World's biggest wealth fund plans to sell out oil stocks
The Oslo-based fund is reportedly aiming to reduce its exposure in the oil sector amid a three-year drop in energy prices which had an impact on Norway’s economy.
Accordingly, the fund proposed to sell out all of its shares in the oil and gas companies, including BP, Royal Dutch Shell, Total, Chevron, ExxonMobil and Norway’s state-owned StatOil.
Following the news, ExxonMobil’s shares fell by 1.3% while Shell was down by 1.3%.
Meanwhile, Saudi Aramco’s long-awaited IPO may also face some setbacks as this largest investment portfolio in the world was previously regarded as a potential investor for Aramco, the media reported.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low