Mark Lewis, The Associated Press</span>
Published Friday, March 8, 2019 9:09AM EST
STAVANGER, Norway -- Norway's US$1 trillion wealth fund will begin dumping its shares in oil and gas companies, but stopped short of expelling major producers like Total and Chevron.
The Norwegian fund, the biggest of its kind in the world, derives its income from the country's own oil and gas industry. It has significant stakes in several oil companies, with some $6 billion tied up in Royal Dutch Shell alone.
But the divestment will focus on companies which trade solely in exploration and production like Marathon and Chesapeake Energy rather than the integrated oil giants.
Minister of Finance Siv Jensen said Friday in a statement that the move is meant to "reduce the vulnerability of our common wealth to permanent oil price decline."
The nation of 5.3 million people derives much of its wealth from the fossil fuels industry, which accounts for some 20 per cent of Norwegian GDP.
Bagikan Berita Ini
Related Posts :
'Human skills' best way for workers to adjust to rise of the machines: study- French deficit meets EU rules for first time in decade
- Global stocks mostly higher despite U.S.-China trade tensions
- China appeals for co-operation as it warns of 'trade war'
- Asian stocks fall for 3rd day on U.S.-China trade tensions
0 Response to "World's top sovereign wealth fund to dump oil and gas shares"
Post a Comment