Oil Fund logs huge loss

Turbulent financial markets have taken a serious toll on Norway


It’s the weakest quarter ever for the massive fund, which manages the revenues flowing into state coffers from Norway’s oil and gas resources. The money pumped into the fund every year amounts to the state’s net cash flow from its petroleum activities.

The Bank of Norway (Norges Bank)) said the value of the fund, which ranks as Europe’s largest equity investor, fell to NOK 1.946 trillion (USD 389.7 billion) at the end of March. The fund stood at NOK 2.019 trillion crowns at the end of 2007.

Aftenposten