Wednesday 22 October 2014

Nordic giants offload €1.7m stake in Providence Resources

Published 23/03/2014 | 02:30

VIKINGS: The TV version, as opposed to today's corporate raiders
VIKINGS: The TV version, as opposed to today's corporate raiders

THE world's largest sovereign wealth fund has sold off its stake in Providence Resources – one of the more active companies working in the Irish oil industry.

Norway's €602.5bn Government Pension Fund, which is managed by Norges Bank, sold off its €1.7m stake in Providence Resources last year.

The decision to pull out of Providence, which is currently drilling oil off the coast of Cork, could be linked to a recent debate in Norway, where the resources-rich country is considering whether its sovereign wealth fund should stop investing in carbon energies – oil, gas and coal companies.

Despite this debate, the fund snapped up stakes in global oil and gas explorers, Circle Oil, Dragon Oil and San Leon Energy last year.

Dragon Oil has a listing on the Irish Stock Exchange while Circle Oil is a Limerick-based company which largely explores oil and gas in the Middle East and Africa. San Leon Energy, whose chairman is Oisin Fanning, is a gas and oil explorer with Irish and interational operations.

Over the past few years, the fund has also bought stakes in a raft of Irish plcs, including AIB, Aer Lingus, C&C, FBD, Ryanair and Smurfit Kappa.

Sunday Indo Business

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