World News

Blackstone reshuffles London energy team amid Siccar Point sale attempt

LONDON (Reuters) – Blackstone Group Inc has reshuffled its London-based private equity team in charge of energy while trying to sell all or part of its flagship investment, North Sea oil and gas producer Siccar Point.

Talks with EIG-backed Chrysaor to buy Siccar Point, which Blackstone owns alongside Blue Water Energy, ran aground in January on diverging price expectations, sources close to the process told Reuters at the time.

The head of Blackstone’s private equity team for energy in London, Mustafa Siddiqui, is leaving the position to become co-head of Strategic Capital Advisors within Blackstone’s hedge fund unit in the United States.

Juergen Pinker, a senior managing director for Blackstone’s private equity teams in London who has focused on industrials, chemicals and building materials, will replace Siddiqui as leader of the energy team.

Pinker will also be responsible for services, equipment and midstream and downstream segments.

“We’re optimistic about key international markets, including Western Europe, which is on the leading edge of energy efficiency and decarbonization trends, and look forward to seeing the EMEA team grow,” a spokeswoman said, referring to the Europe, Middle East and Africa region.

(Reporting by Shadia Nasralla, Clara Denina, Ron Bousso; Editing by Lisa Shumaker)