World’s biggest sovereign wealth fund proposes ditching oil and gas holdings
by Adam Vaughan from on (#3856P)
Energy industry jolted by advice to Norwegian government from its central bank, which runs $1tn fund
The Norwegian central bank, which runs the country's sovereign wealth fund - the world's biggest - has told its government it should dump its shares in oil and gas companies, in a move that could have significant consequences for the sector.
Norges Bank, which manages Norway's $1tn fund, said ministers should take the step to avoid the fund's value being hit by a permanent fall in the oil price.