OSLO (Reuters) – Norway’s $1 trillion sovereign wealth fund, the world’s largest, must assess how the planned phase out of oil and gas exploration and production companies from its investments will be conducted, the finance ministry said on Friday.
As part of Norway’s efforts to shift its “rainy day” fund away from oil, the country’s parliament on June 12 adopted a plan to drop all dedicated oil and gas explorers and producers, as defined by stock market indices provider FTSE Russell, from the fund’s benchmark index.
Fund - Oil - Firms - Refineries - Downstream
The fund can still invest in oil firms that have refineries and other downstream activities, so-called integrated companies such as Royal Dutch Shell and ExxonMobil.
The finance ministry wants the central bank, which manages the fund, to present a time schedule for the phase...
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