From what I understand it’s norde bank who acts as their custodian for all investments. Norde bank isn’t even a top 20 shareholder of WPL, which means the sovereign fund owns less than 1 million shares (ie less than $35m). So this shouldn’t effect the share price at all given that’s less than daily volume. The 2.5% sell off is a joke.
I can understand why they would diversify out of oil, but I don’t think it’s a message of oil and gas is dead. The market is overreacting. Equally leftist activists are of course influencing governments for a tiny % of the population which is wrong. The fact they are still holding the large cap Norwegian O&G sector suggests the future is strong.
If this dips low $30s I’ll buy more again.
News: WPL UPDATE 3-Norway fund to sell exploration, production firms, keep integrated energy stocks, page-2
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