Norway sovereign wealth fund to divest oil explorers, keep refiners

OSLO (Reuters) - Norway's $1.1 trillion (894.7 billion pounds) sovereign fund will divest from companies that are solely dedicated to oil and gas exploration and production, while maintaining stakes in refiners and other downstream firms, the country's Finance Ministry said on Tuesday. Norway's Parliament earlier this year endorsed a plan to cut some oil firms from the fund's portfolio, but it was left to the government to define the scope of the exclusion. The move will partly shift the rainy day fund away from oil and gas, as called for by the central bank, which had originally sought to cut all petroleum producers in order to better protect the country from a potential future fall in prices

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