The Norwegian Oil Fund still growing

Kristen Oil Platform. Photo: StatoilHydro.

The Norwegian National Oil Fund (The Pension Fund – Global) is now worth NOK 2,522 billion, and has become the world’s largest sovereign wealth after the funds of Abu Dhabi and Saudi Arabia in the Middle East.

At £259bn, the Norwegian oil fund has never been higher and could easily cover the UK’s £175bn budget deficit, the Guardian writes. The UK newspaper has interviewed Yngve Slyngstad, the fund’s chief executive.

The fund now owns more than 1% of the world’s shares, is Europe’s biggest equity investor and speaks for 1.7% of all listed European companies, according to the paper.

Commonly known as the oil fund, it invests the country’s oil and gas income in stocks and bonds to save for future generations, when the hydrocarbons run out. Investments are made abroad to avoid overheating the economy.

In August this year the Norwegian oil fund made a historic profit. In August alone It grew by NOK 56 billion, NRK reports.

Source: Norway Post/NRK/Guardian