----- Original Message -----
From: Gold Anti-Trust Action Committee
To: [EMAIL PROTECTED]
Sent: Tuesday, April 24, 2007 7:45 PM
Subject: [GATA] Russia to get more aggressive investing oil revenue
Russia to get more aggressive investing oil revenue
Submitted by cpowell on 05:45PM ET Tuesday, April 24, 2007. Section: Daily
Dispatches
Russia to Invest Oil Revenue in Shares
By Neil Buckley
Financial Times, London
Tuesday, April 14, 2007
http://www.ft.com/cms/s/7a553420-f289-11db-a454-000b5df10621.html
MOSCOW -- Billions of Russian petrodollars are set to be invested in shares of
international companies for the first time, boosting Russia's presence in
financial markets.
Investing in such equities is part of a plan championed by Alexei Kudrin,
finance minister, to split Russia's "stabilisation" fund -- which has amassed
$108 billion of windfall oil tax revenues since its creation in 2004.
A reserve fund will be kept at 10 percent of gross domestic product -- enough
to support budget spending for three years even if oil prices were to halve.
Any surplus after using a set portion of energy revenues for budget spending
will go into a "future generations" fund for longer-term projects.
The reserve fund is projected to hold about $142 billion and the future fund
$24 billion when the divide occurs next February, and both could continue to
grow rapidly if energy prices remain high.
Mr Kudrin told the Financial Times the reserve fund would be invested in a
conservative portfolio of government bonds -- as the stabilisation fund is now.
But the other fund could invest in higher-risk assets, aimed at maximising
returns.
"There we will have corporate shares from various sectors, including oil and
gas, so we will have a bigger income," Mr Kudrin said, adding that the money
could eventually buy assets such as real estate.
He suggested Russian or Western fund managers could be appointed to manage the
fund -- a contract likely to attract vigorous competition.
The plan demonstrates the turnround in Russian public finances, fuelled by
record energy prices, since its 1998 crisis. Russia has built gold and foreign
exchange reserves of $356 billion -- the world's third biggest -- in addition
to its petrodollars fund.
Splitting the stabilisation money was approved by the Russian parliament last
week, after it won endorsement from President Vladimir Putin.
* * *
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Blanchard & Co. Inc.
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Centennial Precious Metals
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Harvey Gordin, President
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[EMAIL PROTECTED]
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178 West Service Road
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Toll Free:1-877-775-4826
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[EMAIL PROTECTED]
Lone Star Silver Exchange
Suite 635, 3521 Oak Lawn Ave.
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MRCS Canada
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Contacts: David Schectman,
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[EMAIL PROTECTED]
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Resource Consultants Inc.
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Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
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Dr. Fred I. Goldstein, Senior Broker
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[EMAIL PROTECTED]
The Moneychanger
Box 178
Westpoint, Tennessee 38486
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Franklin Sanders
1-888-218-9226, 931-766-6066
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