Oil fund questions oil giant’s ethics

The state-appointed ethics council that oversees investments made by Norway’s huge oil-fueled sovereign wealth fund is questioning whether operations by US oil giant ExxonMobil in Equatorial Guinea violate “fundamental ethical norms.” If so, the fund may need to sell off its ExxonMobil stock. The council is charged with evaluating investments in individual companies in which [...]

Oil fund to start flexing its muscle

Norway’s sovereign wealth fund, popularly known as the “Oil Fund,” has reported another year of strong growth and impressive returns amounting to its next-best result ever. Now the fund’s bosses reportedly want to take a more active role in the companies where the fund is a major investor. The fund logged an overall return of [...]

Oil fund faces ethical probe

Norway’s co-called “oil-fund,” one of the world’s largest sovereign wealth funds that prides itself on making ethical investments, is under investigation for violating OECD guidelines for responsible business. The alleged violations concern its investments in South Korean steel giant Posco, a company widely believed to violate human rights. The guidelines of the OECD (Organisation for [...]

Oil fund may triple 2013 bonus payments

Bonus payments made this year to external managers of Norway’s huge so-called “oil fund” may be triple the amount initially estimated in 2012. The fund, formally known as The Norwegian Pension Fund – Global, is one of the world’s largest sovereign wealth funds. The oil fund was established in 1990 as a fiscal policy tool to [...]

Oil fund invests in more real estate

Norway’s bulging sovereign wealth fund, more popularly known as the “oil fund,” announced more purchases in the international real estate market last week. After spending around NOK 6 billion (USD 1 billion) in Germany, the fund still has its sights set on the US next year. The fund paid NOK 5.8 billion (EUR 784 million) [...]

Johnsen ‘must’ stem flow of oil money

Norwegian Finance Minister Sigbjørn Johnsen has a problem that many of his colleagues in other countries would love to have: Norway now has so much oil money that the country can’t use all it could even under its own strict guidelines. Economists warn that pumping just 4 percent of Norway’s bulging oil fund into the [...]

Battered bank boss still smiling

Øystein Olsen, head of Norway’s central bank, was still smiling this week, even after his proposal to further limit use of oil revenues was torpedoed by a united government last week. And he told foreign correspondents in Oslo on Tuesday that he still thinks politicians shouldn’t spend more than what the fund holding the oil [...]

Reaction mixed to spending cut call

A call by Norway’s central bank boss to spend less of the country’s vast oil revenues is being greeted by decidedly mixed reaction. At the very least, it looks set to spark more debate on how much should be spent or saved of the wealth pumped out of the Norwegian Continental Shelf. Øystein Olsen, who [...]

Extra billions flowed into state treasury

Finance Minister Sigbjørn Johnsen suddenly found himself with tens of billions of extra kroner as the New Year began, that he hadn’t expected. He says it will come in handy if the Norwegian economy starts feeling the effects of the debt and euro crises elsewhere. The extra money that flowed into the state treasury is [...]

Oil fund won’t exclude PetroChina

The Norwegian government is ignoring a recommendation from a state ethics council that it ban investments by Norway’s oil fund in the Chinese oil company PetroChina. Meanwhile, a Chinese shipbuilding company is making inroads on Norway’s west coast. The ethics council, which reviews investments made by Norway’s huge sovereign wealth fund, had recommended that PetroChina [...]

State auditor scolds ministries

State Auditor Jørgen Kosmo was chiding several ministries, including the Finance Ministry, on Tuesday for what he and his team of inspectors called some “deficient documentation and internal control.” Kosmo said the lack of information made it difficult to audit various budget posts, and he seeks more transparency. The criticism is contained in the annual [...]

Oil fund boss a long-term optimist

As chief of Norway’s huge sovereign wealth fund, fueled by oil revenues, Yngve Slyngstad is one of the most powerful financial players in the world. He spent an hour with foreign correspondents in Oslo on Monday and said his most important message was that from a long-term perspective, there’s “less reason for concern” than what [...]

Oil fund to curb credit bureau power

The head of Norway’s huge oil fund wants to rein in the powerful credit bureaus that seemingly can determine the destiny of European countries in crisis, along with returns on the fund itself. The move comes after the fund reported the biggest losses in its 15-year history. Newspaper Dagens Næringsliv (DN) reported over the weekend [...]

EU may want to tap into oil fund

EU officials are reportedly turning their wistful glance to Norway’s enormous oil fund, wondering whether there’s a way it can help ease Europe’s debt crisis. Fueled by Norwegian oil revenues and poised to keep growing, the fund is viewed as a possible source of capital at a time when Norway’s European neighbours are finding it [...]

Stoltenberg braces for budget bashing

Prime Minister Jens Stoltenberg has no doubt that his government’s state budget, set to be released next week, will meet lots of opposition. He repeated earlier warnings that it will be a tight budget, allowing for far less government spending, but he insisted restraint will help Norway tackle the ill effects of a world economy [...]

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