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Sovereign Wealth Funds Briefing 18.Jul 2013

Posted on 18 July 2013 by VRS |  Email |Print

The assets of the State Oil Fund of Azerbaijan (SOFAZ) hit 26.9 billion manat in 2012 compared to over 23.5 billion manat in 2011, SOFAZ reported today. According to the report, about 26.01 billion manat of the total amount of assets fell to current assets and about 876.63 million manat - long-term assets.
SOFAZ received 13.72 billion manat compared to 13.67 billion manat in 2011, the report said. SOFAZ’s expenses hit 10.75 billion manat last year compared to 10.57 billion manat in 2011. SOFAZ was established in 1999. Its assets hit $271 million during that period………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

For the 1st half-year the State Oil Fund of Azerbaijan (SOFAZ) had budget net surplus at AZN 935.2 million. According to SOFAZ, in the 1st half year it received AZN 6.7 bn of revenue and made AZN 5.791 bn of expenditures. Due to that, SOFAZ assets for the quarter increased by 1.6% - from $34.129 bn up to $34.678 bn.
The basis of revenue for the half-year were proceeds from oil and gas production PSA contracts for AZN 6.488 bn, including revenue from sale of profit oil and gas for AZN 6.482 bn. Another AZN 1.7 million were brought to Fund’s budget by revenues from the management of its assets. Transit fee provided AZN 3.9 million, bonus AZN 300,000, sale of assets transferred by foreign companies AZN 40,000. Revenue of the fund on management of funds for such term totaled AZN 237.7 million………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) published its Annual Report 2012, audit of which was made by Ernst&Young. In accordance with report, the State Oil Fund’s assets under management increased by USD 4 329.4 million, or 14.5%, from USD 29 800.0 million to USD 34 129.4 million in 2012.
“SOFAZ asset management revenues amounted to AZN 544.0 million or USD 693.5 million, yielding 2.2% rate of return in 2012” stated in the report………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

The US$ 34.1 billion State Oil Fund of Azerbaijan (SOFAZ) embarked on a path to diversify asset holdings. From 2011 to 2012, SOFAZ’s assets grew by 14.5%. The Central Asian sovereign fund expanded their investment policy to permit investments in gold bullion and institutional real estate. Up to 5% of SOFAZ’s assets can be allocated to gold.
With regard to institutional real estate, SOFAZ made a number of property transactions in major European cities. Some notable purchases include 78 St. James Street in London and the Actor Gallery in Moscow………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

A Temasek Holdings Pte unit is up against Exxon Mobil Corp. and Royal Dutch Shell Plc (RDSA) in a contest to fill storage that will hold three times as much liquefied natural gas as Singapore will consume this year.
The city-state’s Energy Market Authority is seeking proposals through the end of July for stocking a 9 million metric-ton LNG terminal. The threefold expansion will allow Singapore to offer last-minute deliveries, or spot cargoes, to buyers in Asia seeking an alternative to long-term contracts linked to oil………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

Going direct by acquiring a passive interest in energy assets is a complex undertaking, even for experienced institutional investors. Relying on the operating partner’s valuable expertise, large public investors often channel capital in a variety of financial deals in which they play the sole role as a financial investor. How does an institutional investor fare in a scenario in which the majority-owner decides to exit, especially if that owner operates sub-entities that greatly influence the asset’s profitability?
Back in January 2011, Boston-based ArcLight Capital Partners, LLC, GE Energy Financial Services (lending arm of General Electric) and the Government of Singapore Investment Corporation Pte Ltd (GIC) agreed to become partners in five natural gas-fired power plants in Georgia……………………………………….Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

At an official Chinese New Year’s party earlier this year, a former bond trader named Zhu Changhong was hailed for the smart choices he made investing the world’s largest stash of cash: China’s $US3.5 trillion in foreign reserves.
Tweaking the lyrics of a famous revolutionary song that extolled Mao Zedong, Mr Zhu’s colleagues jocularly lauded him: “The east is red, the sun rises. From China arises Zhu Changhong…he is SAFE’s saviour,” people with knowledge of the event say. SAFE is China’s State Administration of Foreign Exchange, the division of the central bank that manages China’s currency reserves and is one of the most powerful investors in the world………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi has said for Nigeria to beat the ingenuity of counterfeiters, there is a need to redesign the Naira. Sanusi also revealed that the Excess Crude Account is down by $7bn from $12billion to $5billion.
Sanusi told the Jones Onyereri- headed House Committee on Banking and Currency yesterday that the “ noise” about the 5000 Naira notes was the reason the CBN shelved the plan, which, according to him, should be done every seven to eight years………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

Bahrain sovereign fund Mumtalakat said on Wednesday its net loss for 2012 narrowed by 32.9 percent from the previous year due to the improved performance of its financial services and telecommunications portfolio.
One of the smaller sovereign wealth funds in the Gulf region with $7.1 billion of assets under management at the end of September, the fund holds stakes in 40 firms in the kingdom’s non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba)………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

Bahrain’s Mumtalakat Holding Co., the Gulf state’s sovereign wealth fund, said its full-year loss narrowed by 33 per cent to 181.7 million Bahraini dinars ($481.9 million) in 2012 as impairment charges fell and income from investments in financial services and telecoms rose.
“Mumtalakat’s diversified investment portfolio, particularly in the financial services and telecommunications has contributed to a 9.1 per cent increase in share of profits from associate companies compared with 2011,” the company said in a statement posted on its website on Wednesday………………………………………..Full Article: Source

Posted on 18 July 2013 by VRS |  Email |Print

James Kester, the chief investment officer of the Abu Dhabi Investment Authority’s private equity department, has resigned and is set to leave the sovereign wealth fund in the coming weeks.
ADIA, one of the largest funds of its kind in the world, confirmed his departure on Wednesday. The fund, which invests Abu Dhabi’s surplus energy revenues abroad, plans to appoint a successor in due course………………………………………..Full Article: Source

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