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Russia-China Investment Fund Invests in Russian Forestry Firm

The Russia-China Investment Fund, a joint venture vehicle, will invest over US$ 200 million in Russian Forest Products. Russian Forest Products is Russia’s second biggest forestry products business. Russia is keen on attracting foreign direct investment in the Russian Far East. In fact, Russia strategically views Asia as a major export customer in energy and resources, as Europe struggles in maintaining economic stability.

The Russian Direct Investment Fund (RDIF) and the China Investment Corporation (CIC) are investors in the Russia-China Investment Fund.

Russian Forest Products accounts for 10% of the country’s timber exports to China. The firm has extensive operations in Siberia. The fund investment in the forestry company accomplishes two goals. First, it is a token investment that will begin the process of thawing economic relations between China and Russia. Second, the funds will be used to create jobs in the region and enable the company to sell processed wood instead of raw material.

Mubadala Inches Closer to Invepar Ownership

Since the beginning of the year, Abu Dhabi-based Mubadala Investment Company has been looking at owning the distressed Brazilian infrastructure company Invepar SA for quite some time. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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KDC’s Latest Acquisition a Breath of Fresh Air

Knowlton Development Corporation (KDC) has made its latest acquisition with the purchase of Aromair Fine Fragrance Company Inc., a U.S. subsidiary of Aromair Group that specializes in air care products, from London-based Strategic Value Partners. The terms of the transaction, which was completed on November 8, were not disclosed. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norges Bank Recommends Dropping Oil Stocks for Sovereign Fund

Norges Bank penned a letter to its Ministry of Finance recommending the removal of oil and gas stocks from the GPFG’s benchmark index. At the moment, oil and gas stocks make up roughly 6% of the wealth fund’s benchmark index, or just around 300 billion NOK. Norway’s wealth fund is a major holder of oil companies such as ExxonMobil, Chevron, BP, Total and Royal Dutch Shell. Oil and gas stocks were a major driver of positive equity returns in previous quarters.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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