Looking for a specific product?

Make a search for products & suppliers, articles & news.

Oil Fund tops 3 trillion kroner

The Norwegian Government Pension Fund Global, set up to safeguard the country’s oil wealth for future generations, Tuesday rose to 3 trillion kroner for the first time in its 14-year history.

"The Fund has grown faster and bigger than most people expected since getting its first inflow of capital in May 1996,” says Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM), which manages the fund, which is also called the National Oil Fund.

In a press release the Central Bank states:
Since investing the initial 1.98 billion kroner in the same way as the country’s foreign exchange reserves, the fund has expanded into international stock and bond markets and is currently planning its move into real estate. Its market value reached a record 3 trillion kroner, equal to about $512 billion, as of 00:23 a.m. Norwegian time Tuesday. In another milestone, the fund first passed $500 billion on 5 October. This means that every Norwegian citizen has NOK 600.000 "in the bank".

Related news

Latest news

Record Number Applications for the Innovation Award!

A total of 28 applications for the Nor-Fishing Foundation Innovation Award, – which includes a check for NOK 100 000 – has been received by the deadline the 1st of May. This represents a 36% increase from record year ...

Midt-Norsk Havbruk and Plastsveis enter into agreement to build smolt facility

“We have followed the development of technology for smolt production carefully for several years,

DNV GL launches on-demand, web-based forecasting at WindPower 2017

Energy traders and plant operators gain online access to hourly forecast data at plant and regional level...

International Quality Awards announced

The Chartered Quality Institute (CQI) launches a series of quality awards designed to recognize the contribution of quality professionals across the globe.

Record prices generate record operating profit

In Q1 2017 Lerøy Seafood Group (LSG) reported operating profit

New Land Based Contract

AKVA group secures new Land Based contract with Midtnork Havbruk

Offshore Wind Energy 2017, London

Oglaend System will exhibit at the Offshore Wind Energy 2017 from 6.-8. June at ExCel London. Visit us at stand N-K30.

Closed at May 17th

Seacat Liberty (YN 81) has been launched

Seacat Services latest fleet addition, Seacat Liberty, was launched May 12th, 2017.