Norway's Sovereign Wealth Fund Rethinks Oil and Gas Approach

Norway’s sovereign wealth fund rethinks its approach to oil and gas

Mauro Fiorucci, director of corporate finance at Opportune, was more sanguine, noting that this “will be a test on how powerful the oil and gas lobbies are in Norway.” He said there “is neither
economic rationale nor political goodwill in blocking this proposal”. He also pointed out the multiple stages through which the proposal would have to pass and the opportunities for disruption that this provides to lobbyists. “The governor’s recommendation will need to be supported by the finance minister who sets out the fund’s investment strategy. The finance minister may veto the decision and this will not come as a surprise– he is considered to be close to the oil and gas lobbies.”

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