Kuwaiti Noor, Ikarus eye S'pore, India investments

By Rania El Gamal

KUWAIT (Reuters) - Kuwait's Noor Financial Investment Co and Ikarus Petroleum said on Sunday they were considering investments of about $220 million in Singapore and India.

Noor's Managing Director Naser al-Marri said his company was acting as the financial adviser to Ikarus to acquire a 10 percent stake in the $2 billion Jurong petrochemical plant project in Singapore.

Project investors include Swiss-based commodity trader Glencore, South Korean refiner SK Energy, Chinese polyester producer Jiangsu Sanfangxiang Industrial Group, and Jurong Energy Corporation.

"The project will be funded $500 million from capital and $1,500 million from borrowing," Marri said.

Noor may also invest in the Jurong project, said Marri, without giving details. Both Noor and Ikarus are owned by National Industries Group Holding. Noor ia also among investors in Ikarus.

Suheil Abu Quries, chief executive of Ikarus, told Reuters his company was yet to decide on the Jurong investment plan.

"We are studying the opportunity and will decide in April," he said.

Noor is also in talks to acquire 10 percent of an Indian energy firm in a $20 million deal, Marri said.