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Sovereign Wealth Funds Briefing 03.Dec 2013

Posted on 03 December 2013 by VRS |  Email |Print

Sitting on a colossal pile of money, the country’s key vehicle for bringing in foreign investment on Monday prodded regional authorities to come up with opportunities to put the cash to work.
The Russian Direct Foreign Investment Fund, or RDIF, worth $10 billion, and its foreign partners are waiting for alluring projects, said the fund’s chief, Kirill Dmitriev. “There is insane potential in this room here,” he told an assembly of top investment officials from 53 regions of the country, urging each of them to come up with at least two projects that could qualify for money from the fund………………………………….Full Article: Source

Posted on 03 December 2013 by VRS |  Email |Print

Azerbaijan’s state oil fund said it had invested $475 million to help fund construction of the new Star oil refinery in the west of Turkey. The fund said on Monday it would provide another $300 million next year for the $5 billion refinery project, which aims to start production in mid-2017 with an annual crude processing capacity of 10 million tonnes.
Azeri state energy company SOCAR is building the Star refinery in partnership with Turcas Petrol to supply Turkish petrochemical company Petkim and reduce Turkey’s dependence on imported refined products………………………………….Full Article: Source

Posted on 03 December 2013 by VRS |  Email |Print

Fondo Strategico Italiano (FSI) has emerged as frontrunner to buy a minority stake in family-owned Versace estimated to be worth as much as EUR850 million. FSI is Italy’s state-run private equity fund.
According to a report by the Financial Times, FSI has emerged as a good fit for the Versace family after securing the backing of a Qatar joint venture. FSI struck a deal with Qatar last year to invest up to EUR2 billion in Italian fashion, food, furniture and tourism………………………………….Full Article: Source

Posted on 03 December 2013 by VRS |  Email |Print

ICICI Venture’s debut infrastructure $500 Mn fund has secured commitments from both domestic and international investors to the tune of $270 Mn.
The fund which aims to invest in assets such as roads, ports, airports and seaports and companies operating in the infrastructure segment has received commitments from potential investors, including Temasek, Life Insurance Corporation and General Insurance Corporation………………………………….Full Article: Source

Posted on 03 December 2013 by VRS |  Email |Print

The Supreme Court on Monday fixed March 24, 2014, for definite hearing in the suit filed by 36 state governors in the country against the Federal Government over the Excess Crude Account and the Sovereign Wealth Fund.
A panel of justices of the apex court fixed the date after counsel in the matter regularised their processes. The development arose from the failure of the states and the Federal Government to reach an out-of-court settlement in the dispute, despite several opportunities given to them by the Supreme Court………………………………….Full Article: Source

Posted on 03 December 2013 by VRS |  Email |Print

Governors of the 36 states of the federation, yesterday, vowed to expose how the Federal Government had continued to deplete funds accruing from the proceeds of crude oil sales, petroleum profit tax and oil royalties, otherwise classified as excess crude proceeds.
This was even as a seven-man panel of the Supreme Court, yesterday, fixed March 24 to commence hearing on a suit seeking to stop the Federal Government from transferring $1 billion from the Excess Crude Account, to a new account to be known as “Sovereign Wealth Fund,” SWF………………………………….Full Article: Source

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