Wednesday, February 14, 2018

Norway to review oil and gas pension investments

Norway to review oil and gas pension investments
Following advice from its central bank, the Norwegian Ministry of Finance said it would consider whether oil and gas stocks should be in a pension fund.

Norway is one of the world leaders in oil and gas production, sending nearly everything it produces to the European market. The ministry has now formed an expert group to review the investments in energy stocks in the Government Pension Fund Global.

"The government seeks a broad basis for its decision," Finance Minister Siv Jensen said in a statement. "The issue must be thoroughly examined, as is the case for all important matters in the management of the GPFG."

Norges Bank, the country's central bank, said in a letter to the ministry in November it was recommending the removal of oil and gas stocks from the benchmark GPFG, arguing that it would make Norwegian government wealth less exposed to a "permanent drop in oil and gas prices."

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