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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Norway takes GBP860mln hit over BP oil spill

Posted on 16 August 2010

From Telegraph: Norway’s sovereign wealth fund saw 5.4pc wiped off its investments in its second quarter as its BP shareholding near halved in value in response to the giant oil spill in the Gulf of Mexico.
Government Pension Fund Global , which funnels tax revenue frosm the country’s oil and gas into foreign investments, said the crisis-hit company was its single worst-performing investment. The BP shareholding fell from 18.9bn kroner (£1.96bn) to 10.6bn kroner, representing a drop of around £860m…………………………………….Full Article: Source

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