In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets. We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions. We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world. Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors. 00:00 The Global Energy Shake-Up 02:08 Nigeria’s $1.6BN IPO 04:17 Inside the Dangote Refinery 07:10 How Do You Value African Companies? 12:12 Nigeria’s Energy Revolution 17:45 Lukoil’s $20BN Sale 24:29 Inside Trafigura 28:56 The Supertanker IPO 31:53 Why Shipping Rates Are Surging 37:24 KKR’s Acquisition of DCC Energy 40:23 How Private Equity Creates Value 43:04 The Deal Gets Approved

Oil, Sanctions & SuperTankers: The Deals Driving Global Energy

Market Maker

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[SPEAKER_02] Hello, and welcome back to the Market Maker podcast. And today we're closing our laptops, taking a short detox from the flood of AI news. We're going to focus on something that everyone will likely understand a little more than some of our recent episodes on hugging faces and large language models, because we're going to talk about the subject matter of energy. And we're going to take a tour through Nigeria, Russia, Singapore, Ireland, to better understand how the macroeconomic and geopolitical climate

[SPEAKER_02] is affecting corporate strategy and deal-making. We're going to cover a flagship IPO in Nigeria, Carlisle's thwarted attempt at acquiring Russian supermajor Lockoil's international assets, Singapore's based oil trader Trafigura's foray into spot shipping, and yes, we will explain what spot shipping is, and KKR's eventual take private of Irish DCC Energy. But before we begin, as always joined by my co-host Stephen, how are you?

[SPEAKER_03] Pretty good, yeah, thank you. It's going to be a fun episode, this. It's one of those things that whenever I tell my parents, I do a podcast and they try, being good parents, they try to listen, and then they just go, look, Stephen, you know, I'm sure you were good, but I didn't understand a word you were saying, which I don't think is particularly good feedback.

Oil, Sanctions & SuperTankers: The Deals Driving Global Energy

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Oil, Sanctions & SuperTankers: The Deals Driving Global Energy

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.