VOL. XLVI

No 48

1-December-2003

BUDGETS AND REVENUES

Norways Oil Fund Hits $116.5Bn in September

Norways oil fund the Government Petroleum Fund which invests excess oil revenues in foreign stocks and bonds, rose 3.6% in the third quarter of 2003 to hit NOK803.3bn ($116.5bn), the Norwegian Central Bank announced on 26 November. The fund was established in 1990, 19 years after first oil production in Norway, and the first cash injection was in 1996. Since then, the balance of the fund has risen...