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Norway's $1T wealth fund considers exiting oil and gas stocks

Published 11/16/2017, 08:57 AM
© Reuters.  Norway's $1T wealth fund considers exiting oil and gas stocks
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  • Norway’s $1T sovereign wealth fund - the world's largest - is proposing to dump its holdings in oil and gas stocks, including Exxon Mobil (NYSE:XOM), Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) and Statoil (NYSE:STO), saying the country would be less vulnerable to a drop in oil prices by not being invested in stocks of companies in the industry.
  • If accepted by the finance ministry and adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6%, or ~$37B, of the fund’s benchmark equity index.
  • The fund is among the largest investors in several big oil companies, holding year-end 2016 stakes of 2.3% in Shell, 1.7% of BP, 1.7% of Eni (NYSE:E), 1.6% of Total (NYSE:TOT), 0.9% of Chevron (NYSE:CVX) and 0.8% of XOM,
  • Now read: BP (LON:BP): It's Not Too Late


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