File - This April 19, 2007 aerial file photo shows the Oseberg oil platform in the Norwegian sea. (AP Photo/NTB Scanpix, Helge Hansen, File)
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The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks. Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The plan would entail the fund, which controls about 1.5 percent of global stocks, dumping as much as $40 billion of shares in international giants such as ExxonMobil Corp. and Royal Dutch Shell PLC.The fund has doubled in value over the past five years and was just given the go-ahead to boost its stock holdings to 70 percent of its portfolio from 60 percent to help drive returns. The government, which also controls Statoil ASA and offshore oil and gas fields, was forced to withdraw cash from the fund for the first time last year to meet spending commitments after oil prices dropped.
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