May 28, 2015 / 8:38 AM / 3 years ago

Norway oil fund may have to sell out of up to 75 firms due to coal ban

OSLO, May 28 (Reuters) - Norway’s $900 billion wealth fund may have to sell out of 50 to 75 companies once new rules limiting its coal investments go into effect, Petter Johnsen, the fund’s chief investment officer for equities said on Thursday.

The fund’s holdings in the firms are worth around 35 to 40 billion Norwegian crowns ($4.5 billion-$5.2 billion), Johnsen said on the sidelines of a seminar.

Parliament’s finance committee ruled in a bipartisan motion on Wednesday that the fund, which owns about 1.3 percent of all listed companies globally, should sell stakes in firms that generate more than 30 percent of their output or revenues from coal-related activities.

The ban would be applicable to both producers and consumers of coal. (Reporting by Joachim Dagenborg)

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