Norway dumping shares in oil & gas – including Canadian companies
Norway’s (US)$1-trillion wealth fund, the biggest of its kind in the world, will begin dumping shares in oil and gas companies including some Canadian names, but stopped short of barring major producers like Suncor, ExxonMobil and Chevron.
The move was hailed by environmental activists as a sign that the global economy is increasingly moving away from fossil fuels toward cleaner energy, according to the Financial Post.
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The financial impact, however, may be relatively limited. The move will focus on companies that trade solely in exploration and production rather than the integrated oil giants, that do everything from searching for fossil fuels to selling them to consumers.
The fund is looking to sell some (US)$7.5 billion in shares in 134 energy companies over time, including 26 Canadian names.
The list includes large Canadian producers such as Canadian Natural Resources Ltd. and Encana Corp. but not large producers that also own refineries such as Suncor Energy Inc. and Husky Energy Inc.