Deals
Saudi Wealth Fund Builds $200 Million Stake in Norway’s State Oil Company
- PIF bought shares in Norway’s Equinor via the market last week
- Fund has also built an 8.2% stake in cruise operator Carnival
Photographer: Carina Johansen/Bloomberg
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Saudi Arabia’s sovereign wealth fund has built up stakes in four major European energy firms, including about $200 million in Equinor ASA, as the oil-rich kingdom navigates the coronavirus pandemic and plummeting crude prices.
The Public Investment Fund amassed shares in Norway’s largest producer mostly through the open market last week, according to people with knowledge of the matter who asked not to be identified, adding that it’s unclear exactly when the fund bought the holding or if it’s still buying. It also bought stakes in Royal Dutch Shell Plc, Total SA and Eni SpA, according to another person with knowledge of the matter.