The Government Pension Fund of Norway
Inception Origin Assets Billions
US$
The Goverment Pension Fund of Norway is a sovereign fund, where the surplus wealth,
produced by Norwegian petroleum income is held. They changed their fund's name fron
the original one, The Petroleum Fund of Norway.
Origin
In 1969 oil was dicovered in the North Sea.
The Norwegian State Oil Company was founded as a private limited company owned by the Government of Norway on 14 July 1972 by a unanimous act passed by the Norwegian parliament. The political motivation was Norwegian participation in the oil industry.
In 1973 the company started work acquiring a presence in the petrochemical industry.
Later in 1990,in the Norwegian Parliament The Petroleum Fund of Norway was created,to counter the effects of the volatile price of oil in the international markets and the diminishing oil reserves in the future . So that the income received by the Goverment would be more smooth and avoiding the disruptive effects of the oil
prices and volume of Reserves.And to support a long-term management of the petroleum revenues.
Inception Origin Assets Billions
US$
1990 Oil 737.2
The Goverment Pension Fund of Norway is a sovereign fund, where the surplus wealth,
produced by Norwegian petroleum income is held. They changed their fund's name fron
the original one, The Petroleum Fund of Norway.
Origin
In 1969 oil was dicovered in the North Sea.
The Norwegian State Oil Company was founded as a private limited company owned by the Government of Norway on 14 July 1972 by a unanimous act passed by the Norwegian parliament. The political motivation was Norwegian participation in the oil industry.
In 1973 the company started work acquiring a presence in the petrochemical industry.
Later in 1990,in the Norwegian Parliament The Petroleum Fund of Norway was created,to counter the effects of the volatile price of oil in the international markets and the diminishing oil reserves in the future . So that the income received by the Goverment would be more smooth and avoiding the disruptive effects of the oil
prices and volume of Reserves.And to support a long-term management of the petroleum revenues.
