Norway’s oil fund, the world's largest sovereign wealth fund has grown to 10,000 billion Norwegian crowns $1.09 trillion for the first time in its history, Norges Bank Investment Management (NBIM), Norway's sovereign fund manager, said on Saturday.
NBIM noted that the fund received the first inflow from the Ministry of Finance of nearly 2 billion kroner, 23 years ago.
Since then, the fund has grown to 10,000 billion kroner.
According to the NBIM, about half of the market value is return on the fund’s investments.
"The fund has received inflow of just above 3,300 billion kroner. The rest of the market value is fluctuations in the Norwegian krone," NBIM explained.
"When the fund was set up, nobody thought it would pass 10,000 billion kroner. We were lucky to discover oil. The return on the investments in global financial markets has been so high that it can be compared to having discovered oil again," said Yngve Slyngstad, Chief Executive Officer in NBIM.
NBIM was established as a separate organisation on 1 January, 1998 to manage the fund with a market value of 113 billion kroner.
The aim of the oil fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources in the North Sea so that this wealth benefits both current and future generations.
(1 NOK = $0.11 )
By Murat Temizer