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Saudi Wealth Fund Builds Stakes in Canadian Oil Sands Giants

  • Public Investment Fund buys Canadian Natural, Suncor
  • Norway wealth fund exited oil sands stocks on climate concern

Saudi Arabia’s sovereign wealth fund built stakes in two major Canadian oil sands players during the energy market rout.

The Public Investment Fund amassed shares in Calgary-based Canadian Natural Resources Ltd. and Suncor Energy Inc., with a 2.6% and 2% stake in the companies, respectively. PIF is now the eighth largest shareholder in Canadian Natural and 14th largest in Suncor, according to data compiled by Bloomberg.