Oslo: Norway took a half step toward divesting oil and gas stocks in its massive $1 trillion wealth fund, approving the sale of pure exploration companies while sparing the biggest integrated producers.
“The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline,” finance minister Siv Jensen said in a statement. “Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector.”
After a year of deliberation, the government on Friday approved the removal of 134 companies classified as exploration and production companies by FTSE Russell, while allowing the bigger integrated oil and gas companies to remain in the fund.
