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SOFAZ reveals revenues from profit oil, gas sales

Posted on 04 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) received revenues worth $7.23 billion in 2015 from the sale of profit oil and gas produced within the framework of PSA (production sharing agreement) contracts on onshore and offshore fields of the country, according to a report on the fund’s activity in 2015.
At the same time in 2015, the weighted average price of profit oil exported amounted to $54.31 per barrel, and the net price was $48.06 per barrel. According to the report, some $6.86 billion accounted for the Azeri-Chirag-Guneshli (ACG) block of fields, which amounts to 94.9 percent of revenues from the sale of profit oil in 2015………………………………………..Full Article: Source

IPIC posts 2015 net loss, records $3.5 bln provision for 1MDB guarantees

Posted on 01 July 2016 by VRS  |  Email |Print

2015 net loss for the year was $2.6 billion compared to a profit of $1.5 billion in 2014. Says revenue for 2015 fell by 30 pct compared to 2014 to reach $35.8 billion. Says profit after-tax before impairment losses was us $3.3 billion in 2015 compared to $2.3 billion in 2014.
Due to declining crude oil price, asset valuation in exploration & production segments were negatively impacted; record pre-tax impairment losses of $5.2 billion on its oil & gas assets……………………………………….Full Article: Source

Investment Corporation of Dubai posts annual net profit of AED27.5bn

Posted on 01 July 2016 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD), the sovereign wealth fund owned by the government of Dubai, has recorded a 12.8 per cent rise in its full-year profit from continuing operations for 2015 to reach AED25.2 billion, the fund said on Tuesday. This compares with a profit of AED22.3bn seen in the previous year.
The corporation has stakes in more than two dozen Dubai-based companies across various industries, including Emirates Airlines, Emirates National Oil Company (ENOC), Emirates NBD and Emaar Properties………………………………………..Full Article: Source

SOFAZ declares amount of revenues from two devaluations

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan earned AZN 23,217,800,000 from increase of value of currency and assets. This includes AZN 22,501,000,000 from rise of exchange rates of USD, EUR, GBP and other currencies and AZN 716.8 million from increase of gold portfolio due to reassessment of foreign currency and assets.
Moreover, SOFAZ’s extra budgetary expenses from difference of exchange rates of currencies and price of gold amounted to AZN 1,998,200,000………………………………………..Full Article: Source

SOFAZ earns AZN 91M from rental property

Posted on 01 July 2016 by VRS  |  Email |Print

State Oil Fund of Azerbaijan has made public amount of the incomes from rental properties in 2015. APA-Economics reports the Fund has earned AZN 19,896,204 or £9,648,048 from rental office located in 18 Saint James str., London.
Moreover, SOFAZ earned €5,860,400 or AZN 10,015,423 from rental property in n° 8, place Vendôme Paris, KRW 31,071,645,406 or AZN 41,542,790 from office complex in Pine Avenue Tower A in Seoul, South Korea………………………………………..Full Article: Source

SOFAZ unveils its profit oil and gas revenues

Posted on 01 July 2016 by VRS  |  Email |Print

The sale of Azeri-Chirag-Guneshli oil constituted 94.9% of all revenues. Last year the average estimated sale price of exported profit oil made $54.31, while the net profit price was on the level of $48.06.
According to Oxu.Az, the due figures are contained in the report on the State Oil Fund’s activity in 2015. In line with the Production Sharing Agreements on development of onshore and offshore fields in Azerbaijan, SOFAZ revenues from profit oil and gas amounted to $7,229,100,000 or AZN 7,369,600,000………………………………………..Full Article: Source

Sovereign wealth & buyout funds step up in June quarter

Posted on 01 July 2016 by VRS  |  Email |Print

Private equity (PE) entities invested $3,602 million across 129 deals during the quarter ended June, as against $4,278 mn across 169 transactions in the same period last year, about 16% less. According to Venture Intelligence, the investment was 7% lower than the immediate previous quarter ($3,890 mn across 169 transactions).
Singalore’s sovereign wealth fund, GIC, and Abu Dhabi’s ADIA and Malaysia’s Khazanah participated in mega investments. As with the renewable power-focused Greenko Group (that raised $230 mn from ADIA and GIC) and analytics BPO firm Fractal Analytics ($100 mn from Khazanah). Canada-based Fairfax Group committed $300 mn to chemicals manufacturer Sanmar Group (on the heels of its $321 mn bet in Bangalore International Airport, announced in March)………………………………………..Full Article: Source

Abu Dhabi state funds to complete merger by end-2017

Posted on 30 June 2016 by VRS  |  Email |Print

The merger of Abu Dhabi state funds Mubadala Development Co and International Petroleum Investment Co should be completed by the end of 2017, a source close to the discussions on the deal said on Wednesday.
The committee overseeing the process will study the deal for the next six to 12 months. The deal is being approached as a merger of equals, the source said, declining to be identified because of the sensitivity of the subject. The combined entity will have a greater ability to borrow money on international markets and have a more balanced debt-to-equity ratio, the source added………………………………………..Full Article: Source

Azerbaijan’s Oil Fund exits from losses of previous periods

Posted on 30 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has achieved the net profit in 2015. The PwC-audited report on SOFAZ activity for 2015 says that in 2015 SOFAZ net profit amounted to AZN 23.59 million against a loss of AZN 1.212 bn in 2014.
According to the auditor, SOFAZ operating income for the past year totaled AZN 23.619 million against operating loss of AZN 1.166 bn a year earlier. The main part bulk of income was received from exchange rate difference for almost AZN 22.46 million………………………………………..Full Article: Source

SOFAZ streamlines its financial portfolio management

Posted on 29 June 2016 by VRS  |  Email |Print

SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension.
The implementation provides SOFAZ with a fully integrated portfolio management, investment book of record (IBOR), and accounting system, covering front, middle, and back office, which allows the sovereign wealth fund to automate and streamline its financial portfolio management activities………………………………………..Full Article: Source

Azerbaijan’s Oil Fund sold another $50 million through Central Bank’s auction

Posted on 29 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold them. “31 banks became the buyers,” the Fund said.
At the previous auction the Fund sold $50 million to 32 banks, including the Central Bank. The Fund promises to continue selling currency through CBA auctions………………………………………..Full Article: Source

Abu Dhabi’s Masdar in talks for $800 mln loan to fund solar project

Posted on 29 June 2016 by VRS  |  Email |Print

A consortium led by Abu Dhabi’s Masdar is aiming to raise an $800 million loan to help fund the building of the 800-megawatt (MW) third phase of Dubai’s solar park, the company’s chief executive said.
The consortium is in talks with banks including National Bank of Abu Dhabi, First Gulf Bank and Union National Bank to provide project finance, said Mohamed al-Ramahi, chief executive of green energy firm Masdar, wholly owned by Abu Dhabi investment fund Mubadala………………………………………..Full Article: Source

1MDB: Malaysia’s stunning financial scandal

Posted on 28 June 2016 by VRS  |  Email |Print

Malaysia has been rocked for more than a year by a financial scandal involving Prime Minister Najib Razak, a state investment firm, and an alleged frenzy of embezzlement stunning in its scope and complexity.
Authorities in a half-dozen countries have launched investigations into suspicions that several billion dollars was looted from complicated financial transactions involving 1MDB and parked around the world. Following are answers to key questions in the affair………………………………………..Full Article: Source

Sovereign funds continue to pull billions from asset managers

Posted on 27 June 2016 by VRS  |  Email |Print

Sovereign wealth funds have pulled billions of dollars from asset managers for the seventh consecutive quarter, piling further pressure on an industry battling falling profits and disappointing performance.
State-backed funds, which countries use to save for a rainy day or to provide money for future generations, withdrew at least $8.8bn from fund houses during the first quarter of this year. The redemptions follow record outflows last year, when state funds collectively withdrew at least $46.5bn from asset managers as the price of oil collapsed and governments raided state funds to prop up their economies………………………………………..Full Article: Source

UAE’s net investment outstrips external debt: Moody’s

Posted on 27 June 2016 by VRS  |  Email |Print

The UAE benefits from a large positive net international investment position (IIP) that is far higher than its aggregate external debt, Moody’s Investors Service said. “Although not officially published, historical financial flows, sovereign wealth fund [SWF] assets and external debt data suggest that UAE’s net IIP may be as high as 130 per cent of the country’s gross domestic product [GDP], ranking the country in the top quartile globally,” said Moody’s.
Assets of the country’s largest SWF, the Abu Dhabi Investment Authority, or Adia, which are estimated at approximately 160 per cent of GDP and invested primarily overseas, represent the main component of the country’s net IIP, far exceeding the stock of external debt, which is expected to exceed 70 per cent in 2016………………………………………..Full Article: Source

Qatar shows its economic resilience and much more

Posted on 27 June 2016 by VRS  |  Email |Print

The amount raised in May is considered the biggest-ever bond issued by any government in the Middle East. Not surprisingly, the achievement serves as a vote of confidence by international investors concerning the Qatari economy’s prospects notwithstanding the oil prices.
On another front, it is still business as usual with regards to making use of sovereign wealth funds to purchase assets worldwide. Statistics released by the Sovereign Wealth Fund Institute estimates the Qatari SWF at $256 billion. Other sources put the value at nearly $300 billion………………………………………..Full Article: Source

Azerbaijan’s Oil Fund sells another $50 million through Central Bank’s auction

Posted on 24 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold them.
“32 banks became the buyers,” the Fund said. At the previous auction the Fund sold $50 million to 28 banks, including the Central Bank. The Fund promises to continue selling currency through CBA auctions………………………………………..Full Article: Source

Temasek’s unit issues $510 mln private equity bonds in Singapore

Posted on 23 June 2016 by VRS  |  Email |Print

A unit of Singapore state investor Temasek Holdings issued on Wednesday $510 million worth of bonds backed by cash flows from 34 private equity funds. The bonds, which were subscribed more than eight times, were aimed at tapping investors in private equity beyond the traditional base of a select group of wealthy individuals.
Demand came mainly from institutional investors, including insurance companies, endowment funds and foundations, according to Azalea Asset Management, a wholly-owned subsidiary of Temasek. About a third of the bonds were allocated to individual investors………………………………………..Full Article: Source

Temasek pares stake in China Construction Bank

Posted on 22 June 2016 by VRS  |  Email |Print

Temasek Holdings has pared its stake in China Construction Bank (CCB), the lender said in a filing to the Shanghai Stock Exchange. Temasek unit Fullerton Financial Holdings sold 555 million Hong Kong-listed shares of CCB at HK$5.01 (87 Singapore cents) apiece on June 16, for HK$2.78 billion in total.
According to the filing, Fullerton owned 5.03 per cent of China Construction Bank before the sale and 4.81 per cent after. Temasek has been a long-time shareholder of CCB, participating in its pre-initial public offering round in 2005 with a US$1 billion investment………………………………………..Full Article: Source

CCB shares little changed after Temasek cuts stake

Posted on 22 June 2016 by VRS  |  Email |Print

Shares of China Construction Bank (CCB) are moving in a narrow range on the Hong Kong stock market. Selling of CCB shares increased after the bank on Monday announced that Temasek Holdings, a Singapore sovereign wealth fund, has sold 555 million CCB shares, or 0.22% of the bank’s outstanding shares.
As a result, Temasek’s stake in CCB has dropped to 4.81% from 5.03%. CCB made the announcement after the end of the day’s trading, saying Temasek made the move to help balance its shareholdings………………………………………..Full Article: Source

SOFAZ sells $50M at auction to local banks

Posted on 22 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said June 21.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Bahrain’s SWF has no plans to borrow this year-CEO

Posted on 21 June 2016 by VRS  |  Email |Print

Bahrain’s sovereign wealth fund Mumtalakat plans to finance its projects this year using income from investments and will not seek loans or government assistance, its chief executive said.
“We have no intention of borrowing this year, and are working to reduce the accumulated debt. The company borrowed large amounts up to the end of 2015 to fund its projects,” Bahrain Mumtalakat Holding Company CEO Mahmoud Alkooheji said. The company signed a $500 million, five-year revolving credit facility in December 2014. “It (the facility) was fully used in 2015 to refinance outstanding debt,” he said without providing further details………………………………………..Full Article: Source

Libya case against Goldman shines rare spotlight on powerful bank

Posted on 20 June 2016 by VRS  |  Email |Print

UK court hears of hotels and entertainment on third day of trial in $1bn claim by Libyan fund. It was a week when London’s High Court heard the lurid details about a Goldman Sachs banker procuring prostitutes to develop ties with the Libyan Investment Authority and then fearing for his life when the investments the US bank had sold to the wealth fund turned sour.
The court on Friday was told how the bank paid for staff from the LIA to stay in five-star London hotels and offered them corporate entertainment including football and theatre tickets………………………………………..Full Article: Source

Petrobras said close to US$6b sale of Brazil gas pipelines

Posted on 17 June 2016 by VRS  |  Email |Print

Brazil’s troubled state-run oil company Petrobras is close to selling a 81 per cent stake in a natural gas pipeline network in Brazil for nearly US$6 billion to a consortium led by Brookfield Asset Management Inc.
Singapore sovereign-wealth fund GIC Pte Ltd, the Chinese sovereign-wealth fund China Investment Corp and the Greenwich, Connecticut-based private equity firm First Reserve Corp are also part of the group of buyers, said two of the people, asking not to be identified because the discussions are private. The deal is expected to be signed as soon as next month, one of the people said. Brookfield and First Reserve declined to comment on the deal. Petrobras, CIC and GIC didn’t immediately reply to requests for comment………………………………………..Full Article: Source

Russia may tap National Wealth Fund to cover budget deficit in 2017

Posted on 17 June 2016 by VRS  |  Email |Print

Russia may start spending cash from one of its sovereign wealth funds, the National Wealth Fund (NWF), to cover budget shortfalls next year, Finance Minister Anton Siluanov said on Thursday.
“If necessary next year part of the funds of the NWF may be used,” he said at the annual St Petersburg International Economic Forum. Russia has so far been mostly using a separate sovereign fund, the Reserve Fund, to cover its budget deficit, but that fund has been dwindling fast………………………………………..Full Article: Source

Azerbaijan’s Oil Fund sold $50 million more through Central Bank’s auction

Posted on 17 June 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold them.
“24 banks became the buyers,” the Fund said. At the previous auction the Fund sold $50 million to 26 banks, including the Central Bank. The Fund promises to continue selling currency through CBA auctions………………………………………..Full Article: Source

Noble Credit Rating Cut by S&P Despite Efforts to Raise Cash

Posted on 16 June 2016 by VRS  |  Email |Print

Noble Group Ltd.’s credit rating was cut by S&P Global Ratings for the second time in six months, citing its weakened liquidity position and higher funding costs despite recent efforts to raise cash. The rating was lowered to B+ from BB-, with a negative outlook, according to a statement on Wednesday. The downgrade comes after a turbulent few weeks for the company.
Noble this month offered 1 rights share for each existing share at 11 Singapore cents, a 63 percent discount from the previous day. Elman, the largest shareholder, agreed to take less than his full entitlement. China Investment Corp., Beijing’s sovereign wealth fund and third-largest shareholder, agreed to take its full portion. CIC will get a second seat on the board………………………………………..Full Article: Source

Uber’s Chinese Rival Nabs $7.3 Billion In Funding War

Posted on 16 June 2016 by VRS  |  Email |Print

Anything Uber can do, Didi can do better? That’s the message coming from the ongoing fundraising war among ride-sharing companies. Didi Chuxing (aka Didi Kuaidi) announced on Thursday morning in China that it has completed a $7.3 billion financing round, including debt.
The announcement comes on the heels of Uber’s recent financing of more than $5.5 billion from the likes of the Saudi Arabia sovereign wealth fund, car maker Toyota, investment funds like Tiger Global Management and T. Rowe Price, and private wealth clients at Morgan Stanley and Bank of America………………………………………..Full Article: Source

Abu Dhabi seeks $6.5 bn in row with Malaysia’s 1MDB

Posted on 15 June 2016 by VRS  |  Email |Print

Abu Dhabi’s sovereign wealth fund is seeking $6.5 billion from Malaysia’s troubled state investment vehicle 1MDB, as it moves to settle a debt dispute through international arbitration.
The fund, International Petroleum Investment Co (IPIC), on Tuesday said it had submitted its request to the London Court of International Arbitration. In April, 1MDB, or 1Malaysia Development Berhad, defaulted on $1.75 billion in company bonds after missing an interest payment of $50 million………………………………………..Full Article: Source

Golden Gate Ventures closes new $60 million fund for Southeast Asia

Posted on 15 June 2016 by VRS  |  Email |Print

Singapore-based Golden Gate Ventures has closed a new $60 million fund for Southeast Asia’s rapidly-growing startup ecosystem. The firm first announced its new fund last summer, when it had closed an initial $35 million in capital from investors including Facebook co-founder Eduardo Saverin, Singaporean sovereign wealth fund Temasek and Naver, the Korea-based owner of soon-to-go-public chat app Line.
Now it has surpassed its original target of $50 million having added a range of new backers that include Korea’s Hanwha Life Insurance, Thailand’s Siam Commercial Bank, and Germany’s Hubert Burda Media………………………………………..Full Article: Source

Goldman Says Libya Suffering From Buyers Remorse Over Bad Trades

Posted on 15 June 2016 by VRS  |  Email |Print

The Libyan Investment Authority is using Goldman Sachs Group Inc. as a scapegoat to recover more than $1 billion the sovereign-wealth fund lost during a period when global markets were seizing in the 2008 credit crunch, the investment bank’s lawyer said.
Robert Miles, Goldman Sachs’ lawyer, made his opening arguments to the London court a day after the multi-billion dollar sovereign-wealth fund said the New York-bank used vacations and prostitutes to push unsophisticated Libyan officials into risky bets before the global financial crisis………………………………………..Full Article: Source

Middle East sovereign funds sell assets as low oil bites -study

Posted on 14 June 2016 by VRS  |  Email |Print

Middle Eastern sovereign wealth funds liquidated or cancelled investments worth about 7 percent of their total assets last year, according to a study released on Monday by asset manager Invesco, in a sign of pressure from low oil prices.
State budgets in the six-nation Gulf Cooperation Council (GCC) and other oil exporters have fallen into deficit because of shrunken oil revenues, forcing governments to eat into their savings. “Outflows from Middle East funds are not surprising, given the volatility we have seen in the oil markets. However, sovereign investor confidence remains high despite the challenging funding environment and difficult market conditions,” said Alex Millar, head of institutional sales for the Middle East and Africa at Invesco………………………………………..Full Article: Source

Qatar fund ‘in talks for $2.7b loan’ to buy tower

Posted on 14 June 2016 by VRS  |  Email |Print

Qatar Investment Authority (QIA) has approached banks for a loan of as much as US$2 billion (S$2.7 billion) to finance its acquisition of BlackRock’s Asia Square Tower 1, according to three people with knowledge of the matter.
The sovereign wealth fund has held preliminary talks with banks to borrow between US$1.5 billion and US$2 billion, the people said, asking not to be identified because the information is private. Talks with potential lenders are at an early stage and QIA has not finalised the timeline for the borrowing, they said………………………………………..Full Article: Source

Brokers circle ADIA’s Transurban stake

Posted on 14 June 2016 by VRS  |  Email |Print

Equities desks are homing in on a potential block trade of the Abu Dhabi Investment Authority’s stake in Transurban Group. Street Talk understands the sizeable holding, although less than the substantial shareholder threshold, has piqued the interest of several banks particularly after a 13.5 per cent rally in Transurban stock this year.
ADIA is no stranger to blocks but bankers know it’s an uphill battle pitching to the sovereign wealth fund. Sometimes they run a trade through an ECM team - other times they go straight to the sales trader who they think will get the job done………………………………………..Full Article: Source

Trinidad makes $375m withdrawal from sovereign wealth fund

Posted on 13 June 2016 by VRS  |  Email |Print

Trinidad & Tobago, the Caribbean’s largest oil and natural gas producer, joined Qatar, Russia and other energy-rich nations by tapping its sovereign wealth fund after low oil prices left the government with a budget shortfall, Finance Minister Colm Imbert said Friday.
The twin-island country, located off the coast of Venezuela, dipped into its $5.5 billion (Dh20.2 billion) Heritage and Stabilisation Fund for the first time since it was created in 2007, withdrawing $375 million. “The purpose of this fund is to offset serious shortfalls in revenue in periods of depressed petroleum prices,” Imbert said during a session of Parliament in Port of Spain………………………………………..Full Article: Source

QIA Said to Weigh Loan of Up to $2 Billion for Singapore Tower

Posted on 13 June 2016 by VRS  |  Email |Print

Qatar Investment Authority has approached banks for a loan of as much as $2 billion to finance its acquisition of BlackRock Inc.’s Asia Square Tower 1, according to three people with knowledge of the matter.
The sovereign wealth fund has held preliminary talks with banks to borrow between $1.5 billion and $2 billion, the people said, asking not to be identified because the information is private. Talks with potential lenders are at an early stage and QIA has not finalized the timeline for the borrowing, they said………………………………………..Full Article: Source

Temasek tenders NOL shares; CMA offer now unconditional

Posted on 10 June 2016 by VRS  |  Email |Print

Neptune Orient Lines (NOL) on Friday said the offer from France’s CMA CGM is now wholly unconditional, after NOL’s majority shareholder Temasek Holdings tendered all shares in the acceptance of the offer. This means the acceptance condition of the takeover has been met.
CMA CGM now owns 78.07 per cent of all NOL shares, and does not intend to preserve the listing status of NOL. It offered NOL shareholders the offer price of S$1.30 per share, in cash. Shares of NOL closed unchanged at S$1.30 on Thursday………………………………………..Full Article: Source

Microsoft Accelerator partners Singapore state fund Temasek to aid startups

Posted on 10 June 2016 by VRS  |  Email |Print

The accelerator arm of global information technology (IT) major Microsoft and Singapore’s state investment major Temasek Holdings have entered into a strategic partnership to drive the growth of startup ventures.
In a blog post, the general manager of Microsoft Accelerator, Scott Coleman, shared: “Microsoft and Temasek have agreed to collaborate on deal flow in four of our accelerator locations – Berlin, Seattle, Tel Aviv, and Bangalore – with six of its portfolio companies — Ascendas, InnoVen Capital, Quann, ST Engineering, CapitaLand Limited, and Fullerton Financial – on board as partners. We believe this partnership will help startups in our accelerator program scale significantly and quickly reach global markets.”……………………………………….Full Article: Source

No 1MDB profits sent to Singapore banks: regulator

Posted on 09 June 2016 by VRS  |  Email |Print

Singapore said none of the banks in the city-state had received US$3 billion from Goldman Sachs Group Inc related to a bond sale by 1Malaysia Development Bhd (1MDB). The comment was made “in response to media queries,” the Monetary Authority of Singapore said in a one-line statement yesterday. It did not name any media organizations.
The statement came after the Wall Street Journal on Tuesday reported that Goldman Sachs had wired US$3 billion of proceeds from a bond issue it arranged for 1MDB in 2013 to an account controlled by the fund at the Singapore branch of a small Swiss private bank………………………………………..Full Article: Source

Azerbaijan’s Oil Fund got almost $1.87 bn from sale of profit hydrocarbons for Jan-May

Posted on 09 June 2016 by VRS  |  Email |Print

Over Jan-May 2016 the State Oil Fund of Azerbaijan (SOFAZ) received $1.865 million from the sale of profit oil from oilfield block of Azeri-Chirag-Gunashli (ACG) and gas from Shah Deniz field.
SOFAZ reports that out of this amount, $1.8 bn accounted for export of profit oil from ACG and $64 million for sale of profit gas from Shah-Deniz. “According to estimates, SOFAZ received totally $118.869 bn from the sale of profit oil of Azerbaijan from ACG from 2001 to 1 June 2016 and about $2.506 bn from export of gas from Shah Deniz field from 2007 and before 1 June 2016,” the Fund said………………………………………..Full Article: Source

Tencent Holding WeBank Denied Foreign Fund Raising

Posted on 08 June 2016 by VRS  |  Email |Print

WeBank, a Shenzhen-based Internet bank owned by Tencent Holding Ltd., has been restricted to get funds from foreign investors including the US private Warburg Pincus and the Singapore state-owned investment firm Temasek Holdings Pte Ltd., after the country’s banking regulator expressed serious concerns over the foreign ownership. The reason for blocking investment is still not clear.
In April 2016, it raised nearly $4.5 billion in funds, which gave the financial arm valuation of nearly $60 billion. Ant Financials domestic investors include various insurance companies and China’s sovereign wealth fund………………………………………..Full Article: Source

1MDB Defends Liquidity Position After Moody’s Rating Withdrawal

Posted on 08 June 2016 by VRS  |  Email |Print

Malaysia’s troubled state investment company 1Malaysia Development Bhd. defended its liquidity position after Moody’s Investors Service withdrew the rating for one of its bonds. Moody’s said Tuesday it withdrew the rating on 1MDB Energy Ltd.’s 5.99 percent $1.75 billion debt “for its own business reasons,” according to a statement, pointing to its website for its policy on such moves.
“1MDB reiterates that its liquidity position is strong and the company remains focused on execution of its successful rationalization plan,” the company said in a statement Wednesday………………………………………..Full Article: Source

Slowly but surely, hanky panky in 1MDB will see light

Posted on 08 June 2016 by VRS  |  Email |Print

Any fool can smell a rat when someone demands immediate cash payment of US$3 billion to finance a long-term property development project that has not even taken off the ground. Worse, when that mountain of cash is dumped into a little known private bank, against all norms.
How could a world’s leading investment bank with a wealth of experience in such financing, fail to detect something gravely wrong was taking place in a client which happened to be the sovereign wealth fund of a country? Wall Street Journal report provided a connection between the US$3 billion bond urgently raised by 1MDB in March 2013 and the US$681 million (the infamous RM2.6 billion) that landed in PM Najib Razak’s personal AmBank account………………………………………..Full Article: Source

Auditing sovereign wealth funds: Qatar Investment Authority at the back of the class

Posted on 07 June 2016 by VRS  |  Email |Print

Despite a lot of changes in Qatar in the last few years, the country’s sovereign wealth fund, the Qatar Investment Authority (QIA), is still getting extremely bad marks from international auditors.
In the past few months, QIA officials announced fund managers are making big moves toward investing $35 billion in U.S. interests while opening an office in New York. The fund has hired top finance professionals from firms such as Citibank and Morgan Stanley. But none of that has, as yet, been enough to move the QIA from the bottom of the barrel in the eyes of organizations charged with monitoring sovereign wealth funds around the world………………………………………..Full Article: Source

Temasek Left Out of Fundraising Deal for China’s WeBank

Posted on 07 June 2016 by VRS  |  Email |Print

Foreign investors have been excluded from investing in internet bank after China’s banking regulator expressed concerns about foreign ownership. Foreign investors have been excluded from investing in a Chinese internet bank backed by social-network giant Tencent Holdings Ltd. after China’s banking regulator expressed concerns about foreign ownership, people familiar with the situation said.
Earlier this year, U.S. private-equity firm Warburg Pincus and Singapore state-owned investment firm Temasek Holdings Pte. Ltd. were near a deal to lead a $450 million investment round for WeBank, which would have valued the online bank at roughly $5.5 billion………………………………………..Full Article: Source

Malaysia to Inject up to $307 Million Into Auto Maker Proton

Posted on 07 June 2016 by VRS  |  Email |Print

The Malaysian government plans to inject up to 1.25 billion ringgit ($307 million) into Proton Holdings Bhd. by subscribing to convertible debt to be issued by the auto maker, Proton’s owner DRB-Hicom Bhd said Monday.
If the government chooses to fully convert the debt into shares, it could become Proton’s largest shareholder again. Malaysia’s sovereign-wealth fund Khazanah Nasional Bhd. sold its majority stake in the national car maker to Malaysian conglomerate DRB-Hicom for about $412 million in 2012………………………………………..Full Article: Source

Saudi Wealth Fund Not Considering Loan for Uber Stake

Posted on 06 June 2016 by VRS  |  Email |Print

The Public Investment Fund isn’t considering a loan and its investment in Uber Technologies Inc. wasn’t funded by a loan or any other form of borrowing, it said.
People familiar with the matter said Saudi Arabia’s sovereign wealth fund is weighing a loan of as much as $3 billion for its investment in Uber. The PIF, as the fund is known, held preliminary talks with local and international banks about borrowing between $2 billion and $3 billion, the people said, asking not to be identified as the plans are private………………………………………..Full Article: Source

Govt withdraws $2.5b from ‘Heritage’ Fund

Posted on 06 June 2016 by VRS  |  Email |Print

On the heels of an announcement that it will meet outstanding back-pay to public servants, Government has quietly withdrawn $2.5 billion (about US$385 million) from the Heritage and Stabilisation Fund (HSF).
It is the first time that there’s been a drawdown on the country’s sovereign wealth fund, which was established in 2007, and is often referred to as its rainy-day savings………………………………………..Full Article: Source

World’s biggest wealth fund faces dividend hit after oil slump

Posted on 06 June 2016 by VRS  |  Email |Print

Norway’s first-ever withdrawal from its $860 billion sovereign wealth fund may be bigger than planned. Here’s why: The government has yet to account for a potential decline in payouts from Statoil ASA, of which it owns 67 percent. The oil producer has introduced a scrip dividend, allowing investors to take stock in-lieu of cash.
Norway has committed to keeping its stake intact and will have to accept shares in the same proportion as other owners, meaning its cash payout will be reduced. This possibility wasn’t apparent in Norway’s revised budget published last month, with the government estimating an unchanged income inflow this year of 15.4 billion kroner ($1.9 billion)………………………………………..Full Article: Source

Norway to raise spending from wealth fund -statistics agency

Posted on 03 June 2016 by VRS  |  Email |Print

Norway will probably continue to increase the spending of money from its $860 billion sovereign wealth fund next year as the government battles an economic downturn, Statistics Norway’s chief forecaster Torbjoern Eika (SSB) predicted on Thursday.
Norway’s structural non-oil deficit, a key measure of fiscal spending, is expected to rise to more than three percent of the value of the wealth fund in 2017 and 2018 from an expected 2.8 percent in 2016, SSB said………………………………………..Full Article: Source

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