Norway's $1tn wealth fund proposes ditching oil and gas investments

[Judi Lynn]

Source: Guardian


Advice from bank running world’s biggest sovereign wealth fund for government to dump oil and gas holdings jolts energy industry

Adam Vaughan

@adamvaughan_uk
Thursday 16 November 2017 10.50 EST

The bank that runs the world’s biggest sovereign wealth fund has told the Norwegian government it should dump its shares in oil and gas companies, in a move that could have significant consequences for the sector.

Norges Bank, which manages Norway’s $1trn fund, said ministers should take the step to avoid the fund’s value being hit by a permanent fall in the oil price.

The fund was built on the back of Norway’s hydrocarbon wealth, and around 300bn krone (£27.73bn), or 6%, is invested in oil and gas companies.

The recommendation by Norway’s central bank pushed down shares in European oil majors including BP, Shell and Total.

Read more: https://www.theguardian.com/business/2017/nov/16/oil-and-gas-shares-dip-as-norways-central-bank-advises-oslo-to-divest

[Javaman]

1. this is how it's done nt

[diva77]

2. Wow! Very significant considering Norway seems to thrive on the oil and gas industry.

They even have The Norwegian Petroleum Museum in Stavanger, glorifying the industry

http://www.norskolje.museum.no/en/

[riversedge]

3. Norway is leaving the US in the dust.

[Boilingpots]

4. Now maybe Venezuela can follow suit.

Leave it in the ground, Maduro!!