Norwegian wealth fund’s value in Gazprom more than doubled in 2019
The world’s largest sovereign wealth fund enjoyed a very good year on both the Russian stock and bond markets.....MORE
The Russian stock market is not very high on the list of Norwegian investments, but the wealth fund’s 51 companies listed on the Moscow stock exchange in average posted a serious growth in value last year.
Norway’s share of the Russian companies increased in value by seven billion Norwegian kroner (NOK) from 2018 to 2019, the wealth fund’s annual report published on Thursday shows.
The value grow from 23 billion NOK in 2018 to 31 billion NOK in 2019. The value increase in US dollars was $1,3 billion.
For Norway, which money are revenue from the oil and gas production, investments in Russia are still heavily focused on petroleum companies like Bashneft, Gazprom, Gazprom Neft, IG Seismic Services, LUKOIL, Novatek, Orsknefteorgsintez, Saratovskiy Neftepererabatyvayuschiy Zavod and Surgutneftegas.
LUKOIL and Gazprom are the two petroleum companies of which Norway’s wealth fund has the biggest stake among its Russian investments.
By the end of last year, the value of the wealth fund’s 1,07% of the stocks in LUKOIL were worth 6,6 billion NOK, up from 5,1 billion the year before....
