Norway’s rich sovereign wealth fund will phase out its holdings in firms solely involved in oil production and exploration, the Norwegian Finance Ministry said on Wednesday.
In all, 95 firms would be affected by the decision, according to a ministry statement released late Tuesday.
The holdings were as of mid-September, estimated to worth about 54 billion kroner ($5.9 billion), the statement read.
Earlier this year, parliament approved reducing holdings in firms solely involved in oil production and exploration to reduce risks due a potential permanent decline in the oil price.
This was in line with a proposal from the central bank, which manages the Scandinavian country’s sovereign wealth fund.
The Norwegian Government Pension Fund Global is one of the world’s largest sovereign wealth funds, worth an estimated $1.1 trillion.
The fund has investments in more than 9,100 companies.
In 2015, the fund moved out of companies where coal accounts for 30 per cent or more of their revenues.
Parliament approved setting up the fund in 1990 to invest income from Norway’s petroleum and gas sectors