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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Oil fund is complete con, says energy minister

Posted on 27 June 2014

The SNP Government’s plan for an oil fund in an independent Scotland is a “complete con”, Ed Davey has insisted. The claim came as the Energy Secretary visits Scotland today to promote the UK Government’s renewable energy plans and announce an additional £50 million to clean up nuclear waste at Dounreay in Caithness.
Last month, John Swinney made clear the Scottish Government could set up a Norwegian-style oil fund from “the point of independence” and secure an “economic bonus”, which could be delivered only by breaking away from the UK. The Scottish Finance Secretary noted that Norway’s oil fund, which began in the mid-1990s “with only modest payments”, was now the world’s largest sovereign wealth fund worth more than £500 billion………………………………………..Full Article: Source


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