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Sovereign Wealth Funds Briefing 26.Feb 2014

Posted on 26 February 2014 by VRS |  Email |Print

Papua New Guinea Treasury Minister Don Polye has stated that all proceeds from the sale of the liquefied natural gas (LNG) Project will go directly into the Sovereign Wealth Fund.
“I would like to assure the people of Papua New Guinea that all proceeds of LNG will go directly into the SWF and I mean 100% of it. The first sale of the LNG will begin this year and the projected growth of the economy will be roughly approximately valued around K52 billion (US$20 billion) when the first proceeds of the sales of LNG start coming in………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

Norway may need to separate its sovereign wealth fund from the central bank as its ballooning size makes proper oversight more difficult, the annual Norges Bank Watch report said.
With a fund of 5 trillion kroner ($830 billion) that’s “invested in a complex set of assets, we are concerned that the board’s capacity may be strained,” Knut Anton Mork, chief economist at Svenska Handelsbanken AB, Xavier Freixas, a professor at Universitat Pompeu Fabra, and Kyrre Aamdal, senior economist at DNB ASA, wrote in the report………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

A separate board should be appointed to supervise Norway’s state oil fund – the world’s largest sovereign wealth fund, which is housed within the central bank and currently overseen by the monetary policy committee – according to an independent report funded partly by Norway’s finance ministry.
The proposal to split responsibility for the oil fund and monetary policy at Norges Bank comes two days after Petter Johnsen, the fund’s chief investment officer for equities, told the Financial Times that it was “recruiting actively” in a bid to “double the size” of its 90-strong equity team………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

Some NOK 10bn of Norwegians’ oil-bred pension money went up in smoke after the Sovereign Wealth Fund pulled out of tobacco industry shares, reports say. The SWF, criticised for using tax havens, double standards, and nuclear weapons industry investments, performs a constant balancing act when it comes to moneymaking and ethics.
The NOK 9.6 billion dividends loss (roughly USD 1.59bn/EUR 1.16bn/GBP 956.54m at today’s ROE) concerns the August 2005-November 2011 period, according to Norges Bank’s calculations………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

Investors including Allianz SE (ALV) and Abu Dhabi’s sovereign wealth fund, already suing Norway’s government in a gas-tariff dispute, are petitioning for tax relief to cut costs of a natural gas terminal and pipeline.
They’re seeking to add projects for a terminal in Emden, Germany, and modifications to the Norpipe pipeline to those that were proposed to receive an exemption from a tax increase, according to a hearing letter from the Gassled owners. The projects are estimated to encompass investments of 5.9 billion kroner ($980 million)………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

Azerbaijani President Ilham Aliyev has signed a decree on Feb. 25 establishing a closed joint-stock company (CJSC) for effective management of projects within the second phase of Shah Deniz gas and condensate field’s development, expansion of the South Caucasus Pipeline, Trans-Anatolian Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. The funds to be provided to the CJSC for financing the equity will provide a long-term investment on return conditions. CJSC’s proceeds received from all projects will be transferred to SOFAZ, until all of funds invested in the joint stock company are repaid………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

The government of Abu Dhabi created IPIC to leverage the energy expertise embedded in the Abu Dhabi Investment Authority, or ADIA, the largest sovereign wealth fund in the Middle East and Adnoc, with its network of joint ventures with the world’s leading energy supermajors.
Abu dhabi’s International Petroleum Investment Co, or IPIC, one of the Gulf’s leading oil and gas multinational corporations, was founded by the late UAE President Shaikh Zayed bin Sultan Al Nahyan in 1984 to invest in energy upstream/downstream projects worldwide from exploration and production, pipelines refining, trading shipping, crude oil, natural gas………………………………………..Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

In one of the biggest deals in the Indian hospitality industry, sovereign wealth funds of Abu Dhabi, Qatar and Malaysia are vying with each other to acquire two of India’s marquee properties for about US$322 million, said a news report. All the three funds are big time investors in leisure and tourism assets. Abu Dhabi Investment Authority, the world’s third biggest sovereign fund with US$627 billion of assets, recently bought Australia’s largest owner of hotels, Tourism Asset Holdings.
Similarly, Qatar Investment Authority, which owns luxury department store Harrods, plans to expand the brand into hotels. And Khazanah Nasional owns themed resorts in Malaysia……………………………………….Full Article: Source

Posted on 26 February 2014 by VRS |  Email |Print

Temasek Holdings’ fund management arm, Fullerton, is to open an office in London to build up its business with European investors, Britain’s finance ministry said on Tuesday.
Fullerton Fund Management, which specialises in Asian and emerging markets and manages about S$12 billion in assets, cited Britain’s initiative, launched last year, to improve tax and regulatory competitiveness as a major draw………………………………………..Full Article: Source

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