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Share prices boost Norwegian state oil fund
Published in Saudi Press Agency on 14 - 08 - 2009


Rising share prices helped lift second-quarter
returns to a record level for the fund that invests income from
Norway's petroleum and gas riches for future pensions, the Norwegian
central bank said Friday, according to dpa.
Second-quarter return equalled 12.7 per cent or 270 billion kroner
(44 billion dollars) - measured in international currency, it said.
The fund, officially named the Norwegian Government Pension Fund -
Global, was worth some 2.38 trillion kroner (393 billion dollars) at
the end of the quarter, up 309 billion kroner since the first
quarter.
"The positive development in the second quarter has continued into
the third quarter," said Yngve Slyngstad, chief executive for Norges
Bank Investment Management that manages the fund.
"Economic developments showed clear signs of stabilising in the
second quarter and the uncertainty around the financial sector
decreased," he added.
At the end of the quarter, the fund was estimated to own some 1.7
per cent of European equity markets.
At the end of 2008, the fund was estimated to own shares in some
7,700 companies worldwide.
The fund, managed by the central bank, was created to pay for
Norway's future health and pension expenditure through investments
outside the Norwegian economy.
The capital is invested in bonds, shares, money market instruments
and derivatives.
During the quarter, 40 billion kroner was transferred to the fund.
That was in line with the first quarter but the lowest inflow since
the fourth quarter of 2004, the bank said.


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