Norway's $1T wealth fund proposes to drop oil, gas stocks from index

Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters, sending energy stocks lower.

If adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent six per cent - or around $37 billion US - of the fund's benchmark equity index. The aim is to make the Norwegian government's wealth less vulnerable to a permanent drop in oil prices.

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