Norway’s Government May Sell $11 Billion of Statoil Shares

Norway may sell as much as 16 percent of state-owned oil producer Statoil ASA, a stake currently valued at more than $11 billion, after the Conservative-led opposition won elections.

Conservative Party leader Erna Solberg said during the campaign a government under her leadership could cut its stake in Statoil, which pumps more than 70 percent of Norway’s oil and gas, to 51 percent from 67 percent. The Conservatives and three other opposition parties got 96 seats out of 169 in Parliament in yesterday’s election, defeating Prime Minister Jens Stoltenberg’s Labor-led coalition.