Norway's wealth fund will no longer be able to invest in ConocoPhillips and...
OSLO - Norway’s wealth fund will no longer be able to invest in ConocoPhillips and Hess after a list used to decide which energy firms must be excluded was updated to include both U.S. oil companies from later this month.
Norway’s wealth fund data shows it held a stake in ConocoPhillips of 1%, worth $714 million, at end-2018, as well as $64 million worth of corporate bonds issued by the oil major, which was not immediately available for comment. “We don’t comment on single companies,” said a spokesman for the fund, which has previously said any divestments would take place gradually and over time. The finance ministry said the fund’s exclusions would track FTSE Russell’s classification.
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