The oil-rich country faces a difficult question: Is its economy too tethered to the price of crude?
The Norwegian finance ministry proposed that the fund remove energy-exploration and -production companies from its portfolio, following a 2017 recommendation made by the central bank, which uses the fund to invest the proceeds of the country’s oil industry.
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Norway sovereign-wealth fund aims to dump a swath of oil and gas stocksNorway’s Finance Ministry on Friday recommended that the country’s $1 trillion sovereign-wealth fund drop shares of energy companies that engage in exploration and production of oil and gas from its portfolio, a move that could potentially weigh on the energy sector.
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Norway’s mega-fund fluffs move away from crudeOslo’s $1 trillion wealth fund will ditch oil exploration stocks, but stay invested in groups that also do refining. As a big producer Norway needs to tread carefully. But accepting the risk of subpar returns could have been a way to show greater climate change leadership.
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