27 May 2007 - 15:04
  • News Code: 105693

OSLO - A fund that invests Norway"s oil wealth in foreign stocks and bonds grew to 1.876 trillion Norwegian crowns ($308.8 billion) in the first quarter from 1.784 trillion at end-2006, the central bank said on Tuesday.

The Government Pension Fund -- Global, known commonly as the "oil fund," is one of the world"s biggest investment funds and saves Norway"s oil and gas money for future generations when the black gold runs out.

 

The total return on investment during the quarter was 1.5 percent, which the central bank said was 0.09 percentage point above the bennchmark set by the government.

 

"The rise in international equity markets made the largest contribution to the return," the central bank, which manages the fund, said in a statement.

 

 

PIN/Reuters

News Code 105693

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