October 1, 2019 / 8:44 PM / 5 months ago

Norway sovereign wealth fund to divest oil explorers, keep refiners

OSLO, Oct 1 (Reuters) - Norway’s $1.1 trillion sovereign fund will divest its stakes in companies that are solely dedicated to oil and gas exploration and production, while maintaining ownership of refiners and other downstream firms, the country’s Finance Ministry said on Tuesday.

Norway’s Parliament earlier this year endorsed a plan to cut some oil firms from the fund’s portfolio, but it was left to the government to define the scope of the exclusion. An earlier decision to maintain investments in so-called integrated oil majors, including Shell and ExxonMobil, remains in force and was not part of the latest review. (Reporting by Terje Solsvik Editing by Leslie Adler)

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