Big Oil Shares Drop After Norway Wealth Fund Plans to Exit Sector
- Fund proposes selling about $35 billion of oil, gas equities
- Shell is most exposed, with fund holding a 2.33 percent stake
Norway's Wealth Fund Proposes Oil, Gas Stock Exit
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Eni SpA and Royal Dutch Shell Plc led shares of major energy companies lower as Norway’s $1 trillion sovereign wealth fund proposed dumping about $35 billion in oil and gas stocks.
Norges Bank Investment Management’s biggest exposure in the oil sector is Shell, with a 2.33 percent stake, according to its website. That’s followed by Eni with 1.72 percent, BP Plc with 1.65 percent and Total SA with 1.62 percent.