| Norway’s oil discovery happened at much the same time, but there was a significant difference in the way the Norwegians dealt with the wealth that came with the striking of black gold. The state has retained control of the Norwegian oil industry, and set up a sovereign wealth fund to use its oil income to best effect.
The fund, set up in 1990, was valued at NOK1,234bn (£119bn) on 1 January 2014 and is expected to be worth around $1 trillion by 2020. The capital itself, however, is never touched to cover state spending..........................................Full Article: Source
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