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Biggest Wealth Fund’s Bid to Dump Big Oil Is Now But a Whimper

  • Fund’s entire selloff likely smaller than its stake in Shell
  • Original proposal reduced to ‘symbolic’ measure: economist
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Photographer: Matthew Lloyd/Bloomberg
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After revealing it wants to dump all oil stocks in a market-shattering bang in 2017, Norway’s $1.1 trillion wealth fund’s actual divestment could now be so small it hardly matters.

The fund’s initial plan was heavily diluted in a political compromise that shielded the world’s biggest oil companies. Now technical adjustments look set to reduce the divestment by a further 30%, meaning the selloff would be smaller than the fund’s roughly $6 billion stake in oil giant Royal Dutch Shell Plc.