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Libyan SWF Interested in French Oil Refinery

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The Libyan Investment Authority (LIA) expressed interest to invest in the Petit-Couronne oil refinery. The LIA has experience investing in oil refineries in continental Europe. Being the oldest refinery in France, it is currently facing liquidation, putting around 500 jobs at risk. In October 2012, the French commercial court in Rouen rejected two bids from Hong Kong-based Alanfandi Petroleum Group and Dubai-based NetOil.

French Industry Minister Arnaud Montebourg said in a RTL radio interview that he received a non-binding letter from Libya “demanding to examine this issue from the Libyan sovereign fund, which is a petroleum-producing country that has decided to resume economic and political relations with France.”

Created in 1929, the Petit-Couronne refinery was owned by Shell and sold in 2008 to Petroplus, a Swiss company. In 2011, Petroplus attempted to restructure operations at the refinery, but decided to sell the asset after filing for bankrupt protection in January.

Mr. Montebourg further stated, “we don’t want the liquidation of this refinery. I’m going to ask the commercial court today to delay its judgment, to take the time necessary to allow our Libyan friends to invest in this refinery.”

GIC Buys Large Stake in Nordic Aviation Capital

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Singapore’s GIC Private Limited, a yield-hungry sovereign investor, invested in Denmark-based Nordic Aviation Capital A/S, becoming a significant minority shareholder. Other shareholders in Nordic Aviation Capital include EQT VI Limited fund, KIRKBI Invest (wealth origins tied to Legos), and Martin Møller, the founder of Nordic Aviation Capital. EQT VI will remain the largest shareholder of Nordic Aviation Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Trump Wants Pharma Companies to Disclose Drug Prices in Advertisements

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U.S. President Trump is progressing on plans to mandate pharmaceutical companies to reveal their prices in drug advertisements. “The drug industry remains resistant to providing real transparency around their prices, including the sky-high list prices that many patients pay,” Health and Human Services Secretary Alex Azar said in a statement. “So while the pharmaceutical industry’s action today is a small step in the right direction, we will go further.”

The U.S. Health and Human Services Department would require pharmaceutical companies to include drugs’ sticker prices in their video advertisements. This would be similar to how drug companies disclose the laundry list of side effects.

Increasingly, sovereign funds like Temasek Holdings have backed mid-stage pharmaceutical companies and other therapies, while market investors like Norway’s GPFG have large holdings in listed pharmaceutical companies.

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Kazatomprom Treads Closer to IPO

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Kazatomprom is the world’s biggest uranium producer, accounting for around 20% of production market share. The company is moving forward on floating up to a 25% company stake for its planned initial public offering in London and Astana, Kazakhstan. Kazatomprom’s IPO plans are subject to market conditions. The global market price of uranium generated significant price gains year-to-date through almost three quarters. So far, during 2018, the uranium spot price has moved from US$ 20 per pound to US$ 27 per pound.

Kazatomprom’s sole shareholder is Samruk-Kazyna. Samruk-Kazyna would retain at least a 75% stake in the company.

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Credit Suisse and JPMorgan are joint global coordinators and joint bookrunners for the share offering. China International Capital Corporation, Halyk Finance, and Mizuho International plc were joint bookrunners.

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