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Norway parties inclined to back fund’s plan to slash oil exposure -report

REUTERS STAFF: DECEMBER 12, 2017

OSLO, Dec 12 (Reuters) – Norway’s $1 trillion sovereign wealth fund, the world’s largest, will probably win backing from parliament for its proposal to cut most oil and gas stocks from its portfolio, business daily Dagens Naeringsliv reported on Tuesday. If adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6 percent – or around $37 billion – of its benchmark equity index. The fund is among the top investors in a wide range of oil companies. At the end of 2016 it held 2.3 percent of Royal Dutch Shell, 1.7 percent of BP, 0.9 percent of Chevron and 0.8 percent of Exxon Mobil. FULL ARTICLE

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