OSLO: Norway’s trillion-dollar sovereign wealth fund should continue to invest in oil and gas firms, a government-appointed commission recommended on Friday, contradicting earlier advice from the central bank.
A decision on whether to drop energy shares from the fund’s benchmark index, and thus divest tens of billions of dollars from oil and gas stocks over time, is expected later this year.
Shares of European oil and gas companies fell last November when the fund’s manager, the Norwegian central bank, announced its proposal to cut the exposure of the fund — and thus the Norwegian government — to oil price fluctuations.
“Divestments of the energy stocks in the (fund) is not an effective insurance against a permanent decline in oil prices. The energy stocks only contribute marginally to Norway’s oil price risk,” commission chair Oeystein Thoegersen said in a statement.
The fund, the world’s largest sovereign wealth fund, invests Norway’s revenues from oil and gas production for future generations in stocks, bonds and real estate abroad.
Energy stocks amounted to about 4 percent of the total value of the fund, or about 315 billion Norwegian crowns ($37 billion), at end-2017, said the commission.
Norway’s $1 trillion wealth fund should keep oil stocks — government commission
Norway’s $1 trillion wealth fund should keep oil stocks — government commission
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
