Norway sovereign wealth fund to dump oil and gas

OSLO: Norway´s sovereign wealth fund, the world´s biggest and which is fuelled by petrodollars, will dump stakes in oil and gas exploration and production companies to reduce its exposure to black gold, the government said Friday. While the decision was based solely on financial considerations and not on the environment or climate change, a divestment by an investor worth more than $1 trillion was seen as a major blow to polluting fossil fuels. The government of Norway, the biggest oil and gas producer in western Europe, said it was specifically targeting exploration and production companies, "rather than selling a broadly diversified energy sector."