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Oil riches mount

Norway’s oil fund has grown impressively in 2000, thanks to the high oil price and a solid rate of return on investments. Dagens Næringsliv reported that the fund – in which the state places all surplus petroleum revenues – will close the year just shy of USD 45 billion (NOK 400 billion). Last year at this time the fund stood at USD 25 billion (NOK 222 billion). Since then the Finance Ministry has deposited USD 16.9 billion (NOK 150 billion) into the fund while investment dividends and capital gains have yielded an additional USD 2.25 billion (NOK 20 billion).