New producers plan sovereign wealth funds

摘要

The next generation of sub-Saharan African oil and gas exporters are turning to sovereign wealth funds to manage future revenues.But the region’s record on handling similar funds is dismal and marred by political interference.Kenya,Mozambique and Tanzania each plan new legislation to create funds that will invest a portion of oil and gas income to provide a long-term revenue stream.Regional governments have been encouraged to use sovereign wealth funds by groups such as the IMF and World Bank,which highlight the role they play in oil producing states such as Norway and in the Mideast Gulf.Kenyan president Uhuru Kenyatta on 4 April said the country’s sovereign wealth fund bill will be submitted to parliament this year,to ensure oil and gas revenue is”properly managed”.The bill will create budget stabilisation,infrastructure and development,and”future generations”funds.Revenue will come from Londonlisted independent Tullow Oil’s phased 100,000 b/d oil development in the South Lokichar basin,due to start producing in 2022.But Kenya’s plan allows investment in high-risk financial assets and high management fees,which have adversely impacted similar funds in Angola and Libya.And the president will appoint board members,raising questions over the fund’s independence.