Jensen defends her use of oil money

Finance Minister Siv Jensen has had to fend off lots of criticism since unveiling Norway’s revised state budget for this year. Her decision to dip NOK 7 billion deeper into the country’s huge Oil Fund fueled claims that interest rates are now more likely to rise for a third time later this year, but Jensen […]

Oil Fund ‘sell-off’ sends mixed signals

NEWS ANALYSIS: Political intrigue fueled the Norwegian government’s decision just before the weekend to sell off stock in companies devoted to oil exploration and production. The decision grabbed lots of attention it may not have deserved, and sends mixed signals about how top Norwegian politicians evaluate the risks of being as involved in the oil […]

Central bank chief backs oil industry

NEWS ANALYSIS: Norway’s oil industry and its supportive Norwegian government have won backing from the country’s central bank chief to keep on pumping and looking for more offshore oil and gas reserves. In an annual and much-followed speech Thursday evening, Øystein Olsen also opted against commenting on how the government spends Norway’s oil revenues, for […]

Frigate bill spurs new Oil Fund debate

Defense Minister Frank Bakke-Jensen told Parliament on Tuesday that attempts to raise the sunken frigate KNM Helge Ingstad will start Thursday and already have cost around a half-billion kroner. Within a half-hour of his speech came word of more salvage delays, while debate is swirling over government plans to dip into the country’s Oil Fund […]

Revised budget taps less from Oil Fund

Finance Minister Siv Jensen has long wanted to invest more of Norway’s oil revenues at home, in everything from better roads to more nursing homes, instead of in stock markets abroad. She’s nonetheless going along with plans to tap the country’s huge Oil Fund for even less than the conservative government coalition projected in its […]

Ministry delays decision on Oil Fund investing

Finance Minister Siv Jensen doesn’t want Norway’s huge sovereign Oil Fund to invest in unlisted shares, but her ministry is still evaluating whether it could invest in so-called “unlisted infrastructure” such as solar energy parks or windmills projects, bridges, airports and hydroelectric plants. The ruling Conservative Party, with which Jensen’s Progress Party shares government power, […]

Oil Fund gushes with new record results

Norway’s huge sovereign wealth and pension fund that’s fueled by the country’s oil revenues reported record results for last year. Commentators quickly reported that the money earned on the so-called Oil Fund amounted to more than NOK 194,000 (USD 25,000) per Norwegian. The actual returns on the fund hit 13.7 percent, according to the annual […]

Stock market slide hits the Oil Fund

Norway’s central bank (Norges Bank) once again gathered 300 of the country’s most powerful people Thursday night, to listen to its chief’s annual perspectives on the economy. Øystein Olsen warned that recent declines in stock markets around the world can weaken Norway’s enormous piggy bank known as the Oil Fund. What goes up must come […]

Oil Fund turns ‘climate activist’

Risk assessments already being made by Norway’s huge sovereign wealth fund known as the Oil Fund may now help reverse climate change. The fund’s chief, Yngve Slyngstad, and Nowegian Prime Minister Erna Solberg played key roles at French President Emmanuel Macron’s “One Planet Summit” in Paris this week, with Slyngstad talking about how investors can […]

Oil Fund targets tax dodgers in portfolio

Norway’s enormous sovereign wealth fund known as the Oil Fund is once again flexing its financial muscle around the world, pouncing this time on companies like Nike and Apple. It dislikes how such multi-nationals in which it invests have been avoiding taxes in countries where they do business, even when the practice is legal. Oslo […]