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| Norway’s oil wealth fund sees 2.2 percent drop in Q2 amid global economy concerns |
| [10.08.2012, 01:05pm, Fri. GMT] |
Norway’s vast oil fund saw a decline of 2.2 percent in the second quarter, losing 77 billion kroner ($13 billion) in the period, mainly because of investors’ concerns over the global economy. Fund senior manager Yngve Slyngstad says the development means the government’s goal of an annual 4 percent return on the fund is unlikely to be achieved in the near future. Slyngstad said Friday that the target could be reached if there was a positive development in the world economy during 10 to 20 years, but that short-term propspects were “difficult.”Norway uses the fund to invest income from its offshore oil and gas sector.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
(AP) |
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