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Iceland President to Invest Potential Oil Bonanza in Wealth Fund

Dec. 13 (Bloomberg) -- Iceland plans to set up national wealth fund to safeguard revenue from potential oil discoveries as it opens up the nation to exploration, President Olafur R. Grimsson told Bloomberg’s Eduard Gismatullin in interview in London this week.

* Faroe Petroleum, Valiant Petroleum and Petoro AS will be

first foreign explorers to search Icelandic waters for oil,

gas *

* Betting the geology matches that of Shetland Islands,

where BP and Total are drilling, according to Faroe Story Link:NSN MEYTIY0D9L35<GO>

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO> To contact the reporter on this story: Nadine Skoczylas in Jerusalem at +972-2-640-1103 or

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or

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