Norway parties inclined to back fund's plan to slash oil exposure

Norway’s $1 trillion sovereign wealth fund will probably win backing from parliament for its proposal to cut most oil and gas stocks from its portfolio

Thus, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6% - or around $37 billion - of its benchmark equity index. The fund last month suggested it should cut oil and gas companies from its benchmark index to make the Norwegian government’s wealth less vulnerable to low crude prices. A majority of parties in Norway’s parliament, including the top opposition Labour Party and the smaller Centre Party, the Socialist Left and the Christian Democrats, said they were inclined to back the proposal.

- Reuters -

18. 12. 2017