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Georgia Partnership Fund Starts Construction on Thermal Power Plant

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The US$ 4.3 billion Georgian Partnership Fund initiated construction on a 230 MW natural gas combined cycle thermal power plant 39 km south of the nation’s capital on January 17, 2014. The plant is financed jointly through the Partnership Fund and its wholly owned state-owned enterprise Georgian Oil and Gas Corporation (GOGC). The power plant is expected to be fully operational by 2015. It will generate 1.8 billion KW annually. Turkish energy company Çalık Enerji will be constructing the plant. The total cost of constructing the plant is placed at US$ 220 million.

Several leaders were present at the groundbreaking ceremony, including Irakli Gharibashvili, Prime Minister of Georgia; Kakhi Kaladze, Vice-Premier and Energy Minister of Georgia; Ahmet Çalık, Head of Çalık Holding and Irakli Kovzanadze, Executive Director of the Partnership Fund.

In a prior interview with the Sovereign Wealth Fund Institute, Mr. Kovzanadze noted a concerted effort to increase energy infrastructure saying, “For the past few years Georgia has been a net exporter of electricity; however, it required import and thermal power in the winter. As consumption is growing and the requirements for import or additional capacities are increasing, several new projects have been commenced.”

For the country’s prime minister, energy infrastructure is more than a step in bolstering their energy trade, but also a serious imperative for national security. “For any country and especially for Georgia, energy independence and energy security is very vital which is directly connected with the security of the whole country,” said Gharibashvili in a statement.

Currently, the country is 75% dependent on foreign energy, according to Energy Minister Kaladze. But “the country has everything to strengthen its energy independence,” he said.

Oman SGRF Contemplates $1 Billion Infrastructure Fund

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Oman’s State General Reserve Fund (SGRF) is in discussions on forming a US$ 1 billion infrastructure fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway’s GPFG Banned from Investing in 9 Companies Over Nuclear Weapons

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The recent false alarm caused by a state employee in Hawaii (who was not terminated and reassigned to a new position), triggering the Emergency Alert System message at 8:07 a.m. caused pandemonium in the state. After decades of failure in diplomacy between the United States and North Korea, the threat of a nuclear missile attack has grown since. The states of Alaska and Hawaii are the closest states to North Korea.

Besides the recent news in the world of nuclear missiles, Norges Bank oversees the management of the country’s sovereign wealth fund. The central bank has moved to ban nine companies from the Government Pension Fund Global. In addition, one company has been placed under observation. The Executive Board of Norges Bank’s decisions on exclusion were made on the basis of recommendations from the Council on Ethics. However, before moving to exclude a company, the central bank may consider other options, such as the exercise of ownership rights. In these instances of companies, the board determined that it was appropriate to use other measures in these cases.

The Council on Ethics’ recommendations to exclude:
Risk of severe environmental damage and serious or systematic violations of human rights
Evergreen Marine Corporation (Taiwan) Ltd
Korea Line Corporation
Precious Shipping PCL
Thoresen Thai Agencies PCL

Unacceptable risk of serious or systematic violations of human rights
Atal SA

Over involvement in the production of nuclear weapons
AECOM
BAE Systems
Fluor Corporation
Huntington Ingalls Industries Inc
Honeywell International Inc (already previously excluded)

Placed Under Observation
Pan Ocean Co. Ltd

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Sistema to Pledge Assets to Help Fund Settlement

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The Russian Direct Investment Fund (RDIF) is helping a settlement situation between two Russian economic powerhouses. In January 2018, Sistema, under a settlement, is mandated to pay Bashneft oil company, which is owned by energy behemoth Rosneft, 100 billion roubles (US$ 1.8 billion) by March 30, 2018.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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