Prudence prevails in use of Oil Fund

Even though Finance Minister Siv Jensen has tapped into more of Norway’s oil revenues than any of her predecessors, to pad the state budget, the country’s famous Oil Fund just keeps growing. It’s the ultimate piggy bank, more than 70 percent bigger now than when Jensen assumed her post in 2013, and new figures show that […]

Oil Fund pumps up new tax principles

Norway’s huge sovereign wealth fund, which has become a powerful investor around the world, is now launching what some call “a little revolution” in tax principles and transparency. Popularly known as the “Oil Fund,” it has released an “expectation document” that basically asks the companies in which it invests to improve their tax morals and pay more tax where […]

Oil Fund urged to cut stakes in alcoholic beverage production

Calls are going out for Norway’s huge sovereign wealth fund, known as the Oil Fund, to cut its investment holdings in companies selling alcoholic beverages. The calls intensified on reports that Dutch brewery giant Heineken has engaged in questionable operations in Africa. Newspaper Dagsavisen reported that the Oil Fund has invested NOK 62 billion in […]

Oil Fund asked to dump pipeline, coal

The president of Norway’s Sami Parliament (Sametinget) accompanied women from the Standing Rock Sioux Tribe to a meeting in Oslo this week, where they appealed to the Ethics Council that oversees the investments of Norway’s huge Oil Fund. They want the Oil Fund, which is under coal scrutiny as well, to dump its stakes in the three companies behind […]

Norway’s Oil Fund just keeps growing

Analysts and politicians weren’t expecting much, but Norway’s huge sovereign wealth fund known as the Oil Fund logged a good year last year. It ended up with a 6.9 percent return, much higher than the 2.7 percent logged in 2015, and grew in overall size by a dizzying NOK 447 billion (USD 54 billion). Some […]

Bank boss had to alter annual address

Norway’s central bank boss Øystein Olsen had to make some last-minute changes in his important annual address on the economy Thursday evening. Just hours before he took the podium, government leaders announced they were finally going along with something he’s recommended for years: putting new limits on the use of Norway’s oil revenues. Olsen, governor of […]

Government reins in Oil Fund use

Prime Minister Erna Solberg and Finance Minister Siv Jensen, who have transferred more money from Norway’s Oil Fund to the state budget than any of their predecessors, now propose tying such withdrawals in the future to “more realistic,” and lower, expected returns. That can further limit the use of Norway’s oil revenues, and they also want to […]

Oil Fund may invest more in stocks

Norway’s huge sovereign wealth fund, known as the Oil Fund, wants to start investing more of the oil revenues it receives in the stock market, to boost returns. Norway’s central bank, which is responsible for the fund, is seeking permission to do so from the finance ministry. The Oil Fund currently invests 60 percent of its […]

Oil can’t grease many more budgets

With less money flowing into state coffers from Norway’s offshore oil fields, and the return on that money reduced as well, even Finance Minister Siv Jensen is warning that her record withdrawals from the Oil Fund will likely be the last. She justifies tapping into the country’s famed sovereign wealth fund again this year, to revive economic slowdown after the […]

Oil Fund celebrates its first 20 years

Øystein Olsen has a lot to celebrate this week. He beat out all competition to keep his job as Norway’s central bank chief for another six years, and then could celebrate the 20th anniversary on Tuesday of arguably the bank’s most important operation that’s made Norway a financial powerhouse worldwide. It was on May 31, 1996 that Norway’s Finance […]