Molson Coors Bets on Pot With Cannabis-Drink Joint Venture

August 1, 2018 | Bloomberg

Molson Coors Brewing Co. is betting on pot by starting a joint venture with Hydropothecary Corp. to develop non-alcoholic, cannabis-infused beverages for the Canadian market.

The partnership between Molson Coors Canada and Quebec-based cannabis producer Hydropothecary will be structured as a standalone company with its own board and management team. A chief executive officer will be named in the coming weeks.

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Germany's Lanxess Gets Out of Rubber With Saudi Aramco Sale

August 8, 2018 | Reuters

FRANKFURT/DUBAI (Reuters) - Germany’s Lanxess (LXSG.DE) is selling its 50 percent stake in synthetic-rubber maker Arlanxeo to partner Saudi Aramco IPO-ARMO.SE for around 1.4 billion euros ($1.6 billion) in cash in a deal it said will give it more flexibility to grow.

The deal marks an early exit for Lanxess from the world’s largest provider of synthetic rubber for tyres, while the Saudi state oil giant said it would “accelerate the development of growth opportunities in the kingdom, leveraging the strong feedstock position of Saudi Aramco”.

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Update: Aramco, Air Products, ACWA to form JV in Saudi Arabia

August 12, 2018 | Reuters

DUBAI, Aug 12 (Reuters) - Saudi Aramco, Air Products and ACWA Power signed on Sunday an agreement outlining terms for setting up a gasification/power joint venture in Saudi Arabia with assets bought from the state energy giant.

“The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for approximately $8 billion,” they said a statement.

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Oil Giant Total Has Pulled Out of Iran and Giant Gas Project, Reports Say

August 20, 2018 | CNBC

French oil giant Total has officially left Iran and abandoned its deal to develop a giant natural gas field in the country, Iran's oil minister reportedly told state television Monday, leaving the isolated republic to look for a replacement.

"Total Iran has officially left the contract to develop the South Pars Gas project's phase 11... the process to replace with another company is underway," Bijan Namdar Zanganeh was quoted as saying, Reuters reported.

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Russian-German Joint Venture Hits Oil Production Milestone

August 23, 2018 | UPI

Aug. 23 (UPI) -- Drawing from a dozen oil and natural gas fields in Russia, a joint venture with German energy company Wintershall stated production passed 70 million barrels.

Wolgodeminoil, a joint venture between Wintershall and Russian energy company Lukoil, announced Thursday their effort over 5,200 square miles in southern Russia reached a production milestone with 73 million barrels at the beginning of August.

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Shell Launches Second Phase Of Major Nigerian Gas Project

August 24, 2018 | Oil

Shell has begun pumping natural gas from the second phase of development at the Gbaran-Ubie Niger Delta project. The gas from the expanded project will go to both the local market and export markets.

The second phase of Gbaran-Ubie will have a peak production rate of 175,000 barrels of oil equivalent daily, to be reached in 2019, of which 864 million cu ft of natural gas and 26,000 barrels of crude daily. The additional output will come from 18 wells drilled under the Phase 2 plan. The gas from the field will be transported via a new pipeline connecting the central processing facility at Gbaran-Ubie to a non-associated gas plant.

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Softbank's Vision Fund to Invest $100 Million in Venture with China's Zhongan

August 27, 2018 | Reuters

HONG KONG (Reuters) - Japan’s SoftBank Group (9984.T) will invest just over $100 million in a joint venture with the international arm of China’s ZhongAn Online P&C Insurance (6060.HK), a ZhongAn executive said.

SoftBank’s giant Vision Fund will own 51 percent of the venture that aims to sell the Chinese firm’s technology to financial and healthcare firms in Asia-Pacific. ZhongAn will have a 49 percent stake in the venture, which will have an initial capital of $200 million.

The companies announced the partnership earlier this month, without sharing the size of the investment.

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France's CNP and Brazil's Caixa Create New Insurance Joint Venture

August 29, 2018 | Reuters

SAO PAULO, Aug 29 (Reuters) - The insurance unit of Brazil’s state-owned lender Caixa Economica Federal has agreed to create a new joint venture with France’s CNP Assurances SA to sell life insurance products in the bank’s more than 4,000 branches in the country.

In a securities filing, Caixa said CNP will pay 4.65 billion reais ($1.13 billion) for a 40 percent stake in the joint venture, that has a contract to sell life insurance contracts through 2041. Caixa will own the remaining 60 percent.

The new joint venture ends a previous agreement between CNP and Caixa to sell all kinds of insurance. Caixa may now look for new partners to sell home and auto insurance policies.

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