Record year predicted for Norway's oil fund

Source: Xinhua| 2019-11-01 06:57:42|Editor: huaxia
Video PlayerClose

OSLO, Oct. 31 (Xinhua) -- Norway's oil fund is expected to reach record value of 2 million kroner (217,627.8 U.S. dollars) per citizen in the coming months, newspaper Aftenposten reported Thursday.

Yngve Slyngstad, CEO of Norges Bank Investment Management, which is responsible for managing the oil fund, delivered the third quarter statistics and "predicted a record year," said the newspaper.

The fund's value exceeded 10,000 billion Norwegian kroner last Friday, mainly due to the sharp depreciation of the krone against U.S. dollar. Slyngstad was quoted by Aftenposten as saying that it was "a great day" for him, "but it was also the day I delivered my resignation."

He was reported to leave his position for further professional development in London. The new CEO of the fund remains unknown.

The Norwegian fund, formally known as the Government Pension Fund Global (GPFG), is ranked the world's biggest sovereign wealth fund, and owns 1.5 percent of all listed companies in the world.

More than half of the 10,000 billion kroner was a gain from stock market investments, while less than half was from oil and gas investments, Aftenposten wrote.

The oil fund announced gain of 236 billion kroner in the third quarter this year, which was almost enough to cover the government's expenses of 239 billion kroner. (1 U.S. dollar = 9.19 Norwegian kroner) Enditem