Singapore SWF Buys Into Odebrecht

Brazil’s Odebrecht Oil and Gas (OOG) says Temasek, Singapore’s $133bn sovereign wealth fund, has invested $400m in the company. According to Odebrecht, the investment will allow Temasek to expand its footprint in LatAm, including Brazil, as well as Angola. The SWF will take a minority stake and Marcelo Odebrecht will remain chairman of the new company board. “There is a strong identity between the business cultures of Temasek and Odebrecht,” says Miguel Gradin, president of OOG. “This long-term partnership is consistent with the OOG’s growth strategy as it increases the company’s financial strength and contributes to better serve our clients in Brazil and worldwide, including demands related to exploration, development and production in pre-salt.” Odebrecht adds that it is planning to invest $3.5bn over the next 3 years.