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Sovereign Wealth Funds Briefing - Categorized | Investment

CIC in Russia venture with Nobel Oil

Posted on 19 October 2009

From Pople.com.cn: China Investment Corporation (CIC), the nation’s sovereign wealth fund, announced Friday that it had closed the first phase settlement for the purchase of a 45 percent stake in Nobel Oil Group.

The 300-million-dollar investment would be completed in two phases. In the first phase, which was completed by the end of September, CIC had spent 100 million U.S. dollars for holding the Russian oil company’s stakes, and 50 million dollars for operating expense of the oil fields, according to the announcement…………..Full Article: Source

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