have important economic significance and will pose relevant growth opportunities in the medium and long term,” Matheus Villares, managing director of Temasek in Brazil, said.
Odebrecht Oil and Gas is a provider of integrated solutions to the upstream oil industry with operations in Brazil and the U.K.
Temasek which has a portfolio of S$186 billion has investments across various sectors including those in the financial services, telecommunications, consumer and real estate and transportation and technology.
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