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Norway wealth fund gets nod to sell USD 6bn in oil stocks

Norway’s massive wealth fund got the go-ahead to sell oil and gas stocks worth USD 5.9 billion, ending a two-year process that has reduced an initial proposal to dump all its petroleum investments to a more moderate divestment.

Photo: colourbox.com

The USD 1 trillion fund shocked markets in 2017 when it asked the government for permission to sell about USD 40 billion in such stocks, arguing a cut in exposure would reduce the overall risk for Norway, western Europe’s biggest petroleum producer. That plan was then heavily diluted in a political compromise that shielded the world’s biggest oil companies.

The final plan from the Finance Ministry released late Tuesday evening in Oslo outlines a divestment that will be even smaller than the government had foreseen in March, when it estimated disposals would total about 70 billion kroner (USD 7.6 billion).

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