Norway fund to sell exploration, production firms, keep integrated energy stocks

OSLO - Norway’s trillion-dollar sovereign wealth fund, the world’s biggest, will sell its stakes in oil and gas explorers and producers but still invest in energy firms that have refineries and other downstream activities, according to a government plan.

The state, which has built up its wealth on the back of North Sea oil and gas reserves, also has no plans to sell its direct stake in Norway’s Equinor. Firms to be excluded from the fund would include Cairn Energy, in which the fund had a 1.92 percent stake worth $22 million at the end of 2018, Tullow Oil, in which it held 2.1 percent worth $67 million, and Premier Oil, in which it held 1.8 percent worth $12 million.

Stocks in energy companies, already dropping due to declining crude prices, extended their losses on the news.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices dip as U.S. crude stocks swell amid record productionOil prices eased on Thursday, dragged down by record U.S. crude output and risin... Then why has the price of gasoline shot up 30 cents a gallon in a week? That’s not supply and demand. It’s more like price-fixing fraud. So you are saying it's all because of oversupply and has no slightest connection to global recession stepping on our heels and other numerous factors of wrongful regulatory desicions made practically every decade to cause the crisis?
Source: Reuters - 🏆 2. / 97 Read more »

Oil dips on U.S. stocks build, production outlookOil prices slipped on Wednesday as bullish output forecasts by two big U.S. prod...
Source: Reuters - 🏆 2. / 97 Read more »

Asia stocks tentative as Wall Street advance stalls, dollar firmAsian stocks clung to tight ranges on Wednesday, as investors awaited fresh dire... Here we gooooooooooo
Source: Reuters - 🏆 2. / 97 Read more »