Agreement between ArcelorMittal and NSSMC regarding joint venture to acquire Essar Steel India Limited

March 2, 2018 | Nasdaq Global Newswire

ArcelorMittal (The Company) has signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation (NSSMC) in relation to its offer to acquire Essar Steel India Limited (Essar Steel). The Company's subsidiary ArcelorMittal India Private Limited (AMIPL) submitted a Resolution Plan for Essar on 12 February, which outlined the intention to have NSSMC formally join its bid for Essar Steel. Should the submitted Resolution Plan be selected and formally accepted by India's National Company Law Tribunal, ArcelorMittal and NSSMC would jointly acquire and manage Essar Steel.

In its Resolution Plan, AMIPL set out a detailed industrial and turnaround plan aimed at restoring Essar Steel's fortunes, enabling it to realise its full potential and participate in the anticipated steel demand growth in India.

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South Africa watchdog approves $900 million Sinopec, Chevron deal

March 9, 2018 | 4-traders

JOHANNESBURG (Reuters) - China's Sinopec Corp got a major boost in its pursuit of Chevron's South Africa and Botswana assets after South Africa's Competition Tribunal approved, with conditions, the $900 million (652 million pounds) transaction on Friday.

State-owned Sinopec was competing for the assets against commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec's original agreement.

The transaction is subject to Sinopec investing 6 billion rand (365 million pounds) over five years to develop a refinery in South Africa's Western Cape, over and above Chevron's current investment plans, the Tribunal said in a statement.

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Pemex CEO Wants More Joint Oil & Gas Deals

March 9, 2018 | Oil and Gas 360

It’s been a year since Petróleos Mexicanos, Mexico’s national oil company better known as Pemex, and Australian-based BHP announced a deep-water drilling venture in the Gulf of Mexico. The oil and gas isn’t flowing yet but executives from both sides pronounced it a success during a press briefing during CERAWeek by IHS Markit, the week-long energy conference in Houston.

The project to develop the Trion field in the Perdido region in the Western Gulf of Mexico was the first time Pemex awarded a foreign company the right to own and operate drilling operations in Mexico since it re-opened its energy markets to foreign investment. In 2013 Mexico amended its constitution to reverse the long-standing monopoly of Pemex after the company’s production of oil had declined for more than a decade.

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BP seeking buyers for stake in ageing Egyptian business: sources

March 15, 2018 | Reuters

LONDON (Reuters) - BP is seeking buyers for its stake in a 50-year-old oil and gas business in Egypt as it focuses on newer deepwater gas fields off the country’s Mediterranean coast, banking sources said.

The London-based company has in recent weeks pitched to potential buyers its stake in Gulf of Suez Oil Company (GUPCO), a joint venture with the Egyptian General Petroleum Corporation (EGPC) that was set up in the 1960s.

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BREAKING: The $100m Bayer, Ginkgo Bioworks Joint Venture Has a Name, a CEO, and a Plan

March 20, 2018 | AG Fund News

The joint venture (JV) between Bayer Crop Science and Boston startup Ginkgo Bioworks has a name: Joyn Bio.

Bayer and Ginkgo, a startup genetically engineering microbes for the flavor, fragrance, and food industries with $429 million in funding, announced the partnership in September 2017. The partners, along with hedge fund Viking Global Investors, are collectively investing $100 million in the venture, making it the second largest deal from an ag biotechnology startup in 2017, according to AgFunder data.

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Aetna and Sutter Health tap Wigginton to lead joint venture

March 20, 2018 | Modern Healthcare

Aetna and Sutter Health have chosen Steve Wigginton to lead their joint venture, the organizations announced Tuesday.

Wigginton, who most recently served as CEO of Valence Health, is tasked with building the joint venture's management team, securing necessary regulatory approvals, finalizing product offerings, refining the sales strategy and developing a long-term strategy.

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Algeria Vows Tax Reform In Energy Sector, Eyes Shale Gas Cooperation

March 26, 2018 | E&P Magazine

Algeria plans to offer tax incentives in a planned new energy law to attract more investment and is in discussion with foreign energy firms including BP (NYSE: BP) and Anadarko Petroleum Corp. (NYSE: APC) to exploit its shale gas reserves, officials said on March 25.

OPEC member Algeria is a key gas supplier to Europe, but growing domestic consumption has been hitting energy exports, the main source of the state budget.

In a bid to reverse the fall, the energy ministry has started drafting amendments to the energy law, promising more incentives for foreign investors.

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GlaxoSmithKline Is Buying Out Novartis's Share in Their Consumer Health Joint Venture

March 27, 2018 | Fortune

The British pharma giant GlaxoSmithKline has had a consumer health joint venture with Switzerland’s Novartis for the last few years. However, GSK has just struck a $13 billion deal with its partner to take control of the whole thing.

The joint venture sells products such as Nicotinell nicotine patches, Panadol headache tablets and Sensodyne toothpaste.

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Saudi Arabian Military Industries and Boeing Form Joint Venture Partnership Targeting 55% Localization 

March 30, 2018 | PR Newswire

SEATTLE, March 30, 2018 /PRNewswire/ -- In line with Saudi Arabia's Vision 2030 and following the announcement of HRH Prince Mohammed bin Salman bin Abdulaziz, Crowne Prince, Deputy Chairman of the Council of Ministers and Minster of Defense, to localize 50% of the total military spending by 2030, Saudi Arabian Military Industries (SAMI) and Boeing [NYSE: BA] today signed a Memorandum of Agreement (MoA) to develop a new joint venture (JV) aiming to localize more than 55% of the MRO services for fixed and rotary-wing military aircraft in Saudi Arabia. The agreement will also transfer technology to install weaponry on these aircraft as well as localize the supply chain for spare parts in the Kingdom.

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BMW and Daimler team up on mobility joint venture

March 30, 2018 | Business Insider

German auto rivals BMW and Daimler are forming a joint venture company that will merge their respective mobility services, according to The Wall Street Journal.

The two companies will own equal shares in the new company, giving them extra resources to build up their mobility service departments, at a time when the traditional auto industry is under threat from ride-hailing and ride-sharing companies.

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Maersk-IBM Blockchain JV Gets Nod from EU Regulator

March 30, 2018 | World Maritime News

Danish A.P. Møller Mærsk group (Maersk) has secured clearance from the European Commission for its proposed creation of a joint venture with the U.S.-based IT expert International Business Machines (IBM).

The blockchain joint venture was announced in January this year targeting the development and commercialization of a new digitization solution intended to provide end to end shipment visibility and document management for the global trade.

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