2007年4月25日 俄罗斯将用石油美元买国际企业股票

Billions of Russian petrodollars are set to be invested in shares of international companies for the first time, boosting Russia's presence on financial markets.

投资于这类股票，是俄罗斯财长阿列克谢o库德林(Alexei Kudrin)倡导的一项计划的部分内容。这项计划意在分拆使用俄罗斯的"稳定"基金--这项基金自从2004年创建以来，已经积聚了1080亿美元石油税收收入。

Investing in such equities is part of a plan championed by Alexei Kudrin, finance minister, to split Russia's "stabilisation" fund - which has amassed $108bn of windfall oil tax revenues since its creation in 2004.

俄罗斯将保留一份相当于国内生产总值(GDP) 10%的储备基金--即便油价下跌一半，这个数目也足以支持三年的预算开支。在把一定比例的能源收入用于预算开支之后，其余的盈余都将纳入一项"未来"基金，用于更长期的项目。

A reserve fund will be kept at 10 per cent 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.

根据计划，下周二进行分拆时，储备基金将保留约1420亿美元，未来基金则拥有240亿美元。如果能源价格持续走高，这两项基金的规模都可能继续迅速增长。

The reserve fund is projected to hold about $142bn and the future fund $24bn when the divide occurs next February, and both could continue to grow rapidly if energy prices remain high.

库德林向英国《金融时报》表示，储备基金将投资于一组保守的政府债券投资组合--与稳定基金当前的投资风格类似。不过，另外一项基金可能要投资于风险更高的资产，目标是将收益最大化。

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.

库德林指出："我们将购买不同领域的公司股票，包括石油和天然气领域的公司，所以我们会得到更多收入。"他补充指出，这笔资金可能最终会购买房地产等资产。

"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.

他提出，可能会指定俄罗斯或西方的基金经理来管理这项基金--这项合同可能会吸引激烈的竞争。

He suggested Russian or western fund managers could be appointed to manage the fund - a contract likely to attract vigorous competition.

这项计划表明，自1998年的俄罗斯金融危机以来，随着能源价格达到创纪录水平，俄罗斯的公共财政状况也有了好转。

The plan demonstrates the turnround in Russian public finances, fuelled by record energy prices, since its 1998 crisis.