Norway sovereign fund scales back plans to reduce oil investments

Originally, the fund — which manages more than $1 trillion in assets — had envisaged pulling out of 134 companies involved in oil and gas exploration and production. 

Norway is the biggest oil and gas producer in western Europe and the plans were seen as a major blow to the fossil fuels industry and welcomed by the environmental lobby.

But Oslo has now opted for a much more modest pull-out and would sell stakes in 95 companies involved in the so-called upstream activities of exploration and production.

Downstream activities, such…
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