Norway’s sovereign fund to cut oil and gas investments

Norway’s $1 trillion sovereign wealth fund is expected to sell all its oil and gas holdings.

The world’s largest sovereign wealth fund owns $37bn of shares in oil companies such as BP, Shell and France’s Total.

Selling the shares means it would not be as reliant on oil prices, it says.

“The oil industry will be an important and major industry in Norway for many years to come,” Norway’s finance ministry said in a statement.