World’s biggest sovereign wealth fund proposes ditching oil and gas holdings

Energy industry jolted by advice to Norwegian government from its central bank, which runs $1tn fund

The Norwegian central bank, which runs the country’s sovereign wealth fund – the world’s biggest – has told its government it should dump its shares in oil and gas companies, in a move that could have significant consequences for the sector.

Norges Bank, the which manages Norway’s $1tn fund, said ministers should take the step to avoid the fund’s value being hit by a permanent fall in the oil price.

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