Norway’s oil fund, the world's largest sovereign wealth fund, bought shares in six Turkish energy companies with investments totaling around $117 million up to the end of 2019, according to official figures from Norway’s Norges Bank Investment Management.
The giant fund made its biggest energy investment in Turkey's refinery giant, TUPRAS with $54.65 million followed with an investment of $38.94 million in Eregli Iron and Steel Mills.
Norway’s fund holds a 1.02% share in TUPRAS and a 0.73% share in Eregli.
Norges Bank, the fund manager, also invested $10.4 million in energy company Aygaz, in which the fund has a 1.61% share.
In the energy sector, three other minor investments were made in Aksa, Enerjisa and Kardemir Karabuk Iron Steel Industry Trade company.
By the end of December 2019, the fund had invested in 53 different Turkish companies, totaling $803 million.
The fund’s biggest investment overall was in Akbank with $101.65 million for a 1.43% ownership.
-Fund has biggest percentage share in Turk Traktor
Norway’s fund has the largest ownership share in the first manufacturer in Turkey's automotive industry, Turk Traktor with a 4.01% stake.
The Nordic country’s fund also invested in a variety of sectors in Turkey, including communication services, glass and chemicals production, furniture and food and drinks companies.
Norway, Europe’s largest oil producer and the world’s third-largest natural gas exporter after Russia and Qatar, has an oil fund currently worth more than $1 trillion.
The Norwegian government can spend only 4% of this per year, which is the expected real return on the fund, according to Norges Bank Investment Management, which was delegated by the country's parliament as the fund manager.
By the end of 2019, the fund's market value was 10,088 billion kroner. More than half of the fund's value is return on investments totaling 5,358 billion kroner. Government inflows accounted for 3,389 billion kroner and 1,390 billion kroner was derived from currency exchange trade.
By the end of 2019, the fund returned 19.9%, or 1.69 trillion kroner ($180 billion)
This is the highest return measured in kroner in a single year in the fund’s history. It is also the second best return measured as a percentage.
(1 Norwegian krone = 0.11 U.S. dollars)
By Murat Temizer