Advertize
Banner

The Norwegian Oil Fund worth NOK 5000 billion

The Norwegian Government Pension Fund Global, also known as the National Oil Fund has now reached the value of NOK 5000 billion, or USD 818 billion. This was announced Monday, 17 years after the Finance Department deposited the first NOK two billion in the Fund in 1996.

 

The Fund's value passed NOK 2000 billion in October 2007 and NOK 3000 billion in 2010. The value passed NOK 4000 billion in February this year.

Norges Bank Investment Management (NBIM) manages the Norwegian Government Pension Fund Global. NBIM manages the fund on behalf of the Ministry of Finance, which owns the fund on behalf of the Norwegian people. The ministry determines the fund’s investment strategy, following advice from among others NBIM and discussions in Parliament.

The ministry regularly transfers petroleum revenue to the fund. The capital is invested abroad, to avoid overheating the Norwegian economy and to shield it from the effects of oil price fluctuations.

The fund invests in international equity and fixed-income markets and real estate. The aim is to have a diversified investment mix that will give the highest possible risk-adjusted return within the guidelines set by the ministry.

(NRK/Press release)


Related Articles

Norwegian cancels all domestic flights

Low-fare airline Norwegian has today, Wednesday cancelled all domestic flights in Norway, Denmark and Sweden, after the union stepped up the strike by the airline's pilots...Read more...

New leader of the Norwegian Nobel Committee

Former Conservative Party (Høyre) Government Minister and Member of Parliament Kaci Kullmann Five has been elected new Chair of the Norwegian Nobel Committee. She replaces Thorbjørn Jagland, who has led the Nobel Committee for six years. ..Read more...

Statoil awards Mariner contracts to Asco

Norwegian energy provider Statoil (U.K.) Limited has on behalf of the Mariner co-venturers awarded the contracts for supply base and warehousing services for the Mariner field to Asco UK Limited...Read more...

Ice Hockey:: Zuccarello signs extension with Rangers

The New York Rangers and right-wing Mats Zuccarello have agreed on a contract extension of four years, according to ESPN...Read more...

Air Travel: Pilots' strike continues

The strike by 70 pilots at low-fare airline Norwegian continues, and today, Tuesday, 13 flights have been cancelled, due to the strike which began Saturday...Read more...

Labor Party names candidates for new deputy leader

Hadia TajikTrond Giske and Hadia Tajik have been named deputy leader candidates for the Labor Party. The new party leaders and a new central board will be elected during the national assembly from April 16-19. ..Read more...

Skiing World Championships: A fourth gold for Northug

Norway's Petter Northug secured his 4th gold medal of the Nordic Skiing World Championships, when he won the men's 50km cross country mass start event at Falun, Sweden on Sunday. ..Read more...

Skiing World Championships: 20 medals for Norway

Norwegian participants collected altogether 20 medals at the Nordic Skiing World Championships in Falun, Sweden, this past week: 11 gold, 4 silver and 5 bronze...Read more...

Avalanche hit four cars - all survived

A large avalanche hit four cars carrying a total of 11 persons on Highway E39 in Hordaland county on Sunday afternoon. All survived, and only three persons, one of them a baby, received minor injuries...Read more...

Norwegians receive death threats by SMS

PoliceSeveral hundred Norwegians have received death threats by text message from a telephone number registered in Lithuania. ..Read more...

New winter storm batters coastal Norway

Another winter storm is this weekend battering coastal Norway south of Trondheim, as well as musc of the mountain regions of Southern Norway. Driving conditions are difficult, and many roads are closed...Read more...

Ski Jumping: Team Gold for Norway

The Norwegiaan jumpers won the ski jumping team event at the 2015 Skiing World Championships at Falun, Sweden on Saturday, ahead of Austria, with Poland in third...Read more...

Cross Country gold and silver for Norway

Norway's Therese Johaug won her third gold of the 2015 Nordic World Ski Championships after racing to victory in the cross country 30km mass start competition in Falun, Sweden on Saturday...Read more...

Cross Country gold and silver for Norway

Norway's Therese Johaug won her third gold of the 2015 Nordic World Ski Championships after racing to victory in the cross country 30km mass start competition in Falun, Sweden on Saturday...Read more...

Nordic Combined: Team bronze for Norway

Magnus Moan and Håvard Klemetsen secured another bronze medal for Norway when they came third in the Nordic Combined team event of the Skiing World Championships at Falun, Sweden on Saturday. ..Read more...

Oslo Børs Benchmark Index_GI (OSEBX)

 

Local News in Brief

Social Networking

Norges Rederiforbund
Statoil

.Partners

Statistics
Folkeuniversitetet
NORGE.NO/DIFI
Bedin Front Right Top
Norsk Romsenter
62 degrees north