Man to set up Mena gas and environment fund
Fund raising is expected to generate $1.5 billion in assets. Abu DhabiÆs International Petroleum Investment Company will serve as a cornerstone investor with an initial $300 million.
Alternative investment firm Man Group plans to set up the Mena Associated Gas and Global Environment Fund (AGEF), which aims to raise $1.5 billion for investments in projects that will capture associated gas from crude oil production and use it to generate electricity and other products.Gases from crude oil production have customarily been flared, adding huge amounts of greenhouse gases to the atmosphere annually. MTM Capital Partners, a subsidiary of Man, will be the investment manag…
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