Energy

Laricina Energy Exits Credit Protection, CPPIB Now Owns

Calgary-based Laricina Energy Ltd., a junior oil sands developer, which received capital over the years from wealth funds such as the Korea Investment Corporation (KIC) and pensions, exited court protection from lenders granted last March under Canada’s Companies’ Creditors Arrangement Act. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Will There Be Another Sovereign Wealth Selloff Wave?

Macroeconomists, asset manager CEOs, market pundits and media commentators expressed concern about wealth funds and their current impact on global equity markets. However, the selling by commodity-based funds, specifically in the wealthy GCC region, started in the midst of 2015. Funds such as Mubadala Development Co. and the Qatar Investment Authority (QIA) were looking to [...]


Why Did Norway’s Sovereign Fund Put Petrobras on Watch?

Brazil’s state-controlled oil company Petroleo Brasileiro SA (Petrobras) is navigating a tough year, fighting off a sprawling corruption investigation, while battling low oil prices. The oil giant also bears an onerous debt load. The company’s CEO Aldemir Bendine is looking to reduce managers in non-operational units by 30%. The corruption scandal has taken a toll [...]


Despite Oil Glut, See 3 Countries Contemplating Their Own Sovereign Fund

The Organization of the Petroleum Exporting Countries (OPEC) is seeking again for other producers to cut supply. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Norway’s SWF to Bless the Merging of BG and Shell

Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, issued a statement that says, “Norges Bank Investment Management considers that the transaction accelerates value for BG Group PLC shareholders and is in the best long-term interest of Royal Dutch Shell PLC shareholders.” NBIM is voting in favor of the BG Group-Royal Dutch [...]


Mubadala Disciplines, ADNOC Receives Mega Japanese Loan

The International Energy Agency (IEA), which is linked to the Organisation for Economic Co-operation and Development (OECD), says that oil markets could “drown in oversupply” in 2016. Gulf petroleum-producing nations are under tension to manage state-owned company operations more efficiently and cheaply. Abu Dhabi-based Mubadala Development Company is working tirelessly to become more efficient in [...]


10 Years Late, Mexico to Pitch to Gulf Sovereign Funds

With U.S. sanctions on Iran being lifted, a downward force on global oil prices is exerting even more pressure on commodity-dependent fiscal budgets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Pension-Backed Cubico Becomes 3rd Biggest Owner of Brazilian Wind Assets

Cubico Sustainable Investments, which is backed by Banco Santander SA, Ontario Teachers’ Pension Plan (OTPP), and Canada’s Public Sector Pension Investment Board (PSP Investments), announced the opening of an office in São Paulo. Brazil is the largest wind market in Latin America. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


GIC Boosts Ownership in Brazil Equatorial Energia

Asian sovereign funds are cherrypicking emerging market assets in countries such as Brazil. Key sectors of interest include healthcare and energy infrastructure. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CEPSA Sells Interest in CLH to Borealis

Borealis Infrastructure, a unit of OMERS, acquired a 9.15% interest in Compañía Logística de Hidrocarburos (CLH) from CEPSA, a company owned by Abu Dhabi-based IPIC. CLH is a oil product transportation and storage company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Should Norway’s Sovereign Fund Bet Big on Energy?

Sovereign wealth funds are often hyped by financial media and academics as contrarian institutional investors. Some studies have proven so. The shake-up of the oil industry could present opportunities for large savvy investors, as companies divest from mid- and downstream assets. One such news headline is Saudi Aramco, exploring to divest some oil-related assets and [...]


Friday SWFI News Roundup, January 8, 2016

Norway to Re-examine Equity Allocation The Norwegian Finance Ministry appointed an expert group to analyze how much of Norway’s sovereign wealth fund should be allocated to equities. Around 60% of the country’s wealth fund assets are allocated to listed equities. Norway Sovereign Wealth Fund Profile Oregon PERF to Acquire Expensive Silicon Valley Real Estate [ [...]


qatar

Qatar Prepared to Sign $5.5 Billion Loan

The Qatar government is raising capital to finance government operations. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, January 6, 2016

TechCore Buys Data Center in Broomfield, Colorado TechCore, LLC, an approximately US $1 billion discretionary core real estate fund managed by GI Partners on behalf of the California Public Employees’ Retirement System (CalPERS), acquired a property off 11525 Main Street located in Broomfield, Colorado. The building is a mission-critical data center facility containing 92,800 square [...]


Oman Strategic Development Shoots for Mining Diversification

Oman’s State General Reserve Fund (SGRF) is among a group of state-owned investors forming a venture, Mining Development Oman (MDO), to back the mining sector in Oman. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Iraq to Market Grand Faw Container Port

Iraq’s Basra provincial council, located in southern Iraq, is seeking to list a holding company on the Iraq Stock Exchange. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, December 30, 2015

India’s NIIF Holds First Official Meeting The governing council of India’s National Investment and Infrastructure Fund (NIIF) held its first meeting on December 29th. The council decided to appoint a chief executive officer for the fund by the end of January. The fund will have a corpus of Rs 40,000 crore. Of that amount, Rs [...]


11-Year-Low: Awful Oil Milestone for Gulf Sovereign Funds

Backed by public pension fund capital, private equity money, hedge funds and Wall Street, recent fossil fuel production in the United States has transformed the global energy model, returning some economic power to the West. The story has changed with the force of the American shale revolution. After coming back from a signature climate deal [...]


Mubadala Petroleum Signs Co-Operation Agreement with China National Petroleum Corporation

Mubadala Petroleum, a sovereign wealth enterprise (SWE) of Mubadala Development Co., signed a non-binding co-operation agreement with China National Petroleum Corporation (CNPC) to identify and work on potential areas for collaboration in the upstream oil and gas sector outside of the United Arab Emirates. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. [...]


Proposed Bill Could Make Iran’s SWF Bigger

Iran’s Management and Planning Organization (MPO) have drafted a bill for the 6th 5-year national development plan. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]