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Riverstone Holdings, a US-based energy-focused private equity firm, has just announced launching a £1.5 billion closed-ended investment fund, called Riverstone Energy, to be floated on the main market of the London Stock Exchange by end of October. The company confirms that it has secured binding commitments of £500 million from five cornerstone investors who will buy 50 million shares at £10 each plus an additional £50 million of Riverstone Holdings' own capital.
The new fund is expected to invest across the global energy sector, focusing on the exploration, production, and midstream segments. Sir Robert Wilson, the former chairman of BG Group will be its chairman and members of the board will include Jim Hackett, former chief executive of Anadarko Petroleum; Lord Browne, former chief executive of BP who is now a Partner at Riverstone Holdings; as well as Riverstone's co-founders David Leuschen and Pierre Lapeyre Jr.
1. Nations of the world show enthusiasm for the Extractive Industries Transparency Initiative
Originally proposed by the NGO Publish What You Pay and taken up by the government of Tony Blair in 2002, the guiding idea behind the Extractive Industries Transparency Initiative (EITI) is to incite extractive companies to publish the payments they make to host governments. The EITI begins with the observation that too few of the 3.5 billion people living in resource-rich countries actually benefit from the exploitation of those natural resources. According to Clare Short, EITI President, "It is only through transparency of the production of gas, oil, and mining across the world that we can limit corruption, make sure that the sector is well governed, and that the income from it leads to development."
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