Norway wealth fund to map phasing out of oil companies from investments: finance ministry

[Eugene]

Source: Reuters

SUSTAINABLE BUSINESS JUNE 28, 2019 / 5:30 AM / UPDATED 7 HOURS AGO

Norway wealth fund to map phasing out of oil companies from investments: finance ministry

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.

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 out by Sept. 13 to the finance ministry, which will then establish its own plan.

-snip-

Read more: https://www.reuters.com/article/us-norway-swf-oil/norway-wealth-fund-to-map-phasing-out-of-oil-companies-from-investments-finance-ministry-idUSKCN1TT17N

[WheelWalker]

1. Perhaps Norway would also consider ending its whaling as well.

[customerserviceguy]

2. Doesn't Norway

still get a lot of money from selling North Sea oil, or is it tapped out now?