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iPhone Cases sale A decision by Norway trillion dollar sovereign wealth fund to fully divest of its fossil fuel holdings would mean battered Canadian oil and gas equity shares currently valued at US$2.86 billion could soon be back on the market.Norges Bank, the country central bank, on Thursday wrote a letter to the finance ministry urging it to cut its exposure to oil and gas markets to oil price risk in government wealth. The recommendation would ultimately lead Norway sovereign wealth fund, Norges Bank Investment Management (NBIM), to shed all investments in oil and gas names.The central bank said the divestment would have a muted impact on the fund performance, as oil and gas stocks tend to move in line with broad equity indexes, and potentially introduce unwanted volatility.The world largest sovereign wealth fund that was built on oil wants to get out of the oil businessUnder pressure, unloved and on sale: $20 billion of Big Oil shares seek new owner vulnerability of government wealth to a permanent drop in oil prices can therefore be reduced by not investing the fund in oil and gas stocks. NBIM move could impact 61 Canadian oil and gas equities that it is invested in with a combined value of US$2.86 billion, according to data gleaned from NBIM iPhone Cases sale.
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