2014-12-03 21:15:00
NORWAY'S OIL FUND OPPORTUNITY
Norway's oil fund can carry on investing in oil.
On Wednesday, an expert panel commissioned by the Norwegian government recommended that the $870bn fund – which began reinvesting state oil revenues in 1996 and has grown into the world's largest sovereign wealth investor – should remain a shareholder in fossil fuel companies.
Its decision bucks a recent trend among big institutional investors – from Stanford University and the Rockefeller family foundation to Norwegian pension funds – to disinvest from coal and tar sands companies, and consider selling out of oil and gas groups.
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