Oil Fund weathers stormy first half

Norway’s Oil Fund ended a stormy first half of the year with just as much value as it had before having to face crises tied to the Corona virus, the economy and its own future leadership. The fund is still worth a dizzying NOK 10,340 billion, up more than NOK 250 billion since the end […]

New Oil Fund boss bucked the storm

Nicolai Tangen, cleared on Thursday to take over as chief executive of Norway’s enormous sovereign wealth fund, has proven one thing so far: he’s not scared off by a storm. A rough one has been raging around Tangen, whose large personal fortune has posed conflicts of interest and unleashed controversy, but he called all the public […]

Oil Fund drama nears a climax

After weeks of criticism over the hiring of an expat billionaire to run Norway’s huge Oil Fund, the country’s central bank in charge finds itself facing claims of crisis and scandal. Speculation is flying over whether heads will roll, and whose they may be. Norges Bank chief Øystein Olsen has already been cross-examined by a […]

Greenpeace hails Oil Fund exclusions

Environmental organization Greenpeace is hailing Norway’s sovereign wealth fund, which was built up on oil revenues, for excluding four oil companies because their emissions are too high. All four extract oil from controversial tar/oil sands projects. Norway’s own state oil company Statoil (now Equinor) was also active in oil sands projects in Alberta, Canada until […]

Ex-Oil Fund boss ‘screwed up’

Yngve Slyngstad has played a key role in the growth of Norway’s huge sovereign wealth fund known as the Oil Fund. After 12 years as Oil Fund boss, he should be leaving on a high note as he moves over to a new position within Norway’s central bank. Instead he’s leaving “embarrassed” and “really, really […]

Questions fly over Oil Fund boss’ hiring

NEWS ANALYSIS: Norges Bank’s supervisory board is demanding more answers into the central bank’s suddenly controversial hiring of a highly successful London-based Norwegian financier to manage Norway’s Oil Fund. Some claim the controversy around billionaire Nicolai Tangen is simply rooted in a “cultural collision” or pure envy, while others stress that the Oil Fund boss must […]

New Oil Fund boss off to a rough start

UPDATED: Nicolai Tangen, the expatriate Norwegian billionaire who was recently tapped to head Norway’s huge Oil Fund, firmly denies he was seeking any favour when he hosted a luxurious seminar at the University of Pennsylvania’s Wharton School of Business last fall. On his guest list were, among others, Norway’s trade minister, Norway’s ambassador to the […]

New Oil Fund boss can also cook

The executive board of Norway’s central bank surprised just about everyone on Thursday, when its members named the wealthy Norwegian founder of an investment firm in London as the new chief of the country’s huge sovereign wealth fund. Nicolai Tangen, who also has built up a major art collection in recent years, is trained as […]

Oil fund sets new record as new chief looms

Norway’s so-called “Oil Fund,” fueled with oil revenues over the past 20 years, chalked up its best year ever last year, boosting its value by another NOK 1,692 billion. The results allow Oil Fund chief Yngve Slyngstad, who has signalled his looming resignation to take on other duties at Norges Bank, to go out on […]

Norway is ‘not as rich as it thinks’

Norway’s central bank chief made some economically sobering remarks in his closely watched annual address to the country’s elite Thursday evening. Even though the Norwegian economy remains strong, he stressed that trade deficits are rising, the country’s krone is historically weak, and politicians are leaning too heavily on Norway’s so-called Oil Fund meant to fund […]