The Norwegian government announced Friday that the fund, which is worth about $1 trillion, will gradually phase out its investments in energy exploration and production companies.
The goal of the divestment is to "reduce the vulnerability of our common wealth to a permanent oil price decline," Norwegian finance minister Siv Jensen said in a statement.
The fund has roughly 66 billion Norwegian krone ($7.5 billion) currently invested in energy exploration and production stocks. That is roughly 1.2% of the fund's stock holdings, a spokesperson for the ministry said.
Norway is a major oil producer, and it has plowed the proceeds of its energy wealth into the fund over the past two decades to fund pensions and other government expenses.
This is a developing story
No comments:
Post a Comment