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Sovereign Wealth Funds Briefing 18.Jul 2014

Posted on 18 July 2014 by VRS |  Email |Print

Azerbaijan’s state oil fund SOFAZ has gained over $102.8 billion from 2001 to July 1, 2014 by implementing the project of developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
The fund earned around $7.78 billion from ACG project from January 1 to July 1, SOFAZ told Trend Agency on July 16. The ACG block of fields has been active since 1997. Production started from the Chirag part of the field. It was followed successfully by Azeri Project; Central Azeri production in February 2005, West Azeri in December 2005, and East Azeri in October 2006………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

Singapore’s government has clarified that there are no imminent plans for contributions to its Central Provident Fund (CPF) retirement scheme to be managed as a separate investment entity within the city state’s sovereign wealth fund (SWF).
As things currently stand, pensions money contributed to the CPF is invested in Special Singapore Government Securities (SSGS); debt instruments whose proceeds are managed by the Government Investment Corporation (GIC) and Monetary Authority of Singapore (MAS). As a result, retirement contributions are pooled with other government surpluses and managed collectively by the GIC, rather than as a separate pension fund………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

The Finance Ministry must explain whether 1Malaysia Development Bhd (1MDB) may go bankrupt or even insolvent if they continue to rely on an Asset Revaluation Gain of RM2.7 billion to record a profit of RM778 million and ignores the rise in total debts to RM42.3 billion that nearly matches its total assets of RM44.7 billion.
When 1MDB finally submitted its much-delayed accounts for financial year 2013 ended March 31to the Companies Commission of Malaysia, after having changed auditors, 1MDB revealed once againthat it cannot make money without creatively manufacturing a paper profit from land revaluation………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

One of the world’s largest sovereign wealth funds, the Abu Dhabi Investment Authority, could be searching for more property in Australia, according to the head of its hotel investments division.
Mike Goodson, visiting Sydney for the first time since concluding a record-breaking $800 million purchase of Australia’s largest hotel owner, Tourism Asset Holdings in September last year, said his phone was ringing regularly………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

Tanzania will probably miss an October 2015 deadline to present gas laws and legislation on a proposed sovereign wealth fund because of a dispute over the constitution and looming elections, Teneo Intelligence said.
The country plans to use some of the proceeds from the gas industry to create a sovereign wealth fund, which will partly finance the national budget………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

Dubai Financial Market has suspended trading in construction company Arabtec as the country’s regulator beefed up oversight of the company at the centre of the emirate’s rollercoaster ride over the past two months.
Aabar, a unit of an Abu Dhabi sovereign wealth fund, and Arabtec’s second largest shareholder, could buy part of Mr Ismaik’s stake to raise its holding in the builder to more than 30 per cent, Bloomberg reported………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

The Federation Accounts Allocation Committee (FAAC) yesterday shared a total distributable revenue amounting to about N755.95 billion among the three tiers of government for June as it emerged that the money, Excess Crude Account (ECA) kept to provide succour in rainy days had increased from about $3.6 billion to about $4.5 billion.
In the previous month, to total revenue collection in the month under review was significantly helped by the Company Income Tax (CIT), Petroleum Profit Tax (PPT)-particularly, the upward review of estimates by some companies………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

Mubadala Petroleum has signed a cooperation agreement with the Ministry of Petroleum and Mineral Resources of the Federal Republic of Somalia. Mubadala Petroleum is and upstream oil and gas exploration and production company, a subsidiary of Mubadala Development Company and 100 percent owned by the Government of Abu Dhabi.
During the first half of 2014, a high level engagement took place between the U.A.E. and the Federal Government of the Republic of Somalia and its territories to consider ways in which they might work together to further the development of the Somali petroleum sector………………………………………..Full Article: Source

Posted on 18 July 2014 by VRS |  Email |Print

The Government’s draft oil exploration legislation contains provisions for the creation of a Bahamian sovereign wealth fund, which would receive all due multi-million dollar royalty payments on any ‘black gold’ under this nation’s water.He confirmed that provisions to create a Bahamian sovereign wealth fund, which would be owned and managed by the Government on the Bahamian people’s behalf, were among the legislation being drafted.
Sovereign wealth funds, such as Singapore’s Temasek, have been established by many Middle East and Asian nations as vehicles to hold multi-billion dollars worth of assets and revenues, which are generated from sectors such as oil. These funds are then invested in productive areas of the global economy………………………………………..Full Article: Source

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