3 Asian Sovereign Wealth Funds Invest in Chesapeake
Three Asian sovereign wealth funds have agreed to make a combined $900 million investment in Chesapeake Energy Corp., the third-largest natural gas producer in the US, Bloomberg Businessweek reports.
South Korea’s Korea Investment Corp, China’s China Investment Corp, and Singapore’s Temasek Holdings bought Chesapeake’s 5.75 percent convertible preferred stock this week.
Shale gas was the big draw for the Asian investors, as Chesapeake is making huge strides in the development and extraction of shale gas throughout the United States.
“Shale-gas production is changing U.S. demand for gas as power generators switch away from coal to the cleaner-burning fuel,” Chesapeake Senior Vice President Mike Stice said in March.
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