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...
- Shortage pushes Europe’s ABS markets to multi-year highs
- Longest-ever rally staggers in Turkey’s PVC market
- Upstream keeps China PET afloat; prices hit 11-month high
- Import PVC uptrend loses momentum in Asia; is the 9-month rally coming to an end?
- Tightness brings further price hikes in African PP, PE markets
- European PP hits new highs after 3-digit hikes for January
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets