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

Oil Fund celebrates its first 20 years

Posted on 01 June 2016

Øystein Olsen has a lot to celebrate this week. He beat out all competition to keep his job as Norway’s central bank chief for another six years, and then could celebrate the 20th anniversary on Tuesday of arguably the bank’s most important operation that’s made Norway a financial powerhouse worldwide.
It was on May 31, 1996 that Norway’s Finance Ministry made its first deposit of money from oil revenues into the country’s newest state pension fund that immediately became known as the Oil Fund. The idea was to invest oil revenues in international stock markets and thereby stash away the vast majority of the country’s oil wealth for the benefit of future generations………………………………………..Full Article: Source


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